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News Release

Leeds

Wet ‘N’ Wild Enterprises Ltd sold to Moirai Capital

JLL property consultants sold the indoor waterpark on behalf of PwC


Leeds, 21 May 2014 - Moirai Capital Investments has announced today its acquisition of Wet ‘N’ Wild Enterprises Ltd following the leisure park’s administration in October 2013.
 
On behalf of the administrators PwC, property consultants JLL has sold the indoor waterpark situated in North Shields, Tyne and Wear, which employed 69 staff, for an undisclosed sum.

Moirai Capital is a successful UK leisure operator and intends to carry out a comprehensive programme of upgrading and refurbishment prior to the water park re-opening to the public in July 2014.
 
Toby Underwood, joint administrator at PwC commented on the sale to Moirai: “We are delighted to have successfully completed the sale of Wet ‘N’ Wild to Moirai Capital. To have found an operator that intends to invest in and re-open the water park, and therefore generate jobs in the process is a great result. The deal achieved has also secured a good outcome for creditors of the Company, while preserving an important local facility.” 
                           
Martin Barber, Chairman of Moirai Capital, added: “We were attracted to this facility by the sheer potential offered and we are now to commence with a comprehensive upgrade and refurbishment prior to re-opening.
 
“Together with our experienced operating partner, we can once again make this a leading all-weather visitor destination in the north-east region.”
 
Occupying a prime position adjacent to Royal Quays Retail Outlet Centre and the Port of Tyne ferry terminal, close to the A19 Tyne Tunnel, the 2.54 acre site is readily accessible from across the North East. When it opened in 1993, Wet ‘N’ Wild claimed to be the largest water park of its kind in the UK; it featured 10 slides, a wave machine and several jacuzzis. ​