Moirai Capital Investments has appointed Serco to manage and operate the Wet 'n' Wild waterpark in North Shields, Tyne and Wear.
The waterpark, which went into administration in October 2013, was acquired by Moirai Capital Investments and leased to Serco for a period of 25 years. Moirai Capital Investments will transform and refurbish the Waterpark into a modern family leisure attraction.
Both Serco and Moirai Capital Investments have extensive experience in the leisure market; Serco manages 75 leisure centres across the UK including two national sports centres on behalf of Sport England. Moirai Capital Investments is a leading and experienced developer of sport, leisure and entertainment facilities in the UK, and together the two companies aim to create a leisure destination for the local and surrounding community of Tyne and Wear.
It will take an investment in excess of £1.1m to transform the waterpark ready for opening in summer 2014. The project will bring a much needed employment boost to the area and Serco is already recruiting for various job vacancies at the waterpark from lifeguards and receptionists to cleaning and catering staff.
The Wet 'n' Wild waterpark offers over 1 kilometre of slides including the hurricane, the kamikaze, the abyss and calamity canyon. Work is already well underway on the development of a new reception, shop and café. The former gym and dance studios will be converted into specially designed children's soft play and birthday party area, whilst the former health suite will become a dedicated family changing village.
Kevin Thomas, Transition Director of Serco's Leisure business said, "Wet 'n' Wild is a great facility and we are looking forward to transforming it together with Moirai Capital Investments to give it a new lease of life. We are working hard to get the complex ready for the summer opening with our teams busy re-configuring the reception, introducing new food into the café, and most importantly lowering admission prices".
Martin Barber, Chairman of Moirai Capital Investments said, "We are delighted to be investing in Wet 'N' Wild so that the people of North Shields can once again enjoy this great facility."