My KCC Election Manifesto & Video

Monday, 26 December 2016

Dreamland - Offshore, Tax-Dodging, Hedgefund, Takeover?


One of my predictions for 2017 is that Cayman Island registered hedge fund, Arrowgrass Master Fund, is likely  to become the new operator of Margate’s Dreamland  Amusement Park.  
According to a document posted on the Companies House website on Xmas eve, Arrowgrass has loaned the current Dreamland park operator, Sands Heritage Limited (SHL) £1million. This latest development means that Arrowgrass has loaned SHL a total of £2.6million since May 2016.  The loans have been secured via legal charges on the 99 year leasehold agreement between Thanet Council and SHL for the Dreamland Amusement Park site, and legal charges on other properties leased by SHL, next to the Dreamland site (see table).

Dreamland Operator, SHL, has faced mounting financial problems over the past 12 months. In December 2015, just 6 months after the opening of the amusement park, it entered into a Company Voluntary Arrangement with its creditors. In May 2016 the company was forced into administration owing a staggering £14million to its creditors. Insolvency practitioners, Duff and Phelps, who are overseeing the administration of SHL reported to a creditors meeting on August 2016 that once creditor’s claims have been processed they will “take the necessary steps to put the Company (SHL)  into either Creditors' Voluntary Liquidation or into Compulsory Liquidation as they deem appropriate”.  Liquidation of SHL would almost certainly lead to Arrowgrass Master Fund exercising its rights,  under the terms of the legal charges it holds on the Dreamland site,   to become the new lease holder and de facto operator of the Amusement Park. Arrowgrass could then sell on the leases to a third party, or assign another organisation to operate Dreamland  on its behalf without any reference to Thanet Council.
The likely  takeover of  Dreamland by Arrowgrass Master Fund, makes an utter mockery of the original vision and ethos for the amusement park. Dreamland  was supposed to be a tourist-focused project, managed by a community charity, which would re-invest its profits into  the desperately needed regeneration of Margate. But due to the incompetence and maladministration of both Thanet Council and SHL, we now have an Amusement Park which is likely to be run by a greedy, tax-dodging, offshore hedge-fund, which is more interested in paying its fat-cat investors  handsome dividends instead of supporting the regeneration of  Margate.

What makes me furious about this sickening debacle is that any profits screwed out of Dreamland by Arrowgrass Master Fund and  its greedy investors, will  have been made on the back of a least at £20million  public money invested in the acquisition, restoration  and opening  of Dreamland.
There must be a public inquiry into this massively mismanaged project and those responsible must be named and shamed

2 comments:

  1. Surely the Chief Executive Officer, Madeline Homer and the former Leader of Thanet Council, Labour's Iris Johnston have a case to answer here?
    It is no surprise that the job of the CEO was not advertised and was an internal appointment. How very convenient, maintaining the secrets and cover-ups in yet another astonishing foul up by TDC leaving the poor council tax payers further deprived of basic services and statutory obligations in Thanet.

    The community has been conned by TDC. The Heritage Lottery Fund has been conned. Sands Heritage has conned the public. Enough conning!

    Our MP's Sir Roger Gale and Craig McKinley must find out the truth which can only be done with a public enquiry. That is if the records haven't already been destroyed

    ReplyDelete
  2. Toby hunter and the godder brothers together with their best friend iris Johnson are probably behind all this.and the rest of t.d.c.are fucking blind or in on it too.

    ReplyDelete