Fantasy Island to remain in administration

The OdysseyFantasy Island will remain in administration until at least February 2016, despite profitable operation in the past year.

The amusement park – which includes caravan income and some market income – had losses of £748,000 offset by significant market income from a subsidiary.

Considerable revenue from the Intermarket Skegness Ltd business, meant that the resort’s consolidated receipts show a trading surplus of £2.1 million since going into administration.

Administrators Duff & Phelps took over the running of the companies that make-up the Lincolnshire park in August 2014.

They said in a progress report filed today that they had extended their period of administration by a further six months, to February 2016.

It is understood that following a full season of operation and demonstrating profitability, the administrators hope to find a buyer for the business.

Consolidated debts currently stand at more than £50 million.