Dreamland partner’s firm is recession victim
ONE of the companies behind the development of Margate’s Dreamland has gone out of business.
Property company Waterbridge is no longer trading, according to a statement issued on Friday.
-
Dreamland
Under managing director Toby Hunter, Waterbridge was a third partner in the Margate Town Centre Regeneration Company (MTCRC). Businessmen Jimmy Godden and David Schreiber own the remaining shares.
Mr Schreiber’s Midos group has now bought Waterbridge’s share in the project which will, if approved, build new homes alongside shops and restaurants plus a heritage fun park featuring vintage rides.
Mr Hunter will continue to manage the development work on behalf of MTCRC. He said the changes would not have a negative impact on the plans for the former fun park which are at a critical stage with a bid in for a government grant for the heritage fun park.
Mr Hunter has seen many of Waterbridge’s assets put up for sale after the value of the company’s property portfolio crashed by up to 30 per cent.
He said: "It has been a very strange time but this means that I will be able to spend more time working on the Dreamland project."
He said his company had run into trouble when investment markets crashed in the fallout of the global recession. Mr Hunter added: "We had projects, including the Margate one, which needed cash and the cash just wasn’t available."
MTCRC’s Ross Stewart and Peter Beck are working with the heritage project team, led by the Prince’s Regeneration Trust, to bid for government cash to help pay for the vintage rides on the site’s redevelopment. A decision on whether it has been successful is expected in June.
Waterbridge sold many of its assets to Midos in January including The Centre in Margate and Frank’s nightclub in Cliftonville.
Waterbridge went into liquidation on March 18.
Mr Schriber has experience in town centre regeneration and has projects underway in Dover, Cliftonville and Folkestone.
4 Comments
by sofer
Friday, January 13 2012, 5:01AM
“Its better to regenerate an area through the private sector ,rather then the council.
so let MTCRC do the job , give them some time due to the economic crisis, we all waited till now lets be patient and wait abit more ,but i can assure you they will be doing a fantastic great job.
I had the opportunity to visit Mr. Hunters nightclubs in london and in bournmouth too ,let me tell you he made such a beautiful job so stylish attractive and all fancy stuff.....
As i read he is the 1 who is managing this project his experience is far better then this local council......
So lets be patient
Just remember the private sector is doing a better job then local councils/poloticians...”
by David, Staines
Monday, November 23 2009, 5:37PM
“I believe MTCRC were well intentioned about Margate, they wanted it to work and to see the restoration of the centre, they just had no adequate business strategy to manage difficult economic times so went under.”
by Jesse, James
Wednesday, April 22 2009, 9:18PM
“I thought the seaside resort was just full of refugees from France.”
by Steve Richardson, Westgate
Wednesday, April 22 2009, 9:08AM
“Is the demise of this company such a bad thing?
Margate Town Centre Regeneration Company must go down as the most badly name companies based in Reading and certainly not regenerating Margate. The Council should step in a compulsory purchase the site and not build housing there which will just sit empty and prone to attacks by vandals”