Camelot Theme Park has been saved from receivership and will reopen in May.

The park, which went into receivership in February, will re-open on Saturday, May 23.

The announcement follows the purchase of the site by The Story Group, based in Carlisle, which has leased the park to newly-formed leisure group, Knights Leisure.

The lease will enable the park to resume its operations after a period of great uncertainty.

Fred Story, owner and chief executive of The Story Group, said that he believed the brownfield site was ideally placed for a residential mixed use development and would be talking to Chorley Borough Council to agree the development potential of the site.

Knights Leisure meanwhile, led by Managing Director Roy Page, said it has already begun preparations for the new season by recruiting experienced senior managers, many of whom worked at Camelot previously.

In addition to creating full-time jobs, up to 150 seasonal posts will be created by Knights Leisure.

Recruitment for these jobs will begin immediately.

Mr Page said: “Weeks of uncertainty have come to an end and, whilst I appreciate that the site’s longer term future is likely to include major mixed use redevelopment, we are concentrating now on putting all our energy into preparing the park and rides for the new season. I am delighted that The Story Group has released funds to secure the park’s re-opening.

“It will enable us to provide a fantastic day out for families and groups of visitors.

“There’s already a real buzz about the place which we are sure will regain its position as one of the region’s leading family visitor attractions.

Mr Page added: “I’m delighted that the vast majority of Camelot’s entertainment staff have already pledged their support and will be appearing throughout the 2009 season.

“They include King Arthur, the knights, jesters, jugglers and fire-eaters and many back-up staff.”

Les Ross, one of the joint receivers at Grant Thornton, who negotiated the deal, said: “Securing the sale of Camelot Theme Park is a great result, particularly in the current economic climate.

“This deal has secured more than 150 jobs, both full-time and seasonal, in the short term while the new owners submit a planning application for an alternative use for the site.”