New investors for Swindon Oasis leisure complex revamp

Plans for the £120m scheme include a ski centre, 5,000-seat concert venue and cinema

New investors are poised to take over a troubled scheme to build a £120m leisure complex in Swindon.

Plans for a ski centre, 5,000-seat concert venue and cinema at the existing Oasis leisure centre stalled after the developers failed to meet key targets.

Swindon Borough Council told Moirai Capital Investment Ltd it intended to end the development agreement.

However Seven Capital Investments Ltd has agreed to take over the project.

The council has withdrawn the notice of termination and Seven Capital has indicated it would work with Moirai on the North Star site.

The firm identified it as "an ideal opportunity for it to invest in the leisure market," the authority added.

A period of due diligence will now be carried out by both parties which, if successful, will see the council's cabinet consider whether to approve the proposal.

Garry Perkins, cabinet member for the economy, skills and regeneration, said he hopes Seven Capital will help the council deliver "what will be a landmark regeneration project for the town".