Blackpool’s piers bounce back from 2020 losses

Blackpool Pier Company bounce back
Three Piers at Blackpool
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The staycation phenomenon has certainly made its mark in the UK’s number one seaside resort with the Blackpool Pier Company “able to recover from the losses incurred in 2020” amid record visitation to the South, Central and North piers this year.

 

The Blackpool Pier Company has reported that a combination of high visitation and international travel restrictions this year has allowed it “to recover from the losses incurred in 2020 and rebuild reserves.”

The company, which operates all three of the Lancashire town’s piers, reported that though full year earnings for 2020 slipped from £10.3m to £7.1m, record footfall over the last nine months has helped financial recovery.

“The losses incurred by the group for 2020 as a result of the pandemic were greater than anticipated due to the changes in restrictions implemented in October within the Lancashire area,” said a statement from the firm filed with Companies House.

“The directors were satisfied with the group’s position given the adverse trading conditions and additional costs the business incurred in order to adhere to the Covid guidance in place.”

That guidance saw the company close the South, Central and North piers for five months of the year, with the group making use of the support offered “by the HMRC and the local council by containing a CBIL loan and local recovery grants to enable it to continue to meet its financial obligations.”

“The CJRS Scheme was utilised to support the employees and limit the loss of jobs during the group’s closures.”

However, the statement added that though the pandemic had transformed a 2019 pre-tax profit of £975,973 into a a £196,315 loss by the end of 2020, members of the board were still confident that with the easing of restrictions in 2021, businesses would “quickly recover.”

“Whilst the group’s attractions closed to customers until the phased easing of lockdown restrictions between April and May 2021, and despite the social distancing and trade guidelines that had to be implemented, visitor numbers and the resulting income exceeded projections.”

“The group incurred additional costs for adhering to the guidance, however the group has still been able to recover from the losses incurred in 2020 and rebuild reserves. The restrictions on travelling abroad have brought record levels of visitor numbers back to seaside resorts, benefitting the local attractions and businesses.”


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