Heavy investment pushes BioCity into the red
BIOCITY, the incubation hub which operates at Alderley Park in Cheshire, has fallen into the red after what its chief executive is calling a year of heavy investment.
Nottingham-headquartered BioCity, which also has a site in Scotland, posted a loss of 770,000 for the year ending December 31 2015 – a big dip from a profit of £1.43m in 2014.
BioCity acts as a hub for bioscience and the medical technology sectors.
Chief executive Glen Crocker told TheBusinessDesk.com: “We’ve been expanding the business substantially over the last year, both in staff numbers and infrastructure, and so this loss is understandable – it’s where we are in the cycle of the business.
“Whilst I wouldn’t want to make any predictions, we’re confident we’ll return to profitability next year.”
A £30m project to extend BioCity’s Nottingham base is underway. Hundreds of highly skilled, life sciences jobs will be created and safeguarded in Nottingham, thanks to the new 50,000sq ft building on Plough Lane in the city-centre.
The extension to existing facilities will give life sciences companies who are already housed at BioCity extra space to grow, as well as providing space for new businesses.It is being funded by Nottingham City Council and the D2N2 Local Enteprise Partnership (LEP).
BioCity Nottingham was launched in 2003, one of the first bioscience incubators in Europe. In 2012 BioCity established BioCity Scotland, near Glasgow, whilst in 2013 BioHub at Alderley Park opened. Later that year MediCity Nottingham opened on the Boots campus and in 2016 MediCity Scotland, near Glasgow.
Crocker added: “We are continuously receiving offers to expand again, and we are actively looking to grow.”
BioCity currently employs 65 people across its sites.
