Sale of Blackpool pier helps Hemmings

THE sale of a Blackpool pier last year helped profits grow at Trevor Hemmings’ gaming group Cuerden Leisure.

Cuerden division Six Piers sold the loss-making North Pier, the town’s oldest, to the Sedgewick family in April 2011.

In the Chorley-based group’s recently-filed accounts it says the sale, together with “cost reduction measures” helped it increase operating profits. The firm employed 321 people during the period, down 20% on the previous year.

Cuerden has seen revenues slide in recent years as it has grappled with the impact of the slow economy and the legislation such as the Gambling Act which banned gaming machines from some locations, and cut the minimum stake on some machines.

In the accounts the directors said: “The principal uncertainties associated with the group are the continuing effects arising from the changing legislative and tax frameworks for gaming machines in the UK, the general economy and changes in disposable income.”

However, in the year to March pre-tax profits grew by 50% to £1.5m on sales of £35.9m, up 8%. “The directors are satisfied with the performance of the business,” they added.

Cuerden Leisure, through its operating divisions, sells and distributes fruit machines and other arcade games, and manages seaside piers and other venues.

Its ultimate parent company is Wordon, a company registered on the Isle of Man and wholly owned by the family interests of Trevor Hemmings.