Blackpool Pleasure Beach has closed five rides this year as the bites.

The historic attraction, which has been around since 1896, announced that rising costs has lead to the closure of some rides this year. To further cut costs, certain rides will open later and close earlier than usual. A statement from the famous made clear that Eddie Stobart Convoy, Alpine Rallye, Thompson Carousel, Gallopers and Red Arrows Skyforce will be shuttered.

"The smaller rides were already being run on reduced opening times and our rider data showed that they have some of our lowest throughput, while Skyforce is 10 years old this year. After a great deal of thought, it was clear to us that the right decision is to make changes which will allow us to reinvest into a bigger and better future," the statement read.

The latest financial reports show that the theme park is facing some financial struggles. It posted a turnover of £37.2m, the same as the prior year, while it went from making a pre-tax profit of £286,912 to a loss of almost £1.7m.

A statement signed off by the board said: “The continuing cost-of-living crisis has made customers hesitant. Poor weather during key trading periods also acted as a contributor restricting visits to the park and the hotel. High inflation, high interest rates and significant increases in the minimum wage puts additional stress on our cost lines, making profit harder to achieve.”

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According to the board, poor weather and a lack of disposable cash among customers have hit its bottom line. “The financial year… [saw] the continuation of the challenges felt in the previous year with the continuing cost-of-living crisis putting a squeeze on the disposable income of our customers," the statement continued.

“As a result our attendances have remained relatively flat whilst increasing cost pressures as a result of high inflation and most notably the increase in National Minimum Wage makes trading again very challenging.”

While attendance rose by two per cent last year, cost of sales jumped by 11 per cent, meaning the Pleasure Beach made a pre-tax loss of £2.7m.

The statement continued: “The company has instigated a headcount review and a review of the assets on park. As a result a number of rides will be closed for the forthcoming season. We are also looking at how we profile the opening and closing times go both individual rides and the park itself with a view to maximising efficiency (and therefore cost) whilst balancing it with achieving great customer satisfaction.”

Just last week Blackpool Pleasure Beach announced that it would be splashing out £8.72m on a colossal Gyro Swing, which will propel thrill-seekers into a 120-degree arc reaching dizzying heights of 138 feet. Designed to seat 40 adventurous souls who will face outwards, legs free and swinging, the ride ensures an exhilarating experience. Positioned towards the park's northern edge, it'll give riders the sensation of soaring over the waves.

This pendulum-style attraction overshadows anything of its kind in the UK; even Drayton Manor's Maelstrom, at about 74 feet, pales in comparison to the scale of Pleasure Beach’s upcoming giant, according to the Manchester Evening News.

Construction crews have already mobilised, with the ride's debut slated for 2026. Amanda Thompson OBE, CEO of Pleasure Beach Resort, said: "We're thrilled to confirm the addition of a Gyro Swing at Pleasure Beach Resort, with work already underway. We're well known for doing things on a large scale, so becoming home to the largest Gyro Swing in the UK made complete sense. The Gyro Swing is one of the most exciting flat rides in existence – it's dynamic, fast, and incredibly high, as well as being completely weightless at the top.

"It will be a fantastic addition to our ride line-up and we can't wait to see people's reactions when they experience it for the first time. We'll be announcing more details soon and we're very excited for the future at Pleasure Beach Resort."

The has contacted the theme park for additional information.