Record levels of visitors and international travel restrictions have led the company behind Blackpool’s three piers to more than recoup its 2020 losses as it continues to rebound from the pandemic, new documents have confirmed.
The Blackpool Pier Company, which owns the south, central and north piers of the town promenade, added that the number of visitors and the resulting revenues have “exceeded expectations” and that it has also been able to replenish its reserves. financial.
The update was included in the documents newly filed with Companies House for its 12 months as of December 31, 2020.
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Accounts show its turnover fell from £ 10.3million to £ 7.1million, as it went from a pre-tax profit of £ 975,973 to a loss of 196 315 pounds sterling.
A statement signed by the board of directors said: “The Covid pandemic and associated restrictions implemented by the UK government have resulted in the business being shut down for five months of the year, which has significantly reduced the ability of groups to generate income.
“The group took advantage of the support offered by HMRC and the local council by containing a CBIL loan and local recovery grants to enable them to continue to meet their financial obligations while the CJRS scheme was used to support employees. and limit the loss of jobs during group closures.
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“The losses suffered by the group for 2020 due to the pandemic have been greater than expected due to the restriction changes implemented in October in the Lancashire region.
“The directors were satisfied with the group’s position given the unfavorable business conditions and the additional costs the company incurred to comply with the Covid guidelines in place.
“They were convinced that with the relaxation of restrictions in 2021, companies would recover quickly and benefit from the” staycation “effect allowing the group to regain a profitable position.
“While the group’s attractions were closed to customers until the lockdown restrictions were gradually eased between April and May 2021 and despite social distancing and commerce guidelines that had to be implemented, the number of visitors and the resulting revenues exceeded projections.
“The group incurred additional costs to adhere to forecasts, but the group has always been able to recover losses incurred in 2020 and replenish reserves.
“Restrictions on overseas travel have brought back record numbers of visitors to resorts, benefiting local attractions and businesses.”