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