Confidential Advice Line: 0800 063 9221

Begbies Traynor achieves sale of Treasure Island

Turnaround

| January 9th 2012

More News by Jon Beard

Administrators at corporate recovery specialists Begbies Traynor have achieved a sale of the Treasure Island attraction on Eastbourne seafront after nine months of protracted negotiations.

The deal, which has been approved by Eastbourne Borough Council, sees the full rent arrears paid to the council.

The entertainment venue closed in March 2011 and Begbies Traynor partners Jon Beard and Neil Mather were appointed adminstrators to Coasta Ltd, the company that had been running Treasure Island.

Treasure Island suffered a break in some weeks after it closed and security was subsequently stepped up while Begbies Traynor and their appointed agents GVA dealt with a number of offers of interest, all of which required detailed analysis before being presented to Eastbourne Borough Council which is the landlord of the entertainment centre.

A number of early expressions of interest failed to materialise as formal and acceptable offers and Begbies Traynor and their agents continued to hold negotiations with interested parties.

Eventually a deal with TI (Eastbourne) Ltd was agreed and the company has taken the lease for an undisclosed sum which includes the rent arrears paid to the council.

Mr Beard said: “We have worked hard with the Council and various interested parties to enable the sale of the business and secure a new tenant for the park.

“Although the negotiations were long and somewhat tortuous we are pleased to have achieved what we regard as the best possible result for Eastbourne which ultimately means that this much-loved attraction should now be able to reopen.

“We understand that the purchasers will shortly be announcing their plans for the site and we wish them well with their new venture.”

Eastbourne Borough Council had stated its commitment publicly. A spokesperson said: “Treasure Island is an important attraction on Eastbourne seafront and the council was very keen to see a positive outcome for this key location.”


About the author

Jon Beard

Partner

Meet our Team of Experts

Jon joined Begbies Traynor in London in 1997 and moved to the Brighton office as a Director in November 2008.

He has 15 years experience working on all types of formal corporate and personal insolvency procedures, in particular, small to mid-market corporate, some of which being multi-jurisdictional, with a focus on administrations/receiverships and trading appointments. He is a Licensed Insolvency Practitioner and a fellow of R3.

44 Regional UK Offices

Find your local Begbies Traynor office and speak to an adviser today.

Find your Local Office
0800 063 9221

Call our Confidential Advice Line. Calls to this number are free of charge.

Call us now...
Request a Meeting

We invite you to come and discuss your enquiry with us at your convenience.

Request a meeting...
0800 464 0871

Call our Confidential Advice Line. Calls to this number are free of charge.

Call us now...
Request a Meeting

We invite you to come and discuss your enquiry with us at your convenience.

Request a meeting...
0161 837 1700

Call our Confidential Advice Line. Calls to this number are free of charge.

Call us now...
Request a Meeting

We invite you to come and discuss your enquiry with us at your convenience.

Request a meeting...
Businesses Remain Resilient in the face of Brexit
Financial distress falls 6% following referendum
ONS data: 'Brexit has had no major effect on the UK economy thus far'
Read More →
 
Open Banking to Reshape the Alternative Finance Sector
CMA mandates the adoption of Open Banking by early 2018
Will see alternative lenders competing on a level playing field with dominant banks
Read more →
 
Join thousands of professionals by signing up for our updates
Analysis and Opinion from our Partners
Top Industry News
Register Now →
 

Advice you can trust

We are accredited by the following industry leading organisations

Insolvency Practitioners Association Institute of Chartered Accountants in England and Wales R3: Association of Business Recovery Professionals ICAEW Business Advice Service Turnaround Management Association ACCA (the Association of Chartered Certified Accountants) ICAS | The Institute of Chartered Accountants of Scotland

Contact the Begbies Traynor team

or Find your Nearest Office
Processing...