Wet 'N' Wild waterpark enters administration
A waterpark in North Tyneside has gone into administration, putting nearly 70 jobs at risk.
Wet 'N' Wild in North Shields went into administration on Monday despite being profitable "for much of the year".
The indoor waterpark opened in 1993 and employs 69 people, the majority of whom will be made redundant, administrators PwC said.
A spokesman for PwC claimed it had "no alternative" but to close the park and was seeking interested buyers.
The company has been working with North Tyneside Council to pay off tens of thousands of pounds worth of business rates and other liabilities, the BBC understands.
The council has not been involved in the administration process.
Toby Underwood, joint administrator and partner at PwC, said: "Despite operating profitably for much of the year the business faced liquidity issues over the forthcoming months.
"Unfortunately, with the quieter winter trading period upon us we have had no alternative but to close the waterpark with immediate effect and make the majority of employees redundant.
"We will continue to maintain the waterpark whilst seeking a sale."