British Taxpayers Lose £5 Million Pounds on Failed Theme Park Project

A costly government venture to create a £3.5 billion rival to Disneyland on the Thames Estuary has resulted in a £5 million loss for British taxpayers. The Future Fund, a £1.1 billion initiative championed by Prime Minister Rishi Sunak, has seen its entire investment vanish following the liquidation of the ambitious theme park project.

The London Resort, dubbed the “Dartford Disneyland,” had secured backing from entertainment giant Paramount and achieved the distinction of being Britain’s first commercial site designated as nationally important infrastructure. The project, planned for construction in Swanscombe, Kent, was supported by Kuwaiti businessman Abdulla Al-Humaidi and aimed to feature attractions based on iconic films including The Godfather and The Italian Job.

The project’s demise can be attributed to multiple factors, including opposition from conservation groups and the discovery of a rare jumping spider species at the proposed site. London Resort Company Holdings’ financial records reveal a £5 million investment from the Future Fund in 2020, representing the maximum possible allocation under the Covid-era support scheme.

The venture’s collapse culminated in a court-ordered wind-up following a legal dispute, with Paramount pursuing unpaid debts and the company failing to meet creditor obligations. The Future Fund’s involvement, which initially operated by matching private investment funding, has raised questions about the scheme’s structure and effectiveness.

British Business Bank data indicates that of the 1,192 companies receiving Future Fund support, only 86 have generated cash returns, while 680 remain active investments. The fund has recorded 309 insolvencies and maintains 117 outstanding loans. Department of Business and Trade figures from April last year reveal a paper loss approaching £250 million, highlighting the significant financial impact of these investment decisions.

The British Business Bank maintains its commitment to securing value for money and protecting taxpayer interests, though the London Resort case represents a notable setback for the government’s pandemic-era investment strategy.