By Connor Dunncdunn From Kent Online

The operators of Dreamland have received a loan of more than half a million pounds – secured against the ownership of the park.

It was revealed last month that Sands Heritage Limited, who run the Margate theme park, went into administration.

Administrators Duff and Phelps were called in and, acting on behalf of Sands Heritage Ltd, have since acquired a loan of £600,000 from hedge fund company Arrowgrass, which is based in the Cayman Islands.

It has been agreed with Arrowgrass that if Sands Heritage Ltd fail to make the loan repayments they will sign over full title guarantee to the finance company, therefore losing full control of the park.

Executive chairman of Sands Heritage Ltd Nick Conington was a portfolio manager at Arrowgrass from 2008 to 2012.

Parameters set out in the loan also mean that Dreamland’s operators cannot make any alterations to the park without first consulting Arrowgrass.

In December 2015 Dreamland operators had accumulated £2.9million worth of debt, less than six months after it opened.

It was also agreed in December that the company would begin to repay its debt in 2017.

Sands Heritage Ltd have been contacted for comment.

IMAGE: Sands Heritage Ltd have received a £600,000 loan

For more on this story go to: http://www.kentonline.co.uk/thanet/news/600000-dreamland-loan-secured-against-park-ownership-97687/