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.

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.