There are rumours bouncing around the town hall communications HQ that 3 months ago its executive approved a loan of £5m to the Pleasure Beach to pay for construction of a new ride, possibly the new Twist ‘n’ Splash water ride by German company Mack Rides.
Yes, you read that right. Five million pounds of taxpayers’ money. In secret.
It is common for this council to loan money to local firms, and indeed a loan fund of £3m was set up for this purpose and voted through by the full council last year. Loans of varying amounts are made to support large and small enterprises. None of the amounts are secret and the loan terms are known.
Now, I presume we’re all aware of the shroud of mystery engulfing Crystal Road. At the same meeting that this property was approved for compulsory purchase there was another item on the agenda, marked Council Loan Fund.
This item was marked as not for public consumption, so any members of the public observing the meeting were kicked out of the room. The reason given for this by Peter Callow was “commercial confidentiality”. And so, behind closed doors a loan in addition to the publicly acknowledged £3m was agreed by the all-Conservative executive for an unknown amount, with unknown terms to be lent to an unknown company.
It has been set in stone by Peter Callow that as far as he and his executive are concerned we will never find out anything about this loan.
It has been alleged that the beneficiary of this loan was Amanda Thompson’s ailing theme park and that the amount loaned was £5m. When local basics such as roads lie in disrepair amidst a storm of lame excuses from the council leader you have to wonder where this money has suddenly come from and which services are suffering so that the Pleasure Beach can spend our money. We know the Pleasure Beach made heavy losses in 2008/2009, so does this not also toss up the idea that there is an underlying financial or management problem which may see the Pleasure Beach seeking further cash injections just to stay afloat?
The doom-mongering view is that this is just the start and the Pleasure Beach will end up so far in hock with the council, that the council will take ownership of it.
If it is the case that they do have big financial problems and this secret loan was made to them, then it ties in a few recent developments and casts a veil of suspicion over the decision making process within the town hall.
The first is the proposed closure of Blackpool South railway station which was instigated by Reg Haslam and is being pursued by Maxine Callow despite opposition from Gordon Marsden, Joan Humble and now Paul Maynard. Oh, and all the people that use it (but who cares about them?). Callow gave the game away when she said she wanted to terminate this rail line at the Pleasure Beach to, “help them with their business”.
Secondly, Peter Callow has recently stepped up and talked about reigniting the supercasino bid. Why could that be? Because the Pleasure Beach, just like Blackpool, see gambling as a way out of trouble. They wanted a casino last time and they want one now.
There is of course another nugget of gold associated with this story.
Who else, other than the Pleasure Beach, benefits from this secret council loan? Clearly, when building this ride they will need some scaffold. Who do you think is doing it?
Has Ian Fowler abused his position to not only secure deals for his company, but secure them using the carrot of a £5m loan?
I’d like to think he hasn’t and that the process was fully transparent, but it ‘aint. When you have Peter Callow hiding immense loans from not only the public but from every councillor apart from his inner circle of six cronies, I think we have every right to be suspicious.
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I wonder what the loan terms would be for such an ammount?
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You would expect an interest rate of 8 or 9 percent I guess.
Could that not be another big secret though: what if it was interest free?
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LIBOR’s currently just over 0.5% and the Pleasure Beach (at 05.04.09) were borrowing at 2% over that – so we’d expect 2.5% to 3% interest cost on the loan if anyone wanted to lend. If they didn’t the rate would soon soar up.
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Excellent article Phil, this is equivalent to one million tons of TNT! Pure dynamite.
You put all the pieces together with an inimitable brilliance that is inspirational.
I bet the loan rate is less than inflation.
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good work fella!
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Most businesses need loans but it is strange that such a large and established business as the Pleasure Beach went to the local council rather than their bank. I little look at the Pleasure Beach accounts might be useful. I’ll get them and let you know anything interesting. If anyone wants a look send Phil an email address you don’t mind me knowing and I’ll forward them to you rather than you pay the charge as well.
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Splendid!
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If it was only approved by the executive in March 2010,then give a another few weeks before they receive it,then I would not have thought it would show on the accounts yet as the accounts will be for 2009 until 2010,I think you may have to wait until next year when it should show up in 2010/2011 accounts. I cannot understand myself why they could not borrow the money from the bank, a large company like that would be able to borrow new money at 4.00% at most, if it has a good business plan and the accounts are showing a reasonable return. The only way they would approach the council would be if they were turned down by the bank or the council were prepared to give them a more favourable interest rate. I seem to remember that Blackpool football club secured a loan from the council,before the Oyston family took over. It would be interesting to see if the pleasure Beach has turned the business around from the loss they made on the previous year, as the 2009/2010 will include the £5.00 charge that was introduced,as the last set of accounts did not. I fully support the council helping a business such as this, as it would be unthinkable for Blackpool if the Pleasure beach was not viable and had to be shut down. By the way speaking of business has anyone noticed this week how busy Blackpool has been,lots of people about with the good weather and the kids been on holiday, but guess what! the council has not seen fit to open the Ghost train,it was not even open on Sunday and has been closed all this week so far. Cant wait to see how much this has lost this year.
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I agree to a point Dave, but if the Pleasure Beach is in such disarray that the bank will not lend them the money for new projects, then it makes no sense for the council to pile in with taxpayers’ money, and more sense for them to seek a buyer.
I obviously don’t know whether that’s the case, hopefully Frustrated will be able to tell us more about that in due course.
By borrowing from the council they have dodged the initial setup fee which usually accompanies corporate loans…
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…or did someone receive that in a brown envelope?
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Right I’m ready to forward them (though I haven’t spent enough time to unravel them completely). On the face of it they are already loaned up to the hilt – though they do have assets. They’ve even (& this has been done legally) borrowed from their pension fund in the 05-04-09 accounts because the building of Big Blue has obviously been an enormous drain (built 2006). Having said that Big Blue made half a million profit whereas the Pleasure Beach lost £4.2million that year – though they do say that the weather (which was bad for the 08/09 season) affects their takings badly. The 09 accounts were so bad do that the taxman paid them £172million back.
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Oh – in conclusion I don’t think many banks would want to loan such a large amount until the profits improved (though of course without new rides that would be unlikely to happen – a catch 22 for all businesses)
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Yes why the council and not a bank? Interest free I presume, what other benefits in kind have the PB got out of this one wonders?
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Who knows, but it is fairly clear that they have a cosy relationship with the Callows. To me, this seems to be more of a “bailing out”, else why use the council?
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[...] http://philtheone.com/2010/06/pleasure-beach-5m-secret-loan-deal [...]
I agree but they cant even sort the roads!!
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Last time I looked at the PB accounts they were pretty ugly – debts owed on just about everything. I’d imagine that, to go to the council for a loan, they’d first have had to go everywhere else and be turned down. Indeed, I suspect they;d have to show they had before the loan would be approved.
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Neve mind the accounts of the Pleasure beach, what about the accounts of Fowler’s business! All these dodgy deals much have increased his business with out tax payers money! This is another of a long list of dodgy deals – Marton Moss, Crystal Road, Secret Pleasure Beach loan and god knows what other secret deals have been made!!!! Bring on May 2011 and we can finally get this corrupt council out.
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For that I’d need to know the name of his business – and a similar one & hope they were both companies so as to compare. Individual contracts wouldn’t show though – and extracting that info from the council would probably be impossible either due to lack of closeness of connection or “commercial confidentiality”.
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Company is Boxer Scaffolding Ltd. I reckon it’s in the public interest to know about contracts that Ian Fowler’s company has won. But you’re probably right!
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Anyone with any with the slightest knowledge of the way public sector finance operates will treat this article with the utter contempt it deserves. Complete and utter hokum. Garbage. Piffle. Not a grain of truth. Not. A. Grain.
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Feel free to explain why John?
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Yes please explain.
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No reply? Well it’s easier to state something is nonsense than actually reveal on what basis things could be wrong. We can certainly understand the commercial side of things very well – but local authorities only tend to give out loans in my experience when jobs are created as a result. If we’re talking about a loan to build one ride it doesn’t seem good value for money to loan this sort of sum for the jobs to be created. Of course the loan could be to support the jobs we already have from them – in the region of 260 permanent, 687 temporary and more in businesses living off the back of the success of the Pleasure Beach. But at an exposure to the taxpayer of £5million? It’s a bit rich. At 05.04.09 the Pleasure Beach (& its associated companies as I’m looking at the group accounts) had an overdraft of over £7.5 million, term bank loans of just under £5.5 million and even though Net assets (after all this borrowing is deducted) are over £8.5million it’s still a heck of a gearing figure. On balance with such a large loan being considered I do think the taxpayers of Blackpool deserve to know the truth. Of course if Blackpool lost the Pleasure Beach it would be a terrible financial blow to the area – but will £5million help save a business in such debt, for building one new ride and still being very dependent on the weather?
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The only aspect up for debate is the recipient of the loan and what the terms are.
Given that the PB are in hock to the tune of over £15m with oh, conveniently just under £5m due by end of March 2010… the rumours certainly add up.
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I can’t believe that I have to justify MY comments!!!
Two glaring problems, just for starters. Firstly, “It has been alleged that the beneficiary of this loan was Amanda Thompson’s ailing theme park and that the amount loaned was £5m.” Proof please! Your source?
Secondly, it is more than clear that you have no proof whatsoever that a £5 million loan HAS been agreed, either to someone or by the council. Again, proof please!
In conclusion, should you wish to find out that a £5 million loan has been made by the council to PB Ltd. You could actually find out. They simply can’t keep that sort of information secret for perpetuity. Of course, that would take effort. It would also show that you are completely wrong. As for your convenient sums regarding the financial situation at PB Ltd., your information is based on out of date accounts.
Time for a rethink. Either this is a blog which hawks rumour and conjecture or it publishes some FACTS. Rumour and unsubstantiated tosh does not a story make.
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The sums are convenient John, but they’re from the latest publicly available accounts. When the 2009/2010 ones are submitted to Companies House I will review them.
Mr D E Cam stated that the PB’s forecast would be to “break even” in the year to March 2010 (page 5 of their 2008/2009 accounts as submitted to Companies House) and I am told they do not need to submit these figures until 24th of December (which apparently is the date at which they always submit them). This leaves them still in hock to the banks to the tune of just over £5m. Unless it’s just been paid off of course.
Here is the link to the agenda for the meeting at which the Council Loan Fund was an item.
http://www.blackpool.gov.uk/Services/M-R/MeetingsMinutesandAgendas/Agenda.htm?GUID=FD634AE3-8F02-4574-9A7D-81B326A736EF
You will see that it is marked with an asterisk: “The Head of Legal and Democratic Services has marked with an asterisk (*) those items where he has reason to believe that consideration may need to be given as to whether or not a resolution excluding the public should be passed.”
The reason people were excluded from this aspect of the meeting was, from Peter Callow’s own mouth, “commercial confidentiality”.
I agree there is nothing to suggest that the PB got this loan apart from word of mouth from people on the inside at the council. But if you think I am going to name and shame those that have provided me with information, then think again.
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I would have thought the “alleged” showed that no we don’t know for sure. And there’s no way we could find out legally so we can’t publish “facts” as no-one but the council or pleasure beach can. It wouldn’t take “effort” as you suggest – just waiting. And it’s a bit of a clue that it is rumour not fact when the first sentence of the article starts “There are rumours”. The point is that this could be true and we would not be able to find out on grounds of commercial confidentially from the council even with an FOI request. We won’t find out from the pleasure beach until they file their accounts – probably in December this year which is too late to know whether the council is considering such a loan as it will already be a fait accompli one way or another. There are facts in this blog and sometimes rumours (which have never yet proved to be untrue). When we have facts don’t doubt the full story will be found out and published. However why keep these cosy deals silent? If it’s a good thing for Blackpool to keep the Pleasure Beach open at a cost of £5million then why the big secrecy? It’s a debate for all taxpayers in Blackpool to have, not just a handful of people. Why aren’t the council debating with the public what businesses should be supported with taxpayer money?
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Phil has never claimed that its fact but has raised important issues about transparency and accountability of public funds.
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Exactly. Whether it’s the Pleasure Beach or the man on the moon doesn’t matter. A secret loan was agreed between the council and a third party with unknown terms.
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To be fair Mr Hovis, you don’t offer any proof to say that the claims of a £5million loan are untrue. You are correct in saying that in time the truth will out but the taxpayers of Blackpool need to to know NOW what their Council is doing with THEIR money!
WTF is a Council doing buying Towers, theatres, Amusement Arcades, Ghost trains etc… when it can’t even sort out a few potholes?
Our Council is too full of self importance and really needs to get back to basics.
Roll on 2011…………………………….
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Well said Jon,would you stand for mayor if given the chance?
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There are some much more able candidates than myself around and I would offer my support to any prospective Mayor that truly had the interests of Blackpool and its residents at the forefront of their campaign.
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You are too hard on yourself Jon, you would make an excellent mayor because your care and you are more than able.
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I agree Zim.
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Me too. It’s a sad fact that probably the best people won’t go into politics because they don’t want all the hard work with doing the job properly. Those that get in tend not to care either way.
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Would it not be worth sending a letter to the Chief finance officer of Blackpool council asking him to supply details of this loan which we believe was given to Blackpool Pleasure beach and was discussed at the executive meeting on the 10/03/2010 for approval. we note that members of the public were not allowed to be in attendance for this part of the meeting, probably because of the commercial sensitivity involved,even though it was council tax payers money being used,however as the council as to act with integrity surely details of this loan should be made public,as the council has to be seen to act with integrity especially when it comes to spending tax payer money. See what answer they come back with, maybe use the freedom of information act.
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If the council has lent this money to BP I don’t see what is wrong with it. They kept the winter gardens handout going for years and BP is more important to Blackpool then the WG is. The problem is the secrecy around it and the feel of backhanders going on. I really feel Blackpool has a corrupt council at the moment in time.
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Just come in on this debate although the rumours about a loan to the Pleasure Beach have been around for some weeks now.
I had discounted them because all the PB assets are already secured to the holders of PB debt which would leave Blackpool Council without adequate security for a £5m loan.
I think it would be right for the council to try to secure the continuance of the Pleasure Beach as a business for the good of the town and for the 1000 approx. employees, but there should be open discussion of this.
There is also the distinct possibility that the grant for refurbishment of the Tower buildings may be withdrawn by the new Government, which could throw the plans to improve this other iconic asset into doubt. Both the Pleasure Beach and the Tower must be preserved and if this is by judicious use of public money then I think most Blackpool people would support this.
It is time for Peter Callow to either confirm or deny what is currently a rumour in order to avoid more potentially damaging speculation.
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There are only 260 full-time jobs though – and these figures are for all the Thompson family businesses – not just the Pleasure Beach but the Big Blue, the Insurance Company, Morecambe Pleasure Park Holdings etc. etc. Sure there are also jobs from businesses that survive off the Pleasure Beach visitors as well and it’s a massive site that if closed with bring a big hole in the town that needed to be quickly filled before more degeneration set in. So there is a case for such a loan – but it might still in effect be a taxpayer subsidy rather than a real loan – and that should always be talked openly about and be in the public domain because it’s public money that’s going to be used. Isn’t it about time we stopped all the secrecy and were allowed to know what our money is being used for?
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Here here!
Well said Frustrated.
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I would imagine Colin, that the fact that the PB assets are already being held against previous loans fuels the speculation that the PB have approached the Council for a “soft” loan.
There are times when a Council has to be sensitive over commercial issues but because of the percieved close “political connections” between the PB and the Conservative Party, I do not believe they deserve such confidentiality.
Colin is right to call for Peter Callow to make a statement over this and he should ask his group leader Cllr. Blackburn to call for it in Council.
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Do you really think that Simon Blackburn needs me to prompt him about what to ask in Council, although as this ‘rumour’ has not yet appeared in the Gazette he may not have heard it. Peter Callow would perhaps respond with some information if it did appear there.
What we all should remember is that it is a fact (not a rumour) that the Pleasure beach has continued to invest heavily in Blackpool with the revamp of the Casino building (another Blackpool icon), the new water features and Infusuion, but another new ride will soon become necessary to keep up with other theme parks.
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Correct me if I’m mistaken but as it’s a Conservative council that is running this thing, would the Labour party know anything about it anyway? I’d rather take things as a possible than look a right prat if it comes out to be true.
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Jon Bamboro suggested I should suggest to Simon Blackburn that he consider asking a question at Council.
Of course Blackpool has a Conservative Executive and I am sure the members of it don’t divulge much to their own ordinary councillors let alone to the Labour and Lib- Dem members.
It will be interesting to see if any questions asked are fully answered to allow us all to know if these rumours are just that – or not
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This is a dilemma. Clearly it is not right for a loan of public money to be made to a Private Company without due process and the fact being reported and consulted upon. In addition is beggars belief that a Council official has assisted the transition of this in his own commercial interest.
All that said BPB is vital to the ongoing success of the town. If it fails then it will be so much harder to drag the town back from the brink it has teetered over these last couple of decades.
Don’t get me wrong I am not saying I approve of this loan far from it but at least it may explain why the Council felt it had to advance the transaction!
Anyway the days and weeks ahead will be telling this as to whether there is any substance to this..
Virgin have always wanted a High Profile theme park in the UK to continue to market their Brand Awareness to the young people that use such facilities. Could it be that they might want it and they have just divested their Television channels to Sky! Wishing to concentrate on their original and financial offerings
Could an even bigger announcement be on the cards and the money forwarded from the LA was merely a bridging loan?
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And to add to the above. If the LA can encourage Merlin to invest in Blackpool why not Virgin? Clearly the Thompson family are out of ideas and more importantly access to cheap finance to invest in new projects.
I have noticed the Wristband deals have been this and fast through May half prices on Sundays if booked online with a code. Don’t recall so many offers so soon last year?
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Yes geezer, there may be some interest from other national or international businesses, but please remember how some previous national business ownership of some of our attractions has not worked to the benefit of the town.
The Thompson family are local and have always promoted Blackpool well though I peronally regret they have dropped reference to Blackpool in their current TV advertising.
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I too had been mystified as to why Pleasure Beach Resorts had dropped “Blackpool”, however, this has been rectified on their latest tv ads this weekend. Coincidence???
I agree with Colin that not all National business ownership has been successful and I also take issue with Merlin “investing” in Blackpool. Merlin could have bought the Tower and Winter Gardens if they wanted to “invest” in the town. Instead they have offered to “operate” the attractions. Still a much better option than the Council running them but it stops short of “investment”.
I asked Colin to raise the issue with Simon Blackburn as Chair of the Audit Committee but I now realise that Cllr. Ivan Taylor is the new Chair of the Audit Committee and therefore he ought to know about this deal.
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Would it be good for Merlin to takeover the Pleasure Beach? Would they not run it down so that more would go to Alton Towers if they did – just as the Thompsons let Pleasureland at Southport go in preference to the main Pleasure Beach business.
I guess the Merlin operating the Tower/Winter Gardens could be to do with the problems in raising capital at the moment – even for businesses with good records.
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I wonder if the PBs current financial woes are a result of that controversial admission charge they brought in a few years back; any ideas anyone?
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I honestly don’t think so. The admission charge was brought in in 2009 – after the bad year’s results – probably as a way to try and boost income.
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Jon – I have asked Simon about ‘question in the Chamber’ but am ready to admit hadn’t thought of asking Ivan – now rectified.
Regarding the £5 charge by Pleasure Beach – any detrimental effects of this will show in the next accounts. We all must remember though that trade at the beach is affected more by weather conditions than anything else. I read each year’s reports and accounts filed at Companies House and some years ago one report indicated that management at the Beach had considered insuring against adverse weather but found the terms ‘not cost effective’
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This won’t boost income – I am unable to use the rides due to arthritis, but would take my grandchildren and, during the course of the visit buy food, maybe play on the games, but I resent being asked to pay just to walk around – also I think few families could afford this entirely unjustified charge. I suspect they are losing much more than they would gain by this act of greed.
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Both Cllr Taylor and Cllr Blackburn are aware of this issue.
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I assume they are also aware of this £625,000 cost to repair the Tower Ballroom roof!
http://www.blackpool.gov.uk/democracy/agenda/viewdecision.aspx?guid=ee9b5214-9dfd-4614-9b60-dffe04b39c3b
Why oh why is the Council going down this road!
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Cllr M Callow JP + Alan Cavill.
Need any more be said?
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Why have we not seen any mention of this in the Gazette? Or are they scared of losing the advertising from the PB?
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Who knows. You would have thought whether Callow says ‘yes’, ‘no’, or ‘no comment’ there’s still some form of a story in it for them.
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Jon – the repairs to the roof of the Tower Ballroom should have been effected a long time ago. Those of us who dance there regularly have a good laugh when we have to dance round ‘mind the wet’ signs. Not good though for visitors to see.
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I think it’s pretty clear that Leisure Parks have milked Blackpool dry and are relieved to have found some mugs to take the ailing buildings off their hands.
For about 15years Blackpool Council paid the Winter Gardens first £1million a year and then £1.25million a year to help with essential repairs etc… but It soon became apparent that they had just taken the money and done hardly anything for it!
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Sorry to upset a few of you guys, but I have it on very good authority from the somebody within the council offices and from the Pleasure Beach that this story is just a loud of Bullshit..
But it did give them a good laugh when they read it..!!
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Ahh right, I should have known that the council and Pleasure Beach confide their secret financial information to some guy that works at the hospital.
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Now now girls lets play fair
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Peter is the man that says on his site that Michael Owen is about to sign for Blackpool by the way.
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No Phil, Peter did not say that Michael Owen is going to sign for Blackpool Football Club..lol
Somebody had seen Michael Owen at the club, maybe he was just going for a meeting..
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Why wouldn’t they.?
I am sure can be said about your occupation Phil, why would somebody pass information to a back street car dealer..lol
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Because I run a site that at times attempts to expose the misdemeanours of public figures: where else can our useless, scheming, corrupt council be revealed?
It’s important to remember that never said my info was from Amanda Thompson or Peter Callow and made it quite clear to those that could be bothered to actually read it that it was a rumour which as yet has been unproven either way. If you can get a named director of the PB or a named council executive to go on the record and say it’s not true then I will accept it. Over to you!
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But you have nothing to base your claims on Phil, its no good turning it around and asking me to prove its bullshit as I did not post the topic.
All I know is that if any site or blog is wanting credibility they have to base every story on FACT and not rumour..
I like your site Phil its a good Blog..
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It’s no different to you saying “some bloke you know” saw Michael Owen at Blackpool, implying that he was being sounded out about joining.
If there were any facts to be had, I would have displayed them here in the same way that if you really had asked Amanda Thompson if her company had a loan arrangement with the council you’d have posted what she said here with her name attached to destroy my story. Similarly Steve Weaver or A N Other council exec/cabinet member.
The accounts for 2010/11 wont be available until December 2011 and the only accounts available are from 2008/09. From these we can see the PB’s own prediction that it will break even in the year to March 2010 following a loss in 08/09. We can see they had to pay back £2.5m by March 2010 and they have a £7.5m overdraft with Natwest, secured on all of their assets leaving no room to borrow more from banks.
We can see they had to renegotiate their loans to pay a higher rate. Why would they have to do that? If you want the Companies House report I’ll gladly send it you so you can have a financial boffin go over it.
I stated clearly at t he start that it was a rumour but a rumour from someone whose information I believe to be credible. No I won’t be naming anyone even if this is proven to be true.
I am not picking on the PB here, I have no issues with the PB and believe them to be an essential part of Blackpool as a destination for tourists. But if they’re being propped up by our money on the sly, we need to know about it.
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Hear, hear Phil. Giving the Pleasure Beach a loan may be a good thing (though probably not – a grant that doesn’t have to be paid back would be more use to them) but it’s not the point. The point is that it’s public money and the public should know about it and have a chance to put their points across about the issue. These excuses for secret meetings are not good enough. If they want secret then don’t have public money. If they want taxpayers’ money then it should be open and above board for everyone to see.
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Your Pleasure Beach information was supplied by Paul G, he told me that he was able to get the information whilst working for a client.
I saved his email and all the information for a rainy day..lol
Anyway back on topic, the big difference between my rumour and whats being claimed here, is that you are inferring that the Council and the Pleasure Beach are acting inappropriately in some way.
I dont think its fair without factual information..
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You’ve fabricated far more stuff on here than anyone Peter.
My information is from Companies House; you know, the place where companies submit their accounts.
So I suggest you look at your own “facts” before trying to suggest that I’m making them up! I guess Paul G would not be too happy about you stating that he wilfully discloses client data to third parties either.
Yes I am inferring that the Council have acted contrary to public interest. Yes I am stating that the Pleasure Beach’s accounts are not stellar reading.
Yes it is my belief that a secret loan was agreed between the Council and a big business. Yes, that business could well be the Pleasure Beach given the state of their accounts and apparent lack of assets to secure loans on.
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Well Paul G knows how to make contact with me, I will be delighted to show him all the copies of the emails that he sent me.
What you have said on here is NOT in the public interest but to fuel your Blog with damaging rumours that are based on nothing..
I bet the Pleasure Beach and Blackpool Borough Council are not best pleased with what you are claiming..!!
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Of course it’s in the public interest you plonker: it’s taxpayers’ money.
Ratepayers should have confidence that every penny of their council tax is accountable and transparent.
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Its only in the public interest if its true if its not then your source Phil is making you look like a bit of a twit. What I can’t understand is why the council will keep this secret it does seem reasonable for them to loan the BP this money.
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Do we know who BPB bankers are? I have often seen employees cashing their pay cheques in the Nat West on Lytham Rd so is it fair to assume it is RBS?
I do have it on good authority from some business contacts down in the smoke that RBS are again running into liquidity problems (LIBOR is rising again) and as such have started to call in a number of overdrafts. Could this be the substance behind the loan if of course it took place?
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Yep, Natwest
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Without looking at it again I thought Natwest for the current account (secured by charges registered at Companies House) but the loans were provided by RBS
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All legal charges for the Pleasure Beach were with Nat West. Plus one deed of deposit with Pearl Assurance. This may all have changed by now.
If this all turns out to be completely untrue, then Philtheone will no doubt apologise to Peter and Maxine and to the Thompson family.
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If it can be shown that I have said something as truth that is not, I will certainly accept that I was wrong.
There’s more to the executive than Peter and Maxine though.
A loan was thrashed out. You can ask your party colleagues about what they know about that. It may not have been to the PB, but if not, who was it and why is it being kept under wraps?
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From Colins comments I get the message that the local Labour Party does not want to rock the boat on this. I am told a substantial confidential loan was made to some company, perhaps Cllr Robert Wynne will ask about it at the full council meeting on Wednesday. If not the public will never get to question the details.
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Boxer Scaffolding? Kensington Developments?
And before someone sues – this is a joke and not true in the least.
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Well RBS won’t have lent the sort of sums it did without security on something – probably personal assets of the Thompsons? If this deal has been done it doesn’t look to be a good one commercially though there are obviously very strong arguments for the taxpayers of Blackpool to financially help the Pleasure Beach stay in business or improve its facilities. The problems not so much that potentially a loan is being made – it’s the secrecy of it all – which will all come out this or next December anyway (depending on the time frame of the loan) because company law will ensure this is shown in the accounts.
And whether it’s true or not why would anyone owe an apology to certain councillors or the Thompson family? We’ve said there’s a case. All we’ve questioned is the whole secrecy when dealing with taxpayer cash. Those who pay the piper ought to know they are doing so.
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Whether this is true or not, I don’t think a loan for the Pleasure Beach would be a good idea. The Pleasure Beach is a major employer in the town and its figures don’t look good. Added to that emploment are a lot of other businesses that depend on the Pleasure Beach for their trade and it’s a massive site that’s very unlikely to be bought and developed into a business by anyone else.
If the Pleasure Beach really need the money for survival or remaining competitive with other theme parks – then the only real solution is for the money to be given to it without any need for future repayments. And the Pleasure Beach really need to consider what will attract visitors to the place when the weather isn’t good. Until it does that there will always be the potential for financial problems – and they’re stretched enough at present because of the building of the Big Blue rather than any problem at the core of their business.
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They probably thought the hotel was a great investment built at a time when property values were increasing. Examination of the accounts indicates it was a leveraged loan offset again the assets in the park. Given the state of the recession they may not have been able to pay down the loan as quick as they wanted to and given the leverage have been unable to raise loans due their stretched nature?
Pure conjecture but possibly another reason as to why they went to the council instead of RBS.
Given the availability of hotel beds around the PB maybe that hotel is becoming a bit of a white elephant? Clearly it aims at the upper ends of the market and those looking for a bit more comfort, its price structure reflects that point. The recession is hitting everyone not least the sort of clientèle this place would look to attract. Everyone these days is looking for value for money and can get it in the places across the road that no doubt provide a reasonable and cost effective alternative.
Whilst it may be able to hold good occupancy figures on Friday and Saturday nights no doubt the business plan and one that the loans would have been worked upon would be calling for 90% occupancy 100% of the time.
Maybe the question is was the hotel a bridge to far? They looked to cash in as many other speculators did in the boom times and have got their fingers burnt.
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Confirmed today is a £10m deal involving a £5m loan from the council for a Nickelodeon themed zone at the Pleasure Beach, comprising 6 acres and 14 rides.
Who’s the daddy?
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you are the fackin daddy!!!!!!!!!!!! lol
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All of a sudden my Phil is the One email Filter springs into life again!!
Must admit thought it was broke at first. So Phil now you have seen off the Council are you taking up blogging again? Must admit I missed having a Blackpool location to rant about that thuggish copper being let off last week.
As for the OP. I can reveal that Richard Branson has been seen twice in BPB in recent weeks!! Read into that what you will!!
Maybe he sees value in putting on a special fast service from Preston to BPB rail ticket + wristband? Not beyond the realms of possibility?
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I might do. As you might have seen, I’ve been ranting on Blackpool Aloud a bit, but obviously issues such as the one you mention don’t really fit in there.
So I have been sat here at Philtheone HQ like a bear trapped in a cage!
As for Mr Branson, I’m not sure the trains on the Blackpool-Preston line can go any faster than they already do, but he could certainly be doing some kind of deal like that. Seems a bit odd, because it would benefit BPB significantly more than it would benefit Virgin Trains.
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Not is the Nice Mr Branson was able to add a Theme Park to his Railway Set and Airline emporium!!
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I note that Coucillor Henderson was one of the six to authorised the loan to the Pleasure Beach. As the PB company is and has been a major benefactor to her election funding over the years, this makes her participation illegal and immoral. Read http://fylde-bootnecks.blogspot.com/2010/07/something-stinks-in-blackpool.html
I was on he Prom yesterday and have seen more holiday makers about at Christmas time. Perhaps the lack of decent arrival facilities – I wrote to Gay Gordon on this over 12 years ago and he did nothing – and the assauly caurse to get to the beach are putting a few tourist off. Or maybe it is the exorbatant prices in the pubs, the lack of children friendly places, the filth and the grime not to mention the unptredictable weather that really has something to do with it?
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Heard last week that the Big Blue is down 400 room sales on where it was this time last year!
Given that last year was not in any way remarkable (a few of us have seen the 2008/09 balance sheet 09/10 will not be available to December I suspect) this could be a real cause for concern!
Seeing Callow on North West tonight the other day trying to defend the loan bore out everything we had debated in this thread since its creation.
RBS are BPB’s bankers they would not advance the money as they see an adverse risk. BPB then approach the taxpayers representatives and get the loan.
Although I don’t like this and the precedent it sets we must not forget the importance BPB has to Blackpool and the employment both direct and indirect that it offers.
Tough one as it will be for the town if it ever loses BPB….. Should we start to consider such a possibility?
The season started out well but it seems may be petering out, a step change was seen post budget when people I think started to watch the pennies much more closely than they have been. There is much uncertainty about job losses particularly in the public sector and confidence is low. People understandably don’t want to spend if they don’t have too.
Post the austerity period over the next year or so once the cards have been dealt then I think it will be good for Blackpool, not as many will travel abroad due to the ever increasing stealth taxes being added to air fairs and the continuing poor exchange rate with the Euro. This will be borne out this Autumn/Winter when he will see scores of travel companies/minor airlines going to the wall.
We will never see a return to the heady days of the 50′s and 60′s and it remains as yet to be seen whether visitor stays will change from the current few days weekends to family holidays of 7 days or even more.
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I really think the future for venues such as the Pleasure Beach is to attract a lot more people who don’t stay the night. The Ice Show was nowhere near full occupancy – on a Saturday night. The only thing it did have going was that it was a lot fuller than the Grand Theatre was for that “If I Were You” play with Liza Goddard in which had about 20 people only on a Saturday night performance.
We have plenty of coach trips from Lytham and St Annes (and presumably Blackpool is similar) going to Manchester, Bolton and the Lakes for the Theatre – why on earth can’t we get people to come the other way? (I mean for Blackpool – Lowther Pavilion is a terrible theatre venue)
There’s something seriously wrong with Blackpool’s image, advertising or ease to get here – because I don’t think it’s actually bad at what it puts on, and the beach is one of the best for the whole region (though I wouldn’t swim in the sea).
I think money and time would be well spent going to other localish towns and asking people if they would come to Blackpool, what they’d like to go to and what’s putting them off now. It’d certainly be more beneficial than opposing the Tithebarn project at Preston at great cost.
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[...] come up with some real scoops and, on a few occasions, sailed a little too close to the wind. The opinions are steadfastly right [...]
[...] was a business loan, repayable over 7 years. The trouble that many people have with this is the secrecy that surrounded [...]