Baltic Creative eyes growth after turbulent five years put expansion plans on hold

Baltic Creative, the community interest company behind the thriving creative and digital ecosystem in Liverpool’s Baltic Triangle, is back on track to expand, it has revealed.

The company, which is celebrating its 15th anniversary, is now exploring routes for growth, having been heavily impacted by the pandemic which meant it had to put its original plans for expansion on hold.

It described the most recent five year period, including the Covid-19 pandemic, the energy crisis in the wake of Russia’s invasion of Ukraine, and higher interest rates, as the most challenging in its history. 

The company said it is now in a period of stability with an average occupancy rate of 97%, having welcomed 20 new tenants since 2023.

Baltic Creative has published its annual report which showed it increased income in the year to March 31, 2024, from £975,644 in 2023, according to audited accounts, to £1.043m in the 2024 management accounts. Pre-tax profits rose from £21,569 to £34,644.

The report shows Baltic Creative is now home to more than 100 businesses across its 118,000 sq ft estate, the majority of which are SMEs or microbusinesses in the creative, digital and tech sectors. 

The team has also collaborated with more than 80 partners in the past five years, including local universities and organisations such as Creative UK, European Creative Hubs Network, BIMA and the British Council to create opportunities for tenants, as well as attract new talent. 

Now in a strong position, despite the market challenges of recent years, Baltic Creative said it is actively exploring opportunities for expansion to apply its community-focused development model in other locations within the Liverpool City Region, as well as potentially expanding its foothold in the Baltic Triangle. 

Baltic Creative CEO, Lynn Haime, said: “When the 10-year anniversary report was issued, we announced ambitions to grow the Baltic Creative community beyond our Baltic Triangle home.

“Nobody could have predicted the rollercoaster and market forces that we would be up against shortly after, and the focus immediately shifted to helping our tenants navigate those difficult times.”

She added: “I’m pleased to say that we are now in a much better place and can once again begin to look ahead at how we can expand our community and connect with more digital and creative businesses locally and in the wider city region.

“We’re very excited at the prospect of where the next five years might take us.”

Karen Beddow, Chair of the Baltic Creative Board, said: “If the past five years have taught us anything, it’s that we can’t predict what’s to come, but it has also emphasised the need for community and creating environments where businesses can thrive.

“Our 15-20-year strategy includes a focus on developing additional income streams that will support not only our planned growth, but our existing tenant base, too.

“We will be continuing to reinvest in the properties that we already have, as well as programmes and initiatives that are of interest to our businesses, such as our business festival, Bloom, which will be returning in 2025.”

She added: “We will also be investing in our DE&I strategies to ensure that we’re helping to facilitate a tenant population that is reflective of our wider local population and that we’re a business fit for the future that’s putting its people first.”