London Resort Company grapples with CVA

London Resort Company Holdings (LRCH), the company behind plans to build a theme park resort in Swanscombe, Kent, has called in administrators with the aim of completing a CVA.

The company says it is aiming to agree terms with creditors in relation to its liabilities with a view to continuing with the development.

However, the move could be the final death knell to the 2bn proposals to build the huge attraction, once described as one of the most ambitious theme park projects in Europe.

The original 2bn plans were first announced in2012by a consortium which included US-based entertainment giant Paramount Pictures.

In 2014, the project was categorised as being of national significance andfast-trackedby the UK government, while plans were laid to improvetransport linksand Mission Impossible and Star Trek were slated aspossible IPsfor the development.

In 2015, Farrells was revealed as themasterplanner
for the development and aChinese investorput in 100m, however, by 2016, the project had advanced but had already hit somesignificant bumps.

Fenlon Dunphy, one of London Paramounts prominent figureheads, walked away from the project, two months after the developer made public assurances that the theme park was on track.

As Paramountpulled out, the name of the proposed park was changed from London Paramount Entertainment Resort to The London Resort.

A joint venture with construction companyKeltbrayfollowed.

In 2019, the project received new wind in its sails, as Paramount Pictures made a surprise move and entered into anew partnershipwith LRCH, re-engaging with the project to supply its IPs and a deal was also done withITV Studiosfor the use of its IPs.

The announcement coincided with LRCH also appointing PY Gerbeau credited with contributing to the development of Euro Disney in the late 90s and the Millenium Dome in London in 2000 as CEO.

An opening date was then set for 2024, since then, however, the project has suffered a number of setbacks.

These have ranged from a critically endangered jumping spider being found on the site leading to delays in the planning process to complications relating to nearby Tilbury being classed as a Freeport.

Following these difficulties and delays, LRCH has entered the company voluntary arrangement (CVA), in order to renegotiate its debts, throwing the future of the project in doubt. A winding up order for compulsory strike-off was suspended on 24 February and discontinued on 7 March, indicating that positive progress may be underway.

Directors of the company are currently listed as Dherar Mohamed Saleh Al-Humaidi, Alan Crane, Robert MacNaughton, who was appointed on 27 January this year and Steven Norris. PY Gerbeau resigned from the board on 22 December 2022.

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Hong Kong – London ETO promotes Hong Kong at International Maritime Organization (with photos)

London ETO promotes Hong Kong at International Maritime Organization (with photos)

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     The Hong Kong Economic and Trade Office, London (London ETO), with the support of the Marine Department, held a reception at the International Maritime Organization (IMO) on March 15 (London time) to promote Hong Kong’s position as a prominent international maritime centre.

     Addressing to the audience, the Director-General of London ETO, Mr Gilford Law said, “Leveraging on its strong international connectivity and the fourth largest Shipping Register (amounting to about 127 million gross tons) in the world, Hong Kong’s maritime sector is set to thrive. The 14th Five-Year Plan expressly supports Hong Kong’s role as an international transportation centre. In order to enhance its strength as an international maritime centre, Hong Kong is seeking to establish a world-class port cluster in collaboration with other cities in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), promoting high value-added maritime and logistics services in accordance with the country’s plans and needs, and facilitating the development of smart port and digitalisation in shipping.”

     Mr Law also outlined the 2023-24 Budget initiatives in raising the maritime industry’s competitiveness, such as attracting more maritime enterprises to establish a presence in Hong Kong through tax concessions, promoting the development of smart port by setting up a digitalised port community system for enhancing operational efficiency, as well as earmarking $20 million (around £2.1 million) to expedite studies on strategies for promoting the high‑end maritime service industry and enhance exchanges among industries in the international arena and the GBA.

     “As a leading international maritime centre, Hong Kong keeps attracting global talents. Three of the 13 professions on our Talent List are marine-related, namely Naval Architects, Marine Engineers and Superintendents of Ships, and Marine Insurance Professionals. These professionals can live and work in Hong Kong without obtaining job offers in advance.” Mr Law added.

     In addition, Mr Law updated delegates on the lifting of travel restrictions and mask-wearing requirements in Hong Kong. Highlighting the launch of “Hello Hong Kong” campaign, he encouraged them to visit Asia’s World City and experience its hospitality.

     The reception was joined by the Secretary-General of the IMO, Mr Kitack Lim, and well attended by about 200 guests from delegations of IMO Member States, top representatives of international organisations, and key representatives of shipowners in London.

Hong Kong – London ETO greets Year of Rabbit in Denmark and Sweden (with photos)

London ETO greets Year of Rabbit in Denmark and Sweden (with photos)

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     The Hong Kong Economic and Trade Office, London (London ETO) co-hosted receptions in Copenhagen, Denmark, and Stockholm, Sweden, with local business associations on February 7 and 8 respectively for celebrating the Year of the Rabbit. The receptions were well attended by guests from the respective local government, city council, business, academic and cultural sectors.
 
     On February 7, the London ETO and the Denmark-Hong Kong Trade Association co-hosted an evening reception in Copenhagen greeting over 80 guests. In his welcome speech, the Director-General of the London ETO, Mr Gilford Law, introduced the “Hello Hong Kong” campaign, including the Government’s upcoming distribution of 500,000 free air tickets for bringing people from around the world to Hong Kong and experience the hospitality of the city. 
 
     Mr Law highlighted, “Hong Kong enjoys unparalleled advantages under the unique ‘one country, two systems’ principle. We are inviting prominent guests to Hong Kong and see for themselves the welcoming atmosphere and the new attractions here.”
 
     On February 8, the London ETO and the Hong Kong Chamber of Commerce in Sweden co-hosted an evening reception in Stockholm greeting over 140 guests.  The reception started with a business seminar where seven speakers from the Hong Kong and Swedish business community shared their insights on the promising economic opportunities in Hong Kong. Addressing the Swedish audience, Mr Law explained the Government’s initiatives for attracting businesses and talents with a view to enhancing Hong Kong’s competitiveness. 
 
     Mr Law added, “We are targeting companies and talents from industries of strategic importance to Hong Kong. These include life and health technology, artificial intelligence and data science, financial technology, advanced manufacturing, new materials and new-energy technology. Since the establishment of the Office for Attracting Strategic Enterprises and the launching of the Talents Service Unit online platform, the response has been overwhelming.”
 
     The London ETO will continue to celebrate the Year of the Rabbit among the countries under its purview.

Hong Kong – London ETO promotes professional opportunities arising from Hong Kong’s infrastructure development to UK students and graduates (with photos)

London ETO promotes professional opportunities arising from Hong Kong’s infrastructure development to UK students and graduates (with photos)

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     The Hong Kong Economic and Trade Office, London (London ETO) co-organised a seminar with the Hong Kong Institution of Engineers (HKIE) at Imperial College London on December 9 (London Time), to promote engineering career prospects in Hong Kong in relation to its various development projects to the United Kingdom (UK) engineering students and graduates.
 
     During his speech at the seminar, the Director-General of the London ETO, Mr Gilford Law, said, “In coming years, the Government annual capital works expenditure is expected to exceed 100 billion Hong Kong Dollars (10 billion British pounds), showing that Hong Kong invests heavily and steadily in infrastructure and other capital works.” He mentioned that, Hong Kong has sophisticated East-meets-West culture and adopts a simple tax system with low tax rates; professional and talents could experience a kaleidoscope of arts and culture, sports and entertainment while developing their career in the city. Mr Law also highlighted the talent attraction measures announced in the Chief Executive’s 2022 Policy Address, including the Top Talent Pass Scheme.

     The President of the HKIE, Mr Aaron Bok, who was having an official visit in the UK, introduced to the participants Hong Kong’s major infrastructure projects and development blueprints, including the Northern Metropolis, housing development projects and Hong Kong I&T Development Blueprint, so as to illustrate the Hong Kong’s engineering industry is full of opportunities.
 
     Over 100 participants joined the seminar.

Hong Kong – London ETO supports showcase of metalcrafts in London Craft Week 2022 (with photos)

London ETO supports showcase of metalcrafts in London Craft Week 2022 (with photos)

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     The Hong Kong Economic and Trade Office, London (London ETO), supports Crafts on Peel, a charitable organisation in Hong Kong, to join the London Craft Week 2022, bringing the virtual showcase “Creations Enlivened: Metal” to craft lovers in the United Kingdom and beyond.

     

     The showcase includes an online exhibition of six collaborative metalworks by Hong Kong traditional craftsmen and contemporary artisans as well as livestreaming of two virtual craft demonstrations.



     In his video message, the Director-General of the London ETO, Mr Gilford Law said, “With a fine integration of modernity and antiquity, as well as the meeting of East and West, this exhibition showcases not only Hong Kong’s rich history of metalwork, but also what makes Hong Kong so special as ‘Asia’s World City’.” He also highlighted that similar to metal’s practical and poetic nature, Hong Kong functionally serves as an international financial centre and global trading hub, while also vibrantly keeps people entertained and inspired year-round with a thriving art scene.



     The event also commemorates the 25th anniversary of the establishment of the Hong Kong Special Administrative Region.



     The virtual exhibition can be accessed at www.craftsonpeel.com/lcw2022/ from May 9 to 15.