A waterpark in North Shields, Tyne and Wear will reopen following a £1.1m revamp.

Wet ‘n’ Wild entered into administration in October despite the attraction being profitable for “much of the year”.

Moirai Capital Investments has appointed Serco to manage and operate the waterpark, which has been leased to Serco for a period of 25 years. Moirai will transform and refurbish the Waterpark into a modern family leisure attraction with the financial investment.

The waterpark offers more than 1km (0.62m) of slides including the hurricane, the kamikaze, the abyss and calamity canyon. The investment will see the development of a new reception, shop and café. The former gym and dance studios will also be converted into specially-designed children's soft play and birthday party area, while the former health suite will become a dedicated family changing village.

"Wet 'n' Wild is a great facility and we are looking forward to transforming it together with Moirai Capital Investments to give it a new lease of life,” said Kevin Thomas, transition director for Serco. “We are working hard to get the complex ready for the summer opening with our teams busy re-configuring the facilities and most importantly lowering admission prices".

Work has already started on the refurb with Wet ‘n’ Wild planned to open in the summer.