Big wheel operator bought out saving 85 jobs
EIGHTY-FIVE jobs have been saved at a West Midlands leisure firm after it went into administration before Christmas.
WTA Global Holdings, which is based in Sutton Coldfield and traded as World Tourist Attractions, operates the giant observation wheels including the one previously run in Birmingham’s Broad Street.
Administrators from the Birmingham office of corporate recovery specialists Begbies Traynor have secured a sale of the firm to Elliot Hall Ltd, saving 85 jobs.
Partners John Kelly and Nigel Price were appointed administrators of WTA on December 23.
Mr Kelly said: “WTA Global Holdings was formed in 2002 to install and operate large entertainment wheels in key locations.
“Based on the original Ferris Wheel but closer to the London Eye in terms of construction, significant investments were made and further funds raised from a number of financial institutions and individuals.
“The company would appear to have suffered as a result of some of the locations for the wheels not providing the income that had been forecast due to a downturn in visitor numbers because of the current financial global crisis, but mainly during 2009.
“While the wheels can be moved, a considerable cost is involved. The company sought further financial investment but due to the current economic climate it was not forthcoming.”
At the time of Begbies Traynor’s appointment, WTA had five wheels, all subject to finance agreements, located in Manchester, Liverpool, Weston Super-Mare, Hyde Park in London and Dublin.
