London Pleasure Gardens goes into administration

  Quote

A spokesperson for Newham Council has confirmed that LPG has gone into administration. They said: ”The decision by London Pleasure Gardens Ltd to enter into voluntary administration is regrettable but understandable. It is disappointing that the anticipated visitor numbers and revenue from recent planned events have not materialised”.

I'm not surprised people stopped going after the whole Bloc nonsense. Good riddance to it. A ridiculous venue anyhow. There wasn't even the chance that somebody could have made it a good venue.

http://www.factmag.com/2012/08/03/london-pleasure-gardens-to-go-into-administration/

lol.

But sad for all the people who had cocoon/ secretsundaze tickets, presumably they can get the money back if the events are not reorganised?

I wonder if this means they'll default on the £3million loan they took from Newham Council to build the damned place.

what does "going into administration" mean?

Administration is a very powerful process for gaining control, when a company is insolvent and facing serious threats from creditors. The Court may appoint a licensed insolvency practitioner as administrator. This places a moratorium around the company and stops all legal actions.

The administration must have a purpose and the Government encourages the use of company rescue mechanisms after Administration.

Under the administration option, it is possible for the company and its directors (or a creditor like the bank) to apply to the court to put the company into administration through a streamlined process, by applying to the High Court.

However, the law requires that any finance provider (like a bank or lender), with the appropriate security, is contacted and the aims of the administration be discussed and approved. The finance provider must have a fixed and floating charge (usually under a debenture) and the charge holder will need to give permission for the process to go ahead. Five days clear notice is required.

wtf

wait, you mean the same administration that brought us such hits as the millenium dome has fucked something up? lawd have moicy!

Just thought I've also got a ticket for Halloween Mulletover which they announced was there after I bought the ticket.

That's fortunate that they'll probably find a new venue cause there wasn't a chance in hell that I would have gone back there.

is joyrex in administration lol

Hoodie, I'm not sure of the exact meaning myself, in fact tauboo just caused me a turtle head. All I know is that anytime something goes into administration in the UK, it's a very short time until it's completely shut down.

it's the administration and management of the remaining company assets, staff, creditors etc by a qualified and experienced firm/individual with the aim of damage reduction and getting things back on track if possible. there are plenty of cases where firms come out of administration after a year or so and go on to be successful after sorting out their problems. but usually, going into administration is a very bad sign and often just a matter of winding the business down in an orderly fashion and paying off as much debt as possible before it goes down the pan.

Interesting article here.

Lol - they had so many high hopes for this. Cant believe its already in administration and the Olympics are not even over.

If a development has one of those godawful cgi models made for it you can guarantee it will be shit.

As soon as Bloc said it was going there I had a look and thought; that looks like a stupid venue that shouldn't exist, and how right I was