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UK ministers are closing in on a deal to secure billions of pounds of investment from American media giant Comcast to build what could be the biggest theme park in Europe in a disused Bedford brickworks.
Universal, the theme parks business owned by Comcast, is close to agreeing terms on a project that would see 500 acres of industrial land turned into one of Europe’s top tourist destinations, according to several people close to the talks.
A deal could be announced as early as next week, according to two people close to the negotiations, which have been under way since last summer. They added that activity by the officials to secure the deal had been accelerating in recent weeks.
Although not directly linked, the planned theme park would tie in to the government’s wider ambitions for the so-called “Oxford-Cambridge Arc” region, including the delivery of the East-West Rail route and an expansion of Luton airport announced this week.
The Treasury has been in negotiations with Comcast about a package of incentives — including improvements to local road and rail infrastructure — known in Whitehall as “Project Nectarine”.
The developers expect the theme park will draw millions of visitors every year, with about a third from overseas. The Luton airport expansion is seen as key to increasing transport links to the site.
Rachel Reeves, chancellor, is seeking good news after a wave of negative economic developments, including US President Donald Trump’s imposition of tariffs on UK exports.
The deal will be a coup for Reeves as she searches for flagship projects to highlight Britain’s attractiveness to foreign investment. It would be a big commitment by a US company to the UK, where Comcast already owns Sky, the broadcasting group.
Government sources said talks with Comcast were “ongoing and nothing is agreed”, but people close to the discussions said it was hoped that an announcement would be made this month.
“It’s in its final stages,” said one person involved in the talks, who added that the timing of the announcement could slip given the final terms were still being discussed.
Downing Street and Comcast declined to comment.
Comcast has acquired about 500 acres near Bedford as a potential site for the theme park, but has yet to commit to the scheme.
Executives have warned in the past that the group could find alternative sites in other European countries.
The scheme could generate close to £50bn of economic value to the UK in its construction and operation over the first 20 years, according to analysis carried out by Universal Destinations & Experiences.
The theme park and resort is expected to support 20,000 jobs, with close to half of those employed directly and the remainder providing services to supply the site. Under the Universal analysis, the UK would take an additional £14.1bn in tax in the 20-year period from the site.
The development work for the theme park, which would be modelled on the rollercoasters and experiences at Universal’s parks in Orlando and Hollywood, could take as long as six years. The land is already designated for economic development.
The Department for Culture, Media and Sport (DCMS) is the government sponsor for the project but decisions over planning would be made by the Ministry of Housing, Communities and Local Government. DCMS did not respond to requests for comment.
Backers of the Oxford-Cambridge growth corridor, which the government announced it was supporting earlier this year, said the Universal theme park and the expansion of Luton airport would provide fresh momentum for the project.
Andy Williams, chair of the Ox-Cam supercluster board which represents a coalition of industry, university and investor interests, added the theme park would also help make the business case for completing the final section of East-West Rail route between Bedford and Cambridge.
Additional reporting by Peter Foster
