£9m water park loan is safeguarded - Finance bosspublished at 13:24 GMT 1 February 2019
Local Democracy Reporting Service
Scarborough council's finance director says "checks and balances" are in place to safeguard its £9m investment in the town's water park.
Image source, Geograph/Graham RobsonNick Edwards has told councillors there are options open to the council which include taking possession of the North Bay attraction.
It comes after the operator of the £14m facility, Alpamare UK, secured a company voluntary arrangement earlier this month to stave off a winding-up petition brought by British Gas over an unpaid bill of approximately £700,000.
The firm said at the time that was fairly common when a company has debts but is still "a viable business".
The firm said it will still go ahead with plans to open a new spa and it's looked at the way it runs the business to better suit varying customer demand throughout the year.
Scarborough Borough Council gave a £9m loan to the developer of the water park, Benchmark Leisure, and there were some concerns from councillors and residents that repayments would be in jeopardy.















