Directors behind a £2.5bn theme park dubbed “the UK’s answer to Disneyland” are hoping to tap up investors for fresh capital this year as costs for the blockbuster development continue to mount.
The London Resort Company, which plans to build a 1,245-acre theme park in Kent, has engaged financial advisers to raise funds in 2021 from additional sources in “London capital markets and other financial centres”.
The capital-raising effort comes after a rollercoaster ride for the site, which has faced a swathe of planning hurdles in recent years. Full-year accounts for the London Resort Company show its profit and loss reserves increased from £55m in 2018 to almost £60m by the end of 2019. The business had overall debt of £39m at the end of 2019 with net liability of £29.5m, and just £772 in the bank.
In September 2020, the company raised £10m in new funding, £5m of which came from related parties and external investors, matched by another £5m from the government-backed Future Fund…