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| The Pleasure Island site - planning application awaited |
THERE has been a setback this week for Ming Yeung - one of the businessmen behind the proposed redevelopment of the former Pleasure Island theme park in Cleethorpes.
One his several companies, North West Development Consortium Ltd - formerly known as YPG Group Ltd - went into liquidation on Monday.
According to papers seen by the Grimsby News, it was formally wound up under the Insolvency Act following a petition by one of its creditors, McDermott Building and Civil Engineering Ltd.
Liverpool-based Mr Yeung (53) is also co-director with Grimsby-based Adrian Smith (58) of YPG Fab 2 - one of the partner- organisations at the forefront of the exciting scheme to redevelop the former Pleasure Island theme park.
Their ambitious proposal is to construct a 146-bedroom hotel, a supermarket, a petrol station and holiday log cabins, all set around a recreational lake.
Although there is no indication that the demise of North West Development Consortium will derail the Cleethorpes venture, there is a risk that it might dent confidence in the £57-million project.
Another key partner in the Pleasure Island project is deep-pocketed supermarket chain Lidl.
It is not known if the sale of the theme park by erstwhile owner, Melanie Wood, has been finalised or if the deal is subject to planning consent being granted for redevelopment of the site.
The original intention was for a planning application to have been submitted this month, but, as of close-of-play today, nothing had been validated by North East Lincolnshire Council.
Mr Yeung, who is nothing if not dynamic, has other business interests in the borough.
YPG Developments Ltd is the company behind two extensive housing projects - Clee Meadows on Ladysmith Road, Grimsby, and Strawberry Fields opposite the Tesco superstore at Hewitt Circus, Cleethorpes.
Both of these are valuable assets, not least because they have the benefit of planning permission.
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