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The Kuwaiti-backed firm developing a $3.2 billion movie theme park in southern England has parted company with Paramount Pictures, the Hollywood studio which was set to partner in the project, it was announced on Wednesday.
London Resort Company Holdings (LRCH) launched the London Paramount Entertainment Resort in October 2012. Located on an 872-acre site on Kent’s Swanscombe peninsula, around 17 minutes by train from central London, the project was in partnership with Paramount Pictures, the American studio behind classic blockbusters such as Star Trek, Mission: Impossible, Titanic, Transformers and The Godfather.
The Kent Online news website reported on Tuesday the two partners were unable to agree terms on the usage of the studio’s films and acting talent and the split was confirmed by in a press statement issued by LRCH on Wednesday.
“Today, London Resort Company Holdings Limited (“LRCH”) and Paramount Licensing Inc. (“Paramount”) have jointly agreed to discontinue the licence agreement for the proposed entertainment resort,” the press statement said.
“We want to express our sincere thanks to the many members of the Paramount team who have worked with us since we took over the project in August 2013,” Humphrey Percy, CEO of LRCH, said, adding that the news would not impact the firm’s plans to submit planning permission for the project later this year.
“This announcement does not have an effect on the timing of our planned Development Consent Order (DCO) submission in November 2017. We are working closely with the local authorities, landowners and local community, as well as our other stakeholders, and we very much look forward to showing our plans to the public as part of our final stage of consultation prior to submitting later this year.”
LRCH was bought by the Kuwaiti European Holding (KEH) Group in 2013, which has been financing the firm ever since. A source with knowledge of KEH’s involvement in project told Zawya the Kuwaiti firm has invested around $75 million in the development of the project.
KentOnline reported that LRCH has approach other major movie studios to replace Paramount. The also has a number of other agreements in place, including a deal with BBC Worldwide, the British broadcaster behind brands such as Doctor Who, Top Gear and Sherlock and Aardman Animations, the animator behind films and television shows such as Chicken Run and Wallace and Gromit.
“We are creating a unique entertainment destination offering a scale and quality unprecedented in the UK where much loved characters and stories will be brought to life from iconic movies, television, books, electronic gaming and toys,” Percy was quoted as saying in the statement. “Just 17 minutes from Central London, one of the most visited cities in the world and with an investment of £3.2 billion, the resort will be a global tourist destination.”
The resort currently has a planned open date of 2022.
© Zawya 2017
