Company takes over lease of Eastbourne’s Treasure Island

Treasure Island Eastbourne March 3rd 2011
Treasure Island Eastbourne March 3rd 2011

THE SEAFRONT children’s attraction Treasure Island has been snapped up.

The adventure park shut down suddenly last March and remained closed during the summer season as administrators talked to various parties which wanted to take it over.

This week administrators at Begbies Traynor revealed a deal had been struck between Eastbourne Borough Council, which owns the site, and TI (Eastbourne) Ltd.

The company has taken over the lease of the seafront attraction for an undisclosed sum which includes rent arrears of around £70,000 being paid back to the council.

Jon Beard, a partner at Begbies Traynor corporate recovery specialists, 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.”

The deal went through after nine months of protracted negotiations.

The entertainment venue closed in March amid a financial crisis and Begbies Traynor partners Jon Beard and Neil Mather were appointed administrators 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.

Mr Beard said 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.

Eastbourne Borough Council has welcomed the deal and 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.”