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Blackpool Pleasure Beach applies for loan to support "new investment"Submitted by Nick Sim on Tuesday, June 26, 2012 08:38
Blackpool Pleasure Beach has applied for a loan from the Lancashire Enterprise Partnership, as its seeks to fund "new investment" in the park.
The Blackpool Gazette reports that the amount of money being sought by Blackpool Pleasure Beach is not yet known. The park has previously borrowed £5 million from Blackpool Council in order to part-fund the opening of the Nickelodeon Land children's area in 2011, but will not seek further funds from the authority on this occasion.
The Lancashire Enterprise Partnership is funded by the UK government's Growing Places fund. In order to qualify for a loan, Blackpool Pleasure Beach will need to demonstrate that the investment would lead to new jobs being created and growth for the Blackpool economy.
There has been no indication as yet on how the park would spend the money if its application is approved. The most likely option would be to invest in new attractions with the aim of drawing in guests, with the park having suffered from the effects of the UK's poor weather conditions during the early part of summer 2012.
Blackpool Pleasure Beach's parent company, Blackpool Pleasure Beach Holdings Ltd. is known to have significant debt levels, which have been estimated at as much as £14 million by some recent reports. Borrowing from the Lancashire Enterprise Partnership is likely to represent a more attractive option than the rates on offer from commercial lenders, which would reflect the company's current position.