Entrepreneur secures seven-figure Golden Mile mortgage

Blackpool entrepreneur Gayna Sedgwick-Ruddigan has secured a £1.59m mortgage for her premises on Blackpool's Golden Mile.

The move comes as the seaside resort undergoes a £300m overhaul expected to bring tens of thousands more visitors to the area each year.

Gayna previously rented the site, which neighbours the Blackpool Central development site. Not only will the finance deal save the business around £180,000 per year in rent, but will also provide a platform for future growth.

The venue is currently home to a chip shop, licensed pub, photo studio, ice cream stand and a shopping court selling souvenir rock.

Gayna's expansion plans include renovating the top floor of the complex in a bid to attract well-known leisure brands to the town.

She said: “I’m proud to own a chunk of Blackpool’s Golden Mile – to me, it’s like owning something in the middle of London’s Oxford Street.

“It’s a crucial time for the town – we saw almost 17million visitors last year and the improvement in attractions means people are staying here longer, to see and do more."

The commercial mortgage has been provided by specialist lender Together.

Michael Street, senior internal sales executive, said: "Straightaway, we saw that Gayna has something special and comes from a family with a wealth of experience. We saw vast potential in her plans to further strengthen the site, aligned with the town’s extensive redevelopments, and we believe it will be a huge success.”

• For further Lancashire business news, advice and analysis subscribe to Lancashire Business View or join the LBV Hub from just £2.50 per month. Click here to subscribe now.