The Wet 'N' Wild waterpark in North Shields has gone into administration with the loss of 69 jobs as Administrators at PwC try and sell the assets.
"Despite operating profitably for much of the year the business faced liquidity issues over the forthcoming months," said administrator Toby Underwood. "The directors therefore had no option but to place the company into administration.
The timing of the administration is no doubt due to the forthcoming winter period when there will be little or no cash coming into the business. Rents need to paid and maintenance carried out.
The administrators have stated that anyone interested in the business or the assets need to get in touch with them as quickly as possible.
When it opened the park was the biggest of its kind in the UK.