The operator of Dreamland has announced how it plans to spend a £15 million cash injection.

The theme park revealed the news today as a loan agreement was extended between Cayman Islands-based investment firm Arrowgrass Capital Partners and the park's operator Sands Heritage.

The firm will use the money bring in new rides and restore existing attractions.

There are also plans to use some of the cash to upgrade Dreamland's indoor and outdoor event spaces.

The investment will also include expanding the park to include seafront buildings and land next to the park.

The announcement comes just weeks after it was revealed that creditors owed money by Sands Heritage are unlikely to get all their money back.

Dreamland's interim financial director Steven Mitchell said: "Work is already underway across the park in advance of reopening during spring and the whole Dreamland team is hugely excited.

"In the meantime, our indoor activities remain open and we have some fantastic events coming up, including Geek, the ultimate indoor gaming festival for the whole family, on February 17 to February 19."

Leader at Thanet District Council Cllr Chris Wells (Ukip) said: "It’s positive to see significant private investment going into Dreamland to help secure its financial future."

MP for North Thanet Sir Roger Gale said: "I am very pleased that measures are being put in place to secure the financial future of Dreamland.

"The park and undercover facilities are a vital ingredient of Margate's year-round offer to leisure and business and I continue to have great confidence in Dreamlands prospect as a major leisure complex."