Taxpayer loses £5m on ‘Dartford Disneyland' disaster
The taxpayer lost £5m on a doomed attempt to create a £3.5bn Disneyland rival on the Thames Estuary, it has emerged.
The Future Fund, the £1.1bn vehicle championed by Rishi Sunak that invested in more than 1,000 companies during the pandemic, has lost its whole investment after the company behind the theme park was wound up.
The London Resort nicknamed the ' Dartford Disneyland ' was backed by the Hollywood giant Paramount and was the first commercial site in Britain to be designated as a nationally important infrastructure project.
Due to be built in Swanscombe, Kent, and backed by the Kuwaiti tycoon Abdulla Al-Humaidi, it planned to build attractions based on classic films such as The Godfather and The Italian Job.
However, the plans were partially scuppered by conservation campaigners and the discovery of a rare species of jumping spider around the site.
Accounts for London Resort Company Holdings show that it received £5m from the Future Fund, the maximum investment the Covid-era vehicle could make in a company, in 2020.
Under the terms of the fund, loans which were matched by private investors would then convert into equity stakes when a company later raised financing. The London Resort was added to a list of the fund's investments in 2023, indicating the taxpayer loan had been converted to shares in the company.
Last month, the company was wound up by a judge after a protracted legal battle. Paramount had sued the company for unpaid debts and the company breached repayment agreements with creditors.
The Future Fund did not make investment decisions but would match funding when companies raised funds from private sources. It was set up during the pandemic to provide support for loss-making start-ups that would not qualify for other support schemes.
However, questions have since been raised about the design of the fund after it ended up with hundreds of stakes in companies such as a sex party organiser and Bolton Wanderers Football Club.
The fund lent money to 1,192 companies. The latest figures published by the British Business Bank (BBB) show it has seen cash returns from 86, while the fund retains stakes in 680 companies. 309 have gone insolvent, while 117 still have loans outstanding.
Figures from the Department of Business and Trade dating to last April show that the fund has made a paper loss of almost £250m.
A BBB spokesman said: 'It would not be appropriate to comment on individual cases given commercial sensitivities however the Bank will always aim to secure value for money and to protect the taxpayers' interests.''
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Edinburgh Live
14 hours ago
- Edinburgh Live
Edinburgh chef who started own restaurant at 23 now one of 'Scotland's best'
Our community members are treated to special offers, promotions and adverts from us and our partners. You can check out at any time. More info An award-winning Edinburgh founder chef has discussed the difficulties of being a young restaurateur in the capital's vibrant hospitality sector. Jun Au, from Polwarth, admits he was never any good at school when it came to academics and so he knew he wanted to do something more 'physical.' At age 18 he set his sights on becoming a chef and honed his art working in the kitchens on Castle Terrace and the Green Store on Victoria Street before its closure. After earning a degree in hospitality, he ventured into the world of PR, representing several businesses in London. But when the Covid pandemic hit, the PR firm lost all of their clients which led to him moving back to Edinburgh with some saved up cash. Feeling there was nothing to lose, he decided to launch Pomelo at the age of 23 on Strathearn Road. Now in his current location on Sciennes Road, the 27-year-old has tasted success, earning an Acorn award as well as being named "Best Asian Chef in Scotland' by the Asian Catering Federation and one of CODE 30 under 30 in 2025. Join Edinburgh Live's Whatsapp Community here and get the latest news sentstraight to your messages. 'I would say it was the best time for us to start out,' he said. 'Lockdown started relaxing and people were allowed outside again, and with us being a new eatery, we drew them in. 'We rode that wave of enthusiasm but I was quite naive having never run a business before. It was a steep learning curve. You have a lot to think about as a small business such as staffing costs, taxes and your bills." It has not been all plain sailing, with Jun arguing more needs to be done to help the sector during a period of rising costs. 'The biggest difficulty of running a restaurant in Edinburgh is monetary,' he said. 'Prices are skyrocketing and on top of that you have high rents, taxes and growing wages. 'I know they have to find a difficult balance but hospitality is one of the largest employers in the country. They have put a burden on restaurant owners and small businesses have a lot of pressure on them." 'My advice to anyone starting out is be flexible and nimble so you are able to switch things up when costs rise.' Jun does not feel his youth has held him back and credits his staff and family for helping making the venture a success. 'For me I was never a party person,' he said. 'I liked to be by myself and now I like to be with my wife and dog. 'The people around me made a lot more sacrifices. My staff work long hours to support the business and my wife is my biggest supporter. 'She is my front of house manager who handles all the admin which I don't have the capacity to deal with. She sacrifices so much which means a lot to me. 'My parents have also put so much effort in, with my mum continuing to help out with the accounting. My chef team is also amazing. It is so hard to find competent people who really want to work and have a passion for that work.' Winning an Acorn and being recognised by his peers was important for Jun as he admits he suffered from impostor syndrome during the early days. 'When you are as young as I am, you can be a little scared or concerned you are doing the right thing,' he said. 'You definitely have to be really passionate about when starting out as you work a lot of hours. 'I am very not calm at all. But I see my anxiety as an advantage, I never switch off and I do not know if that is a super power however if it is, then it is the worst one you can have.' Sign up for Edinburgh Live newsletters for more headlines straight to your inbox Jun describes Pomelo as creating a menu inspired by the three chefs' heritage. At present there is a Chinese, Filipino and Maltese chef who all borrow from their own life experiences and childhoods. Jun grew up in a Chinese family who explored their culture through food, whether it was his mother cooking in the kitchen or his grandmother passing down recipes. He believes has created a space where diners can have fun exploring fusion cuisine. Things like the Pomelo chicken sandwich, which is made using a pineapple flavoured brioche style bun with a cookie-like crust on top, filled with fried chicken, encapsulates perfectly what Jun and his staff are all about. 'I would say we are fun,' he said. 'The menu is really inspired by our childhoods and our heritage while also focusing on produce that is in season.' Pomelo is open for brunch and dinner bookings. To visit Pomelo's website, click here.
North Wales Chronicle
16 hours ago
- North Wales Chronicle
Civil Service workforce up 2,000 to almost 20-year high, figures suggest
A total of 550,000 people were employed in the Civil Service as of March 2025, according to new data from the Office for National Statistics (ONS). This is up from 548,000 in December 2024 and a rise of 1% year-on-year from 544,000 in March 2024. Headcount fell to 416,000 in June 2016, the month of the EU referendum. Since that date, the total has risen steadily, driven chiefly by the impact of Brexit and the Covid-19 pandemic. The Government announced in April this year that it planned to cut around 2,100 staff from the Cabinet Office, as part of a plan to shrink the Civil Service and reduce the cost of bureaucracy. Some 1,200 roles will disappear through redundancies, while 900 will be transferred to other departments. The latest Civil Service headcount of 550,000 is nearly a third higher (32%) than it was in 2016, or an increase of 134,000. Of the 550,000, almost 443,000 are full-time roles and the remainder are part-time positions. The last time the quarterly headcount was higher than the current figure was in June 2006, when it stood at 553,000. The total was on a downwards path during the second half of the 2000s and this trend continued into the 2010s until the EU referendum in 2016, after which the headcount began to climb. It grew by 40,000 in the years between 2016 and the start of the pandemic, as thousands of people were recruited to manage the complex and lengthy Brexit process. There was then a further jump once the pandemic was under way, as the Government hired staff to oversee huge projects such as the furlough scheme, testing for Covid-19 and the rollout of the vaccination programme. Headcount increased by 56,000 between March 2020, when the first lockdown began, and March 2022. By June 2024, just ahead of the general election on July 4, the total had reached at 546,000, since when the figure has increased by a further 4,000. Responding to the data, a Government spokesperson said: 'This increase is driven by recruitment to operational roles, including tax collectors and probation officers. 'As part of our Plan for Change, we are creating a more agile and productive state – reducing back-office costs to deliver savings of over £2 billion by 2030 and targeting spending on front line services. 'We have already announced a new cross-government fund for exit schemes to reduce staffing numbers over the next two years, as well as introducing measures to make it quicker and easier to remove poor performers from post.' Chancellor Rachel Reeves said in March that Civil Service running costs would be reduced by 15% by the end of the decade. As well as abolishing quangos such as NHS England, ministers have committed to increasing the proportion of civil servants working in digital and data roles, creating a workforce 'fit for the future'. Two Government departments together account for more than a third of the full Civil Service headcount: the Department for Work & Pensions (17.6% of the total) and the Ministry of Justice (17.5%). The next largest are HM Revenue & Customs (12.9%), the Ministry of Defence (10.5%) and the Home Office (9.2%). These five departments together account for just over two-thirds of the total headcount.
Leader Live
16 hours ago
- Leader Live
Civil Service workforce up 2,000 to almost 20-year high, figures suggest
A total of 550,000 people were employed in the Civil Service as of March 2025, according to new data from the Office for National Statistics (ONS). This is up from 548,000 in December 2024 and a rise of 1% year-on-year from 544,000 in March 2024. Headcount fell to 416,000 in June 2016, the month of the EU referendum. Since that date, the total has risen steadily, driven chiefly by the impact of Brexit and the Covid-19 pandemic. The Government announced in April this year that it planned to cut around 2,100 staff from the Cabinet Office, as part of a plan to shrink the Civil Service and reduce the cost of bureaucracy. Some 1,200 roles will disappear through redundancies, while 900 will be transferred to other departments. The latest Civil Service headcount of 550,000 is nearly a third higher (32%) than it was in 2016, or an increase of 134,000. Of the 550,000, almost 443,000 are full-time roles and the remainder are part-time positions. The last time the quarterly headcount was higher than the current figure was in June 2006, when it stood at 553,000. The total was on a downwards path during the second half of the 2000s and this trend continued into the 2010s until the EU referendum in 2016, after which the headcount began to climb. It grew by 40,000 in the years between 2016 and the start of the pandemic, as thousands of people were recruited to manage the complex and lengthy Brexit process. There was then a further jump once the pandemic was under way, as the Government hired staff to oversee huge projects such as the furlough scheme, testing for Covid-19 and the rollout of the vaccination programme. Headcount increased by 56,000 between March 2020, when the first lockdown began, and March 2022. By June 2024, just ahead of the general election on July 4, the total had reached at 546,000, since when the figure has increased by a further 4,000. Responding to the data, a Government spokesperson said: 'This increase is driven by recruitment to operational roles, including tax collectors and probation officers. 'As part of our Plan for Change, we are creating a more agile and productive state – reducing back-office costs to deliver savings of over £2 billion by 2030 and targeting spending on front line services. 'We have already announced a new cross-government fund for exit schemes to reduce staffing numbers over the next two years, as well as introducing measures to make it quicker and easier to remove poor performers from post.' Chancellor Rachel Reeves said in March that Civil Service running costs would be reduced by 15% by the end of the decade. As well as abolishing quangos such as NHS England, ministers have committed to increasing the proportion of civil servants working in digital and data roles, creating a workforce 'fit for the future'. Two Government departments together account for more than a third of the full Civil Service headcount: the Department for Work & Pensions (17.6% of the total) and the Ministry of Justice (17.5%). The next largest are HM Revenue & Customs (12.9%), the Ministry of Defence (10.5%) and the Home Office (9.2%). These five departments together account for just over two-thirds of the total headcount.
