Great Wheel Corporation Explained

Great Wheel Corporation
Type:Private
Products:Ferris wheels

Great Wheel Corporation was a company engaged in the development, building, financing, and operation of Ferris wheels, which they often termed "observation wheels" or "observation platforms".

Great Wheel Corporation, registered in Singapore as GWC Holdings, was a consultant for the 1650NaN0 Singapore Flyer, the world's tallest Ferris wheel since it was completed in 2008. Florian Bollen was chairman of both Great Wheel Corporation and Singapore Flyer Pte Ltd.[1] The Singapore Flyer went into receivership in May 2013.[2]

In 2009, Great Wheel Corporation merged with World Tourist Attractions to form Great City Attractions.[3] World Tourist Attractions went into administration in December 2010, followed by Great City Attractions in July 2012.

In May 2010, Great Wheel Corporation was one of several companies named in a report lodged with the prosecutor's office in Berlin, Germany, for alleged embezzlement.

History

In 2009, World Tourist Attractions had merged with Great Wheel Corporation to form Great City Attractions,[3] said at that time to be "the world's largest operator of Observation Wheels."[4]

In May 2010 it was reported that Great Beijing Wheel Co., the company set up to build the 2080NaN0 tall Beijing Great Wheel, under construction since 2007,[5] had gone into receivership after breaching the conditions of a loan.[6]

On 23 December 2010, the holding company WTA Global Holdings, which traded as World Tourist Attractions, went into administration, having hit financial difficulties due to the seasonal nature of its trade. At that time, it was operating five large transportable wheels in the UK, in Dublin, Liverpool, Manchester, Weston Super-Mare, and Hyde Park in London. Some proved not to be viable during the off-season, while others simply failed to make the profits initially predicted. The company collapsed owing £16.4 million, including £8.9 million to unsecured creditors, who were expected to get nothing.[7]

Early in 2011 the assets of WTA Global Holdings were bought out of administration for £230,000[8] by Great City Attractions,[9] operating as a subsidiary of Elliot Hall Ltd,[10] a new company set up by WTA Global Holdings director Elliot Hall.[8]

In July 2012 it was reported that Great City Attractions[11] had also gone into administration. It ceased trading the following month.

In May 2013 the Singapore Flyer went into receivership, and accountants Ferrier Hodgson were appointed as receiver and manager of the company's charged assets.[2]

Unbuilt projects

Great Wheel Corporation was involved in a number of giant Ferris wheel projects, all of which failed either prior to, or very shortly after, the start of construction.

Name
 
HeightCountry
 
Location
 
Project history
 

Beijing Great Wheel208 (208m (682feet))Originally due to open 2008
Went into receivership in 2010
Great Dubai Wheel185 (185m (607feet))Planning permission granted in 2006[12]
Originally due to open 2009
Project cancellation confirmed January 2012[13]
Great Berlin Wheel175 (175m (574feet))Originally due to open 2009[14]
"Delayed";[15] no subsequent announcements
Jeddah Eye150 (150m (490feet))Originally due to open 2012[16]
Construction should have begun in 2009; no subsequent announcements
Great Orlando Wheel122 (122m (400feet))"Suspended" in 2009
Great Orlando Wheel Corp. placed in receivership in 2013[17]

Notes and References

  1. http://admpreview.straitstimes.com:90/vgn-ext-templating/v/index.jsp?vgnextoid=9660167c38618210VgnVCM100000430a0a0aRCRD&vgnextchannel=cf70758920e39010VgnVCM1000000a35010aRCRD Firm linked to Flyer under German probe
  2. http://www.channelnewsasia.com/news/singapore/singapore-flyer-in-receivership/690210.html Singapore Flyer in receivership
  3. http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=200907240939dowjonesdjonline000583&title=world-tourist-attractionsgreat-wheel-merge-ahead-of-ipo World Tourist Attractions, Great Wheel Merge Ahead Of IPO
  4. Web site: Keynote and Featured Speakers . 2012-08-09 . https://web.archive.org/web/20120729153108/http://www.iaapa.org/education/Speakers/KeynoteandFeaturedSpeakers.asp . 2012-07-29 . dead .
  5. http://afp.google.com/article/ALeqM5g3Nb2cmuC0TcyevBNd13w9GEYY_w Beijing begins construction of world's biggest wheel
  6. http://www.finanznachrichten.de/nachrichten-2010-05/16787598-beijing-ferris-wheel-company-in-receivership-ifr-020.htm Beijing Ferris wheel company in receivership
  7. http://www.insidermedia.com/insider/north-west/48016-big-wheel-business-debts-revealed/ Big wheel business debts revealed
  8. Web site: Exclusive: Arena loses £50,000 after Wheel of Liverpool 'crash' . 2012-08-11 . https://web.archive.org/web/20140924045016/http://www.liverpoolconfidential.co.uk/News-and-Comment/Exclusive-Arena-loses-50000-after-Wheel-of-Liverpool-crash . 2014-09-24 . dead .
  9. http://www.insidermedia.com/insider/yorkshire/75011-big-wheel-operator-enters-administration/ Big wheel operator enters administration
  10. https://archive.today/20130119013616/http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=52169867 Company Overview of Great City Attractions Ltd.
  11. Web site: Company which ran Plymouth Eye big wheel on Hoe has stopped trading . 2012-08-11 . https://web.archive.org/web/20120813030658/http://www.thisisplymouth.co.uk/Company-ran-Plymouth-Eye-big-wheel-Hoe-stopped/story-16687056-detail/story.html . 2012-08-13 . dead .
  12. Web site: Great Dubai Wheel Gets the Green Light . 2009-12-05 . https://web.archive.org/web/20120224055048/http://www.dubai-online.com/news/great-dubai-wheel-gets-the-green-light/ . 2012-02-24 . dead .
  13. Web site: Dubai's answer to London Eye scrapped, search on for stand-in . McGinley, Shane. Arabian Business via Arabianbusiness.com. 5 January 2012. 5 January 2012.
  14. Web site: The Ferris Wheel near the Zoo has been approved . 2010-12-12 . https://web.archive.org/web/20090601221427/http://www.aussichtsrad-berlin.de/presse/pressestimmen/index_en.php#ferris . 2009-06-01 . dead .
  15. http://www.sun-sentinel.com/travel/attractions/orl-travel-great-wheel-on-hold,0,4751298.story Planned Great Wheel for I-Drive area of Orlando on hold -- South Florida Sun-Sentinel.com
  16. https://archive.today/20130128030012/http://www.khaleejtimes.com/DisplayArticle09.asp?xfile=data/middleeast/2008/November/middleeast_November104.xml&section=middleeast Contract Signed to Build $250 million Jeddah Eye
  17. https://web.archive.org/web/20131126070248/http://www.businessweek.com/news/2013-11-05/orlando-ferris-wheel-project-gets-receiver-for-liquidation-1 Orlando Ferris Wheel Project Gets Receiver for Liquidation