British ‘Disneyland’ to open in 2021 costing £2 billion

Britain is set to become home to the world’s greatest theme park – a Hollywood-styled fairground to rival Disneyland.

The brand new £2 billion Hollywood theme park is planned for the outskirts of London, and could bring 50,000 tourists a day.

The London Paramount Entertainment Resort earmarked the Swanscombe Peninsula between Gravesend and Dartford in Kent for the new site, which could be open by as early as 2021.

Financed by Kuwaiti European Holdings, owned by the Al-Humaidi family, it is expected to bring 27,000 jobs to Kent.

The complex, which will rival Disneyland, could sit on 388 acres of land which was a former landfill site known as Bamber Pit, was bought last year.

London Resort Company Holdings, that is behind the project, says the huge resort will also give a boost to other attractions around the county such as the Knole and Hever castles.

Fenlon Dunphy chief financial officer of the company said: “This is going to have a hugely significant impact on the economy – we will dovetail into a lot of the other attractions in the area. It will be a game changer for much of Kent.”

Peter Fleming, leader of Sevenoaks District Council, which sits just 20 miles from the proposed park, said the district was already facing a shortfall in tourist accommodation which the council hoped to see partly filled by the development of a new 80 bed Premier Inn next to the station.

He said: “I am not an expert but if tourist experts say there is likely to be a tourist cluster I will not argue with them.

“We have not got a lot of accommodation for tourists at the moment.

“People already come to our area and find they cannot get a bed.

“It is difficult for me to say what impact Paramount will have.

“Half of the jobs will be on site and half of them will be in direct supply chain.

“We expect 50 per cent of employees will be coming from near-by but we consider about a quarter of employees will be coming from the wider Kent – from areas like Sevenoaks.”

Work on the project could start as early as 2018, at which time Fenlon said the company would start contracting out business to building firms across Kent.

The plans for the park were delayed in February when an accounting error in the 2013 meant the London Resort Company Holdings wrongly claimed their company had more than £291,000 in the bank, when in fact it had cash reserves of just £952.

The mistake only came to light in the firm’s latest figures filed to Companies House, which showed the developer made pre-tax losses of more than £14.4 million in 2014.

London Resort Company Holdings relies on its majority owner Kuwaiti European Holding Company for its funding, which also owns Ebbsfleet United Football Club in Kent and a number of other sports ventures.

London Resort Company Holdings said that sufficient funds had been placed to finance the business for the next 12 months and throughout the planning phase.

Fenlon said: “The accounting error is just that, an erroneous timing error that was corrected.

“Given the spending of £14m that year – and more still in 2015 and this year – the accounting ‘snapshot’ is a 1 per cent correction in timing only – it does not impact the overall spend on the project.

“It’s worth noting that the 2013 accounting data point was just weeks after the acquisition of LRCH by KEH.

“We don’t keep funds sat in the account for no reason, so you wouldn’t expect us to be holding on to an unallocated cash fund; we draw down money as and when required to meet our bills.”

A planning application is likely to be submitted by the end of 2017.

Source: Itv.com

 

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