Things have been very quiet on the London Paramount development recently with very little news coming from the developers since the announcement that the proposed opening date for the Resort had been pushed back to 2021. Back in mid December London Resort Company Holdings (the company behind the project) contacted all those on the consultation mailing list saying that a further round of consultations would take place this year and that further news would be communicated within a couple of months. We are now almost three months on from that letter and there has been no word yet of when these new consultations will be.
Although there hasn't been any information from the developers themselves, there has been a couple of recent articles in the local press which have looked at a somewhat less positive angle of the development.
A recent article
published on Kent Online has revealed that the developer of the London Paramount Project has made pre-tax losses of more than £14.4 million in 2014 and has just £49 in the bank. It also reveals that there were errors in the 2013 accounts which meant the company said it had more cash in the bank than it actually did. Whilst it wouldn't make sense for the company to have cash just sat in the bank doing nothing, it is perhaps a little concerning that they are making large losses. However, having said this, I am far fro familiar with how the financing on these kinds of large projects work so it is difficult to determine if this is something that will have a negative impact on the Resort's prospects.
There has also been concerns raised by local businesses who are concerned that the current uncertainty surrounding the project is putting jobs and investment in their companies at risk. Local business owners who are currently based on the site of the proposed resort would be evicted if plans are given the go ahead, forcing them to move elsewhere - potentially out of the immediate area - something which, according to this article
, would put 4500 jobs at risk. The lack of negotiations with the developers has meant that some businesses feel they are unable to invest and expand in the way they want as they don't want to put money into a site they will be forced to move from. They also want to make sure they keep funds available in case they need these to help with the relocation process.
As much as the new resort is an exciting prospect, it is easy to see things from the other point of view, an appreciate how the current lack of news and uncertainty is creating issues for many local businesses. The longer it is before any new consultations and discussions take place, the more time there will be for the negative opinions to grow. Will certainly be an interesting few months.