Flint Bishop

Big wheel does not keep on turning

Pictured above: John Kelly, regional managing partner of Begbies Traynor

 

Administrators from the Birmingham office of corporate recovery specialists Begbies Traynor have saved 85 jobs with the sale of a giant observation wheel business which had fallen into administration.

Partners John Kelly and Nigel Price of corporate recovery specialist Begbies Traynor in Birmingham were appointed administrators of WTA Global Holdings Ltd, which traded as World Tourist Attractions, late last year.

The Sutton Coldfield-based operators of giant observation wheels, including the one featured in Centenary Square, Birmingham, in recent years, had also operated the giant wheels in Manchester, Liverpool, Weston Super-Mare, Hyde Park in London and Dublin.

John Kelly said: "WTA Global Holdings Ltd was formed in 2002 to install and operate large entertainment wheels in key locations. Based on the original Ferris Wheel but closer to the London Eye in terms of construction, significant investments were made and further funds raised from a number of financial institutions and individuals.

"The company would appear to have suffered as a result of some of the locations for the wheels not providing the income that had been forecast due to a downturn in visitor numbers because of the current financial global crisis, but mainly during 2009.

"While the wheels can be moved, a considerable cost is involved. The company sought further financial investment but due to the current economic climate it was not forthcoming."

John Kelly and Nigel Price, partners in Begbies Traynor Birmingham office, were appointed joint administrators on December 23, and at that time the company had five wheels, all subject to finance agreements, located in Manchester, Liverpool, Weston Super-Mare, Hyde Park and Dublin. 

John Kelly added: "As the wheels were all subject to finance the remaining business and assets were sold to Elliot Hall Ltd shortly after the administration giving the opportunity of saving more than 85 jobs."

For more information about Begbies Traynor, please visit their website here: www.begbies-traynorgroup.com

 

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Article published by Midlands Business News on 13 January, 2011

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