Mon, 06 Aug 2012 | ADMINISTRATION
London Pleasure Gardens, a new arts quarter in East London designed to capture the Olympic audience and visitors, has entered administration.
The Pleasure Gardens have closed just over a month amid disappointing visitor numbers and low revenue.
The venue received the backing of London Mayor Boris Johnson and benefited from a £3 million loan from Newham Council to get things moving. It was located close to the ExCel Centre, not far from Canary Wharf and the Olympic Park.
Unfortunately, allegations of safety failing and mismanagement compiled with the poorer than expected trading conditions have meant that it could not keep going.
A spokesperson for the London Borough of Newham commented: “The decision by London Pleasure Gardens Limited to enter into voluntary administration is regrettable but understandable.
“It is disappointing that the anticipated visitor numbers and revenue from recent planned events have not materialised. London Pleasure Gardens won the right to operate the site for two years from the LDA and Newham Council as the winner of a Meanwhile London Competition.”
The representative added that the council believes that the site has “a viable long term future as a visitor attraction and destination”. The council is set to work with the administrator – once one has been appointed – to explore the future potential of the site.
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