TREASURE Island has closed down amid a financial crisis and the revelation it owes tens of thousands of pounds in rent to Eastbourne Borough Council.
It is understood the owners of the seafront attraction, Coasta Limited, which owe the council – the landlord of the site – somewhere in the region of £50,000, called in liquidators this week.
Treasure Island is hugely popular with families in the summer months and in recent years, the management spent thousands building a new amusement arcade.
The management company was also behind a failed bid to build a Spyglass Inn and Restaurant next to the complex last year and had appealed against the refusal by the council to grant a licence.
On Thursday morning, the building was closed and the gates to the attraction locked.
The Herald was unable to contact anyone at Treasure Island but a spokesperson for Eastbourne Borough Council admitted there had been a problem with unpaid rent.
The spokesperson said, “The council understands that Coasta Ltd, the company which operates the Treasure Island attraction, initiated the process for voluntary liquidation this week.
“Prior to this announcement the council, as landlord of the venue, had been negotiating the recovery of outstanding rent owed by Coasta Ltd.
“Treasure Island is an important attraction on Eastbourne seafront and the council is very keen to see a positive outcome for this key location.
“It is essential that an appropriate resolution is achieved in a timely manner and the council will contribute in any way it can to support this objective.”