The bosses of Dreamland face a difficult creditors' meeting today as they try to explain how they are going to pay back nearly £3m.

Administrators Duff and Phelps have called the meeting, after the firm entered into a voluntary arrangement last December after going into serious debt.

It was agreed then that the company which runs the Margate attraction, which re-opened on June 19 last year, can continue to trade as long as it paid off what it owed over a fixed period.

Today, more details should be revealed of how the creditors will be paid.

But it is thought it might be a difficult time for the firm, which has seen thousands of visitors stream through its doors in its first year.

It is believed the administrators have been looking into various options, which include compulsory liquidation, a creditors' voluntary liquidation, the return of the firm to the control of the directors and dissolving the company.

One of the favoured options appears to be putting up the site for sale.

But it has been a rollercoaster ride for the firm, after it won the tender in 2014 to run the venue, which had been mothballed for more than 10 years.

It took over work to the site from Thanet District Council, but that came with a £10m price tag - £2m more than had been expected.

This had a major impact on the company's cash flow.

Other factors which led to the difficulties included closing parts of the park to complete works; the failure to open the Scenic Railway - the park's main ride - for some time, and the failure to have other rides ready for the opening which had been due under the terms of the lease from the council.

Only this week we revealed how the Scenic Railway had been shut at the peak of the summer season for essential repair work.

The meeting comes after the attraction announced in June this year that it was changing its charging model - offering free entry to the site.

Users would then pay for individual rides within the venue.

It has meant footfall on weekend days has gone up from around 3,000 per day to 10,000.

Benjamin Wiles, managing director of administrators Duff & Phelps, said: "The administrators are assessing all available options for the company and Dreamland.

"We are certain that there is a bright future for Dreamland and are working with various stakeholders to provide the best outcome for creditors as a whole.”

A spokesman for Dreamland said it had enjoyed its busiest day since reopening recently, with a combination of hot weather and the new free-to-enter policy.

The spokesman added operators were confident that records will be broken again this summer and autumn due to a packed schedule of events including two music festivals.

More later...