Big wheels keep on turning
Eighty-five jobs have been saved after the failed business behind Birmingham’s Big Wheel was bought out of administration. WTA Global Holdings, based in Sutton Coldfield, also operated five other observation wheels across the country before falling into administration.
The Birmingham office of corporate recovery specialists Begbies Traynor was appointed administrators of WTA Global Holdings, which traded as World Tourist Attractions, late last year.
John Kelly and Nigel Price, partners in Begbies Traynor Birmingham office, were appointed joint administrators on December 23, and at that time the company had five wheels, all subject to finance agreements, located in Manchester, Liverpool, Weston Super-Mare, Hyde Park and Dublin.
Kelly confirmed that the business has now been sold to Elliot Hall – the sole director of WTA Global Holdings.
“WTA Global Holdings was formed in 2002 to install and operate large entertainment wheels in key locations,” said Kelly. “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.”
Kelly added: “As the wheels were all subject to finance the remaining business and assets were sold to Elliot Hall shortly after the administration giving the opportunity of saving more than 85 jobs.”
