The London Eye

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TUSSAUDS AND BRITISH AIRWAYS PAVE THE WAY FOR THE LONDON EYE’S LONG TERM FUTURE

The Tussauds Group (‘Tussauds’) today announces
that it has signed a memorandum of understanding (MoU)
with British Airways (‘BA’) that will help secure the long-term future of the UK’s most popular paid-for visitor attraction with over three million visitors a year. Tussauds, one of the three founding shareholders, has been responsible for the management and operation of The British Airways London Eye (‘The Eye’) since its inception in 2000.

Halving debt and securing long term stability

Under this agreement BA will sell its entire interests in The Eye including its one third share and its debt, currently at £175.2 million, for £95 million. Upon completion of the deal, Tussauds intends to put in place arrangements that will halve the debt and reduce the rates of interest to commercial levels that are sustainable and within the capacity of The Eye. It is anticipated that the transaction will be completed in early 2006.

Further Investment – developing The Eye and creating jobs
Tussauds, which has invested £300 million in its attractions over the past five years, would look to invest a further £50 million in The Eye and surrounding area over the next five years, creating over 100 further jobs. Tussauds’ vision for the future development of the surrounding area includes an interactive 'Flying over Great Britain' experience that introduces visitors to the nation’s cultural diversity and its broad variety of landmarks. It is working with VisitBritain on the development and marketing of this attraction.
In addition, Tussauds and The Eye management team will look at ways of improving the visitor experience by investing in queuing arrangements and ensuring visitors are comfortable and entertained prior to their flight.

Tussauds will continue to work with the local stakeholders to develop the South Bank, Jubilee Gardens and surrounding area so that it further extends its reputation as a cultural hub. This new programme of investment is in addition to the £21 million already invested in maintenance and improvement during the five years since The Eye opened.

Continuing partnership with The Eye’s architects, Marks Barfield

Since The Eye’s creation, Marks Barfield, the architect team responsible for the creation and design of The Eye, have played an integral part in The Eye’s success. Tussauds looks forward to continuing this partnership and working with them towards the future development of The Eye.

Commenting on today’s agreement, Peter Phillipson, Chief Executive of The Tussauds Group, said:

“It has been everyone’s objective to create a secure and long-term future for The London Eye and this deal will achieve this.

“We believe that we have the operational experience through our city centre attractions such as Madame Tussauds; theme parks like Thorpe Park; and national historic treasures like Warwick Castle to continue to develop The Eye as an icon that the City of London can continue to be proud of.

“We are extremely excited about the prospect of taking The Eye forward and developing this great cultural attraction. I would like to thank all the employees and the millions of visitors over the past five years who have helped to make The Eye the success it is today.”


Martin George, Commercial Director, BA said:

“I am delighted that we have reached an agreement that paves the way towards securing the future of The Eye for generations to come. British Airways has supported The Eye for nearly a decade and will continue to do so with the extension of its franchise agreement.

“The deal will also enable us to continue to strengthen our balance sheet and focus on our core business.

“Tussauds has proven experience as the operator of The Eye and since its launch in 2000 has helped make The Eye the most popular paid for attraction in London. The company is committed to the future development and success of The Eye for the benefit of the consumer and London’s £6.6 billion tourism industry.”


-ENDS-

[Tom M]

I wonder if Annual Pass holders can get on without charge? That would be quite good actually.

[evil cod]

Anyidea what this 'Flying Over Great Britian' thing could be? possibly similar to Soarin' Over California at disneys californian adventure? that would be fantastic Link

[Mattia]

Just decided to start this really because the poor mare didn't have it's own topic and also seeing as from next month The London Eye is now going to be "Flight"-less and BA-less (read full story following the link below...)

http://news.bbc.co.uk/1/hi/england/london/7179268.stm

Seems that BA have finally given up on The London Eye and it is obvious that Merlin are keen for another sponsorship. A new website will be launched (let's hope it isn't as awful as the Thorpe one :P and a few changes will take place.

Thoughts? What would people like to see sponsor The London Eye?

[LiamSAFC]

Bless the poor thing.

Ah well, who cares about British Airways at the end of the day, personally, I'd like to see it entwined with one of the Theme Parks or something, be a nice relation to Alton Towers or Chessy, Thorpe, etc.

Not too bothered about it though! :P Should I be?

[stigzy]

I think Merlin should make all the staff wear bright orange uniforms with silly hats, put orange cushions on those wooden benches inside the pods, have lots of orange lights and then stick lots of great big huge Easy Jet logo's everywhere!

Eh, the futures bright, the futures orange!

[Gax]

I'd like to see Apple sponsor the eye. It fits in quite nicely with their image imo. They could fit out the pods of the eye with iPod docks, and allow people to play their own music or something. However this could majorly p*ss off people in your pod who aren't with your group.

[Johno]

Gotta admit that I reckon Apple would be an excellent choice for sponsership.

[Danzaw*nk]

Apple would look pretty good actually .

I suppose with the iPod they could say, 'your docking time is at 12pm' :P.

Dan

[Kaz]

Apple would be good but I don’t want a Canadian company sponsoring a British worldwide icon.

Why don’t BAe sponsor it and fit missiles to the pods?

[TenZero]

I don't really think Apple would suit the Eye. I think o2 would be a good choice of sponsor.

[BULBOUS]

O2 would be cool. It'd link in with the dome as well, they're both pretty cool structures.

Could put a big foam 2 on the floor next to it, it's basically their logo done.

End that stupid "flight" analogy stuff, at least!

[stigzy]

Hasn't nobody thought of a good BA shouldn't sponsor the London Eye because of a plane crash joke yet?

[John]

Surely apple shouldn't be allowed to sponsor the eye, as they'd insist on renaming it the iEye

[Rita 2005]

[quote=""duckman""]Surely apple shouldn't be allowed to sponsor the eye, as they'd insist on renaming it the iEye[/quote]

Or even The Royal Navy could be its new sponsor, then it could be known as the "Aye Eye" .

[smeg_head]

The Londoni works quite well as a name or perhaps subvert it to iLondon.

O2 would suit but I feel that with the dome up the road it would be considered overkill. Interesting O2 did plan to build a hotel next to the dome in the shape of a '2' so on aerial shots and google earth etc it would look a bit like the O2 logo.


Ultimately wouldn't suprise me if someone like Kodak took on the sponsorship or Sony Ericsson Cybershot phones seeing as the London Eye must no be one of the most photographed places in London.

[AstroDan]

http://news.bbc.co.uk/1/hi/england/london/7311920.stm

I am just glad I wasn't up there... I find it hard going in any case!

[Liam]

LOL @ the idiotic person quoted there who said there was a stampede to get off the capsule when it got to the bottom. They should restrict entry to sane people only. :P

[Rita 2005]

[quote=""BBC News""]About 400 people were instructed, via intercom, to open emergency supplies of water, blankets and commodes as the wheel was halted on Monday.[/quote]How desperate would you have to be to use that in front of 20 strangers .

[Johno]

Shouldn't this be in the Merlin board?