Universal: Deal nears to open Alton Towers rival
A deal which would see Universal open a major new theme park in the UK to rival Alton Towers could be announced in the coming weeks, according to reports.
The Financial Times has said ministers are nearing an agreement with Comcast’s Universal Destinations and Experiences (UDX) to develop a 476-acre site near Bedford.
Plans for the site have been in the public domain for some time, with Universal claiming the project would provide a £50bn boost to the UK economy and be open 365 days a year in a report released last summer.
The company is aiming to attract millions of visitors a year to the site which would also feature a 500-room hotel.
UDX acquired the site in late 2023 and is slightly smaller than Thorpe Park which is 490 acres. By comparison, Alton Towers is 550 acres.
The business said the project would generate 20,000 jobs during the construction period and, at peak times, there would be 5,000 workers on site.
Negotiations, ongoing since the previous summer, have intensified recently with both parties hopeful for an imminent announcement.
While discussions are still in progress, the proposed theme park aligns with the government’s broader plans for the Oxford-Cambridge Arc, which include the East-West rail project and the expansion of Luton airport to enhance regional connectivity.
The Treasury has been in talks with Comcast to offer incentives such as infrastructure improvements to support the development.
Enhancements to Luton airport are considered crucial for facilitating increased international access to the site.
Chancellor Rachel Reeves showed that she views this prospective deal as a significant opportunity to showcase the UK’s appeal to foreign investors, especially in light of recent economic challenges brought on by recent tariffs imposed by the United States.
Comcast’s potential investment would mark a notable expansion of its UK presence, complementing its ownership of the broadcasting group Sky.
Government sources indicated that while discussions are advancing, final terms are still under negotiation, reported the Financial Times. And, no definitive agreement has been reached.
Comcast has acquired the land near Bedford but has yet to commit fully to the project, with executives previously indicating that alternative sites in Europe remain under consideration.
The proposed theme park would feature attractions similar to those of Universal’s Orlando and Hollywood sites, and its timeline is projected at five to six years.
Universal’s planned boost for UK economy
An economic impact analysis by Universal destinations and experiences estimated that the theme park could contribute nearly £50bn to the UK economy within its first two decades. This includes £14.11bn in tax revenues.
The development is expected to create around 20,000 jobs, with around half directly employed by the park and the remainder in supporting services.
Local authorities and stakeholders have expressed support for the project, citing its potential to stimulate economic growth and bolster the case for completing regional infrastructure projects.
Andy Williams, chair of the Ox-Cam supercluster board, emphasised the transformative impact it could have on the region’s development.
Comcast has been approached for comment.