Rock City owner on song with profits rise
DHP, the Nottingham-based owner of music venues, bars and nightclubs across the UK, has announced a rise in profits for the year ending – despite turnover dropping for the 12 months to 31 December 2015.
Profits over the period rose by 6.8 per cent from £621,951 to £664,000 on the back of turnover dropping by 2% to £21m.
DHP employs 338 people and runs Rock City, Stealth, Rescue Rooms, Black Cherry Lounge and Bodega Social in Nottingham, as well as Oslo in London and Thekla in Bristol.
The firm also promotes a number of festivals throughout the year, including Splendour which drew record crowds last weekend.
Director Sean Akins said: “DHP saw a year of strong growth within our venues and live divisions. Prior year investements in Oslo and Thekla increased venue profits in 2015. DHP live division had its first stadium shows and total live shows rose in the year to 1,500.
“Year-end cash reserves were more than two times bank loan debt – results of a strong 2015.”
Akins said that plans for the year included upgrading venue wifi and back office systems as well as further investment in the firm’s venues.
