DLA Piper has acted for joint administrators Benjamin Wiles and Paul Williams, of Duff & Phelps, on the sale of the tourist attraction Fantasy Island in Skegness as a going concern for an undisclosed sum to Mellors Group, the international leisure group.

The news signals positive change for Fantasy Island, which was placed into administration on 4 August 2014. In the high season, the attraction draws up to 40,000 visitors and provides a significant boost for the local economy.

A cross-practice team from DLA Piper assisted the joint administrators in an extensive operational turnaround, resulting in a sale to the Mellors Group ahead of the attraction's opening weekend on 12 March 2016.

Mellors Group's ownership of the 41-acre freehold property, which includes record-breaking roller coasters and Europe’s largest seven-day market, as well as 340 static caravan pitches, is expected to transform the current leisure offering.

Key members of staff have remained in place throughout the administration period and have helped to guide Fantasy Island through the transition. During that time, the site has been updated and refreshed, operations have been reviewed, new offers and facilities introduced and last holiday season saw an increase in visitors and turnover.

Benjamin Wiles, Restructuring Managing Director at Duff & Phelps, said: "DLA Piper played an integral role in achieving a great outcome for the creditors. It was a pleasure to work alongside Tim and the DLA Piper team." 

Tim Dawson, Restructuring partner at DLA Piper, said: "The operational restructure by the administrators not only achieved the optimal outcome for creditors but secured the future of a key local employer and entertainment attraction.

"This assignment demonstrates our ability to deploy the specialist skills of several practice areas from offices across the UK. We enjoyed working alongside Benjamin and the Duff & Phelps team to deliver this positive result."

The DLA Piper team was led by Tim Dawson with senior associate Rowan Aspinwall. On the sale, partner Mark Burgess and senior associate Matt Davies assisted on tax aspects, alongside senior associate Katherine Gibson on employment aspects.