Entry to Dreamland will be free from 18 June, after the Margate theme park announced a new plan to attract more visitors – just weeks after entering administration.

The announcement comes as the seaside attraction celebrates its first birthday, following an £18m restoration and a relaunch in June 2015. But despite positive press coverage it has been a tough opening year for Dreamland.

The park has struggled to draw enough visitors – 50% fewer than anticipated over its first summer season – and in January its operator Sands Heritage was given five years to repay £3m debts. On 27 May, administrators were called in, though the park will remain open while they look for a new operator.

The new price plan allows free entrance to the park and entertainment at its bandstand, and visitors can then either pay per ride (with rides priced individually, eg £3 for the dodgems) or purchase a wristband (£8 for those under 1.25m tall, £12 for those over) for unlimited rides.

Eddie Kemsley, CEO at Dreamland said: “Dreamland’s management team made this decision after all pricing models were trialled during 2015. We received lots of customer feedback on pricing and we listened. We believe this new pricing model is the best option and will please as many of our guests as possible.”

Dreamland would not comment on its financial situation, but told the Guardian that the idea to go free has the full endorsement of its administrators. According to Dreamland, over 300,000 guests have visited the park’s paid areas since opening.