Merlin Entertainments has announced the completion of its £2bn merger with Tussauds and, according to The Times, plans to spend more than £68m each year on a three-year expansion programme.

The newspaper also claimed that Merlin is mulling over a possible Stock Exchange flotation.

Meanwhile, the company has revealed its new divisional structure, which is comprised of Resort Theme Parks (incorporating Gardaland, Alton Towers, Heide Park and Chessington World of Adventures), Midway Attractions (which includes Madame Tussauds, Sea Life, London Eye, Dungeons, Warwick Castle and Legoland Discovery Centre) and Legoland Parks.

The enlarged group will be led by chief executive Nick Varney, while Peter Phillipson will become non-executive chair and Andrew Carr will remain chief financial officer.

“The new Merlin Entertainments Group starts as an exceptional leisure business”, said Varney. “It has an enviable combination of brands, expertise and resources, not just in visitor attractions, but in the leisure sector as a whole.

“I believe that we now have a unique opportunity to become the world leader in location-based, branded, quality family entertainment and, with the support of our investors, my colleagues and I are entirely committed to achieving that objective.”