PLANS for a £3.5billion theme park in Kent have been put on hold after the company behind it entered administration, having racked up debts of £100million.

The London Resort Company had plans to build the London Resort on the Swanscombe Peninsula near Dartford as the first park in Europe since the launch of Disneyland Paris in 1992.

However, the land was declared a Site of Special Scientific Interest after rare species were discovered there.

A new set of proposals will reportedly be submitted in 2023.

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50 rides and attractions were said to be built at the location, including eight huge roller coasters and zones containing medieval castles and an Aztec pyramid, along with a theatre and a nightclub.

Over 3,500 hotel rooms had also been planned alongside two ferry terminals, a waterpark, conference and convention centre and e-sports facility.

It will now enter a financial restructure through a Company Voluntary Administration (CVA).

A spokesman for LRCH told Kent Online: “LRCH has taken the logical and sensible step of launching the CVA proposal.

“We've spoken to many of our creditors who are very happy to support the initiative which would see their debts converted into shares.

“Many millions have been invested into the Swanscombe Peninsula over the last decade and there remains a fantastic opportunity to bring forward exciting proposals.

“This CVA process safeguards everyone's position and provides an opportunity for a financial return to creditors in the long-term.”

LRCH has still confirmed that the theme park is running, with new proposals for the site to be submitted for later this year.