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£10m Investment in Pleasure Beach Blackpool
A new £10.3 Million attraction is heading to Blackpool that will see a six acre area of Pleasure Beach transformed into Nickelodeon Land, which will feature 14 rides, including nine brand new and five existing extensively re-themed.
Pleasure Beach, Blackpool’s latest attraction has been supported by a commercial loan from Blackpool Council’s business loan fund.
The new attraction will see the number one entertainment brand for children, Nickelodeon, bringing family favourites such as Sponge Bob Square Pants and Dora the Explorer to Blackpool as themed rides.
The fund, launched in 2009 to help Blackpool-based businesses through the recession, has helped a number of local businesses, but this is by far the largest investment in the resort to date and will help keep the attraction at the forefront of the family tourism market.
The Council agreed to the £5m loan after assessing the business case put forward by the Pleasure Beach and agreeing a seven year pay back period at a commercial interest rate.
Leader of Blackpool Council, Cllr Peter Callow, said: “This is a fantastic day for the Pleasure Beach and for Blackpool as a whole. As a town we need to keep changing and introducing new attractions that will make visitors come to Blackpool, stay in Blackpool and keep coming back.
“Last month a study showed that 19,200 jobs on the Fylde Coast exist as result of tourism and there is no doubt that the Pleasure Beach contributes significantly to that figure both in terms of direct employment and the knock on effect to local businesses.
“Nickelodeon is known across the world and for Blackpool to be the first place in the UK with their attraction is a landmark achievement. This Council aims to make Blackpool a family friendly resort and the Nickelodeon brand ties in perfectly with our objectives.
“A new attraction of this scale is going to have a huge impact on visitor numbers and that’s what we are all about. Not only will Nickelodeon Land benefit the Pleasure Beach but the whole visitor economy of Blackpool and especially those in the South Shore area.
“By loaning this money we are taking action to boost the economy of the whole town. In these tough economic times we need local jobs for local people. As more visitors come to Blackpool hoteliers will benefit, taxi drivers, restaurants, shops, everyone.
“This is a hugely exciting time with new attractions planned for Blackpool Tower, Sandcastle Waterpark and now the Pleasure Beach.
“I must stress to local residents that this is a commercial loan, it will not cost Blackpool tax payers a single penny. Pleasure Beach, Blackpool will be paying all the money back, with interest. “
It is predicted that the project will increase visitor spend and generate 274 net additional jobs and £8m of Gross Value Added (a measure of economic performance for the area) per year after 10 years of operation within the regional economy.
In 2009 Blackpool Council agreed that a business loan fund would be introduced that local businesses could apply to for funding to create or safeguard jobs in Blackpool and in particular in the tourism industry. The Pleasure Beach, Blackpool is the latest business to benefit from this fund.
As part of Blackpool Council’s agreement with the Pleasure Beach, security has been provided against the significant assets of the Pleasure Beach to ensure the Council will receive the money back that it has loaned. The loan poses no risk to council services or jobs.
NWDA Funding Announcement
The North West Development Agency have announced that they are to make in-year budget cuts of £52m. This annoucement means that all non-committed projects will not receive funding in 2010/11. Talbot Gateway was one of the schemes that had requested funding for £23m from the NWDA. In response to this announcement the council and the EDC have released a statement saying that they and their partners remain fully committed to The Talbot Gateway scheme and that this annoncement is in no way a reflection of the viability of the scheme but rather a reflection of a change in process following the election of the Coilition government. We will now also be looking to bid into the new Regional Growth Fund for the monies to support the Talbot Gateway scheme as soon as it becomes clear how and when we are able to do this which we expect to be towards the end of this year.