bbwf 09

[jon haines]

just heard on the news that park hall/camelot has gone into receivership.how will that effect wedge fest?

[rev-erend]

Linky : http://www.newstin.co.uk/rel/uk/en-010-010374388

Published Date:
03 February 2009
By Nicola Adam
More than 100 jobs are under threat after a famous Lancashire theme park was placed in receivership.
Camelot Theme Park and Park Hall Hotel, based in Charnock Richard, near Chorley, Lancashire, is operated by Prime Resorts and employs 101 permanent staff.

It has been announced that 29 jobs will go across both businesses - following on from 18 staff axed last month.

The 140 room hotel, which employs around 80 people, will continue to trade as normal while a buyer is sought.

Les Ross and Malcolm Shierson, of accountants Grant Thornton, have been appointed joint receivers.

Mr Ross said: "Camelot Theme Park has struggled for a number of years to compete with larger attractions such as Blackpool Pleasure Beach and Alton Towers.

"Visitor numbers had been in decline at the park, which only operated for 20 weeks out of the year.

"The hotel had an extremely busy Christmas and New Year and also has very healthy bookings for functions and short leisure breaks.

"However, it has suffered a significant reduction in corporate bookings due to the economic downturn.

"We are optimistic about finding a buyer for the hotel, which will remain open for business as normal."

The theme park, which employed 21 permanent staff during the winter months, was due to open on April 4.

Discussions are ongoing as to the future of the site.

Proposals to potentially transform the complex into a mixed use development with residential, retail and leisure facilities have been well documented and are ongoing.

• Tell us your memories of Camelot, e-mail your stories and pictures to [e-mail] or leave a comment on the site.

For full story see Wednesday's Lancashire Evening Post.

[chedder]

Nice one Alan, currently awaiting a return call from Sue Lester the events manager to confirm everything is still ok with the Wedge Fest.
The Theme Park has been for sale for quite a few years and has not made a profit for a long time, and various planning applications have been submitted for a change of use but all have been rejected, Hotel seems to do ok though!

[firefox1712]

The normal situation with receivers is to continue to run the business but also to possibly shut down certain parts of it.

I have some experience of receivers continuing to trade hotels, but shutting down certain bars in order to save money. This has inevitably turned out to be a poor commercial decision as, upon purchase by new owners the bars in question became good cash generators.

The likelihood with this hotel is that they may close down the more poorly performing parts (theme park) but continue trading with the hotel and thus have future revenues from bookings which can be an enticement to a potential new owner.

If no onwer can be found within a particular period of time allocated, and income has slowed down to an unacceptable level, then the business may be closed. See Woolworth.

It is likely that the booking is safe, but contact with the receivers may be useful. I would not recommend any up front payments.

JJ