Great Wheel Corporation
 |
|
| Private | |
| Headquarters | Singapore |
| 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 165-metre (541 ft) Singapore Flyer, 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.[1]
Contents
Project failures
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 |
Height | Country |
Location |
Project history |
| metres (feet) |
||||
| Beijing Great Wheel |
|
 China |
Beijing | Originally due to open 2008[4] Went into receivership in 2010[5] |
| Great Dubai Wheel |
|
 United Arab Emirates |
Dubai | Planning permission granted in 2006[6] Originally due to open 2009[6] Project cancellation confirmed January 2012[7] |
| Great Berlin Wheel |
|
 Germany |
Berlin | Originally due to open 2009[8] "Delayed";[9] no subsequent announcements |
| Jeddah Eye |
|
 Saudi Arabia |
Jeddah | Originally due to open 2012[10] Construction should have begun in 2009;[10] no subsequent announcements |
| Great Orlando Wheel |
|
 United States |
Orlando | "Suspended" in 2009[9] Great Orlando Wheel Corp. placed in receivership in 2013[11] |
Financial failures
2010 collapse of Great Beijing Wheel Co.
In May 2010 it was reported that Great Beijing Wheel Co., the company set up to build the 208-metre (682 ft) tall Beijing Great Wheel, under construction since 2007,[4] had gone into receivership after breaching the conditions of a loan.[5]
2010 collapse of World Tourist Attractions
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." [sic][12]
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.[13]
Early in 2011 the assets of WTA Global Holdings were bought out of administration for £230,000[14] by Great City Attractions,[15] operating as a subsidiary of Elliot Hall Ltd,[16] a new company set up by WTA Global Holdings director Elliot Hall.[14]
2012 collapse of Great City Attractions
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In July 2012 it was reported that Great City Attractions[17] had also gone into administration. It ceased trading the following month.
Related failures
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]
References
- ↑ 1.0 1.1 Firm linked to Flyer under German probe
- ↑ 2.0 2.1 Singapore Flyer in receivership
- ↑ 3.0 3.1 World Tourist Attractions, Great Wheel Merge Ahead Of IPO
- ↑ 4.0 4.1 Beijing begins construction of world's biggest wheel AFP 2007-11-05
- ↑ 5.0 5.1 Beijing Ferris wheel company in receivership
- ↑ 6.0 6.1 Great Dubai Wheel Gets the Green Light
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ The Ferris Wheel near the Zoo has been approved
- ↑ 9.0 9.1 Planned Great Wheel for I-Drive area of Orlando on hold -- South Florida Sun-Sentinel.com
- ↑ 10.0 10.1 Contract Signed to Build $250 million Jeddah Eye
- ↑ Orlando Ferris Wheel Project Gets Receiver for Liquidation
- ↑ Keynote and Featured Speakers
- ↑ Big wheel business debts revealed
- ↑ 14.0 14.1 Exclusive: Arena loses £50,000 after Wheel of Liverpool 'crash'
- ↑ Big wheel operator enters administration
- ↑ Company Overview of Great City Attractions Ltd.
- ↑ Company which ran Plymouth Eye big wheel on Hoe has stopped trading
