The operator of the London Pleasure Gardens (LPG), an arts and culture festival ground which was created in time for the London 2012 Olympic Games, has gone into administration.
The 20-acre site is situated in close proximity to the Excel London Olympic Games venue and its operator hoped to capitalise on the increased Olympic traffic around London’s east end.
Instead, the Pontoon Dock reportedly saw less than 7,000 visitors a day. The operators decided to go into voluntary administration after poor revenues and ticket sales.
The operator had received £3.3m in funding from Newham Council to run the site. A council spokesperson said it would get its money back from the administrators and try to find another operator to “make a success” of the site.
“The decision by London Pleasure Gardens Limited to enter into voluntary administration is regrettable but understandable,” said the council spokesperson. “It is disappointing that the anticipated visitor numbers and revenue from recent planned events have not materialised.
“London Pleasure Gardens won the right to operate the site for two years from the London Development Agency and Newham Council as the winner of a Meanwhile London Competition. We will now work with the administrators to help secure our investment and to discuss the future scope and nature of our involvement.”
Robert James Harding and Lee Antony Manning, partners in Deloitte were appointed Joint Administrators of London Pleasure Gardens Limited on 3 August 2012. The affairs, business and property of the company will be therefore managed by the Joint Administrators.
“It is with great sadness that London Pleasure Gardens Ltd has been placed into administration,” says the organiser’s website. “We will issue more information within the next few days but would like to thank everyone who has supported us and our vision. The LPG team are working with the administrators to ensure the current situation is dealt with in the best possible way.”
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