Hornby Hobbies will not continue its plans to develop a new visitor centre at Ramsgate Harbour.
The toy firm, which sold its site in Margate for £2.25 million after a move of distribution to Hersden in 2014 and offices to Discovery Park in 2015, had hoped to build the centre next to the maritime museum.
Despite having already exchanged contracts for the sale of the firm’s Margate site, Hornby Hobbies has revealed it will not continue with the build.
A Hornby Hobbies spokesman, said: "As announced on February 7th 2017 we have now exchanged contracts for the sale of the site at Margate and as part of this deal we have agreed to lease back part of the site for the existing Hornby Visitor Centre and retail outlet,” reports Kent Live.
“This secures the medium term future of the visitor centre and therefore Hornby will not be progressing the option to invest in a new visitor centre at Ramsgate."
Jon Dahms, from the Property Management Company, also confirmed the news, revealing that there has already been interest in the site from several companies.