We have been notified by Dreamland of its intention not to accept the £4million allocated from the Margate Town Deal. This follows the recent acquisition of Sands Heritage Ltd by LN-Gaiety.
There will now need to be a decision around how this sum will be allocated. We are committed to ensuring that approved Margate Town Deal projects benefit from this funding and that this is achieved by the March 2026 deadline.
The first step will be to get clarification from the government on what is possible. It should be noted that the funding cannot be reallocated to a new project that does not already have government approval through the Margate Town Investment Plan. With any reallocation of this funding, the outputs such as jobs and refurbishment of heritage buildings, will still need to be met.
An overview of the situation will be provided in a report, for Cabinet members to note at a meeting on Thursday 29 February.
