We're in Dreamland! More than 250 jobs saved at one of Britain's oldest amusement parks

 
Oliver Gill
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Dreamland is set for a big revamp following the new investment (Source: Dreamland)

One of the UK's oldest surviving amusement parks has secured a vital £35m investment, saving more than 250 jobs.

Dreamland, based in the famous British seaside resort of Margate, has been facing collapse after struggling since its 2015 relaunch.

The amusement park has been run by administrators from Duff & Phelps since May 2016, who today announced the new investment by previous owners Arrowgrass.

The £35m of capital will allow Dreamland come out of administration, providing job security to more than 60 full-time and 250 seasonal workers.

Read more: David Price: Dreamland

The revamp of Dreamland will see a "unique amusement park" created, boasting "quality food and beverages" and a growing music offering.

Duff & Phelps said the investment would allow Dreamland to become one of the UK's "premier destinations".

Former BHS joint administrator Ben Wiles, who also ran the Dreamland proceedings, said:

Having secured appropriate backing and having formed a strong professional partnership with Arrowgrass, over £35m was invested in the Dreamland project which enabled substantial redevelopment and re-landscaping and acquisition of several neighbouring properties in order to broaden the business offering.

The funding also enabled the acquisition of several new rides, as well as improvements to existing rides and development of a variety of entertainment spaces.

Read more: Ukip to hold spring conference in Margate

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