Wonderworld, the company behind the proposed scheme for the UK’s largest theme park, near Corby, Northants, have successfully raised financing for the first phase of the 1,000-acre development.
Fifteen years on from the idea of Wonderworld, the company have managed to place privately shares worth £72.8m with a group of overseas investors. French construction group Bouygues, which is to build the park, put up £5m worth of equity.
According to the company’s brokers, W I Carr, the remaining £125m needed for the first phase will be raised through debt finance. Despite having attempted two equity placings before, in October 1987 and March 1989 — when debt financing had been arranged but the placings failed — the brokers are now confident of success.
The Disney-style theme park has an estimated value of £1bn.
Another troubled theme park may also be back on the rails.
Battersea Leisure, the Alton Group subsidiary attempting to convert Battersea Power Station into a theme park, halted construction in March. But there are now rumours that an American backer has been found and work is set to start on the site shortly.
Development costs were estimated at £135m in April 1987, but current estimates are now in excess of £250m — costs having spiralled with higher interest rates.
A company spokesman would not comment on the identity of the new funder of the project.
