More than 60 people have lost their jobs at the Wet ‘n’ Wild attraction in North Shields after it went in to administration this week.
On Monday Toby Scott Underwood and Ian David Green of PricewaterhouseCoopers LLP were appointed joint administrators and the indoor water park was closed down.
Mr Scott Underwood said: “Despite operating profitably for much of the year the business faced liquidity issues over the forthcoming months.
“The directors therefore had no option but to place the company into administration.
“Unfortunately, with the quieter winter trading period upon us we have had no alternative but to close the water park with immediate effect and make the majority of employees redundant.
“We will continue to maintain the water park whilst seeking a sale.
“Clearly we are very keen to hear from anyone with an interest in acquiring the business and assets, and would encourage parties to contact us as soon as possible.”
The indoor water park, near to the Royal Quays shopping centre, offered visitors a variety of thrilling water slides, including the Tornado Twist, Kamakaze and Calamity Canyon.
It opened back in 1993 and at the time claimed to be the largest water park of its kind in the UK.
It offered discounts to parties and school groups as well as sections for younger swimmers and an indoor cafe.
It was also popular for birthday parties.
The closure was met with shock, with some visitors last weekend having been given half price vouchers to return to the park.
Rob Jones, of Heaton was a regular visitor with his daughter.
The rugby league coach at Gateshead Academy of Sport, said: “We were only there on Saturday and it was chocka, and they were giving out 50 per cent vouchers to everyone.
“It was a great little place to go and just needed someone to come and put some money in to it.
“We were regulars there and would collect the stamps to get a free swim, so it’s disappointing we can’t do that anymore.
“It’s come as a shock, but it does need some money spent on it.”
Other customers questioned the closure on social network sites after the Wet ‘n’ Wild website detailed the park was closed every day, but a message on the landline gives no indication that it is no longer open to the public.
Sixty nine staff were employed at the park, with most of them being made redundant as a result of the closure.