|"The Club and The Pub"|
Last week, a Dreamland creditors meeting took place at the Shard Building in London. They're the unsecured creditors owed £2.9m out of a total of £8.4m by Dreamland operating company Sands Heritage Limited (SHL) The company is currently running a deficit of £14m. Many of the creditors are Thanet local and small businesses. And it looks likely they'll get a fraction of the money they're owed.
The CVA stated that SHL Directors approached "certain key creditors, including KCC and Design & Build Limited to see if support could be received in principle to explore the possibility of entering into a CVA..."
SHL then appointed administrators, Duff and Phelps, who on July 19th 2016 published their own interim report. Download it here on the Companies House website. On reading the Duff and Phelps report, a few points are worth looking at in more detail.
"The Club premises located at 49 Marine Terrace, Margate, Kent, CT9 1XJ over which the Company [SHL] has been granted a 20 year lease commencing on 30 January 2015."
"5.27 In addition to the lease for the Park, the Company also leases the Pub and the Club from third parties on 20 year leases which both commenced 30 January 2015."
The Administrator's Report makes no mention of the ownership of the club. It's not stated why Dreamland would need to rent a large nightclub and only mentions one sub-tenant, Phases Dance studio, which sub-leases the top floor.
The business rates valuation for the Club is £62,500 per year. Presumably, SHL aka Dreamland were then responsible for the business rates of the Club.
The pub at 50 Marine Terrace, also purchased on January 30th 2015 and leased to SHL for 20 years on the same day, locally known as The Punch and Judy . The pub was purchased by a Bristol based pension trust called Tower Pension Trustees Limited (Company number
2. SHL rented a residential property in Margate's old town at Wisteria Cottage in New Street, CT9 1EG from landlords Wink Developments Limited.
The timeline of events is again incorrect. SHL didn't win the tender to operate the park until November 2014 and didn't commence works in the summer of 2014.
There is also no evidence that I've seen of a June 19 2015 opening being discussed in the summer of 2014.5. "3.9 Arrowgrass had previously expressed an interest in working with the Company"
6. Shareholder details:
The report lists a 22 shareholders, they include Nick Conington with 750,000 £1 shares and Christopher Webster has 50,000. Wink Developments Ltd, which is Christopher Webster's company and owns Wisteria Cottage has a further 37,500. John Adams has 100,000 shares and he's also the director of Wyck Consultancy Ltd which also has 10,000 shares. Stephen Groom (presumably the key creditor of Design & Build Limited) has 25,000 shares. Thanet Property developer Graham Knight has 25,000 shares. Dreamland CEO, Eddie Kemsley has 5,000 shares.