THE firm behind controversial plans to erect a 200ft observation wheel in the Capital has entered administration less than two months after the project stalled.
Great City Attractions Global Ltd had planned to operate the attraction in Princes Street Gardens throughout the summer, with up to 1000 passengers a day paying £8 for a 15-minute spin.
However, the project hit the buffers in June as both the tram works and the city’s warren-like streetscape conspired to thwart all attempts to get a crane to the site.
The firm which operated big wheels in Liverpool, Plymouth and Brisbane, ceased trading on Monday, July 30; a small notice stating the firm was in administration was pinned up at its landmark wheel near the Liverpool Echo arena.
The move came after plans to install a big wheel in the city centre fell apart when contractors, unable to use Princes Street due to then ongoing tram works, eventually gave up amid fears the gardens could collapse under the weight of the installation crane.
Marion Williams, director of Capital conservation body the Cockburn Association, was heartened to hear that the contentious plan would now be off the table.
She said: “I’m delighted to hear this, sad for anyone losing their jobs of course, but glad that this imminent threat to the Gardens has ceased.
“This proposal was never in the right place and would have ruined the views and look of the city centre and Castle.”
No-one from Great City Attractions Global Ltd was available to comment.
It is understood that efforts were being made by the management, in the wake of the stalled Edinburgh project, to source additional investment in order to save the business.
A statement from G2 Insolvency said: “Jason Groocock of G2 Insolvency Limited was appointed as administrator of Great City Attractions Global Limited on July 20.
“Prior to the administration, efforts were being made by the management of the company to source additional investment in order to save the core business, which had developed over a number of years and had operated a number of observation wheels at profile locations.
“These efforts continued in the administration but it was ultimately apparent that these opportunities would not come to fruition in the limited time available without substantial investment to fund ongoing trading.
“Consequently, the company ceased trading at close of business on Monday, July 30, 2012.”
The firm’s collapse comes just 18 months after Great City Attractions bought the assets of WTA Global Holdings out of administration.