The magic-themed family attraction, Davenport’s Magic Kingdom, in North Walsham, has been placed into voluntary liquidation following a legal dispute.
An ongoing dispute with a former consultant to the business resulted in a legal bill of almost £60,000 and as a result, the business was unable to continue trading and the directors took steps to appoint Jamie Playford of Leading Corporate Recovery as liquidator of the company on 23 February 2017.
The attraction housed the Davenport family’s extensive magic collection of artefacts and memorabilia spanning almost 500 years, as well as providing a fun and interactive space for museum displays, a magic theatre, gift shop and café.
Prior to opening in May 2013, the Davenport family committed over £1m to building the Davenport’s Magic Kingdom.
In 2015, visitor numbers decreased and operational costs had increased, causing some cash flow difficulties. The business sought a financial rescue package from the director and his family and friends in order to fund ongoing trading.
The business had accumulated creditors of £1.7 million, of which £1.4m was owed to the Davenport family. The closure resulted in two immediate redundancies although other staff had been laid off over recent months.
Fourth-generation magician and current managing director, Roy Davenport, is currently in talks with Mr Playford to produce a rescue package.
Mr Playford said of the closure: “It is always sad to see a local attraction such as this forced into liquidation, however the local community have expressed their support for the Davenport family and so we are hopeful that a rescue package can be finalised shortly. We are looking at the detail of the proposals and hope to make a decision in the next week or so.”
Mr Davenport added: “Of course it is very unfortunate to have to go through this process. I am grateful to everyone who has supported us in so many ways over the last years. We are putting all our efforts into a possible rescue package and are hopeful that we can save our unique British magic collection and continue to make it accessible to all.”
For any further queries regarding the liquidation of the Company, please contact Kelly Goodman at Kelly.goodman@beta.leading.uk.com
Links: www.leading.uk.com/news/
www.davenportsmagickingdom.co.uk
Notes for editors:
Leading Corporate Recovery is Norwich’s fastest-growing insolvency, restructuring and strategic advisory practice, providing help to businesses and individuals across East Anglia and London. Jamie Playford is a director and licensed insolvency practitioner, and a member of the Insolvency Practitioners’ Association and the insolvency trade body, R3. Jamie has worked in the insolvency industry in East Anglia since the late 1990s.
