Echo Arena owner posts £2.7m loss
THE ACC Liverpool Group, home to BT Convention Centre, Echo Arena and Exhibition Centre Liverpool, has posted a £2.7m loss after a year of rapid growth and the delayed opening of two new developments.
In newly filed accounts, the company has attributed the loss for the year to the end of March 2016 to delays in the completion of its new venues – specifically the Exhibition Centre Liverpool, which opened in September 2015, and its new hotel Pullman Liverpool, which opened in February 2016.
Bob Prattey, chief executive of The ACC Liverpool Group, said: “This expansion has enabled us to enhance our facilities and host bigger and better exhibitions, national and international conferences and entertainment events, thus contributing more economic benefit to the local economy.
“The operating loss we are reporting 2015 – 16 is due to the delays in the completion of our new venues. We incurred extended pre-opening costs which were set against only part year trading – in the financial year 2015 -16 the hotel only traded for 50 days and Exhibition Centre Liverpool for six months.”
Despite the loss, the company achieved its highest annual turnover since opening in 2008, delivering a turnover of £17.2m, compared to £16.1m for the previous year.
During the same period, 210 events took place attracting more than half a million delegates and visitors. A total of £128m in economic benefit was generated for the Liverpool city region, bringing the overall economic impact to more than £1.2bn since the complex opened.
Conference highlights included NHS Confederation, the British Psychological Society and a series of international congresses while Sir Paul McCartney, Strictly Come Dancing and the launch of the Liverpool International Horse Show were among entertainment events.
Exhibition Centre Liverpool hosted 19 exhibitions including MCM Liverpool Comic Con, The Liverpool Wedding Show and RenewableUK.
Prattey said: “We are forecasting a further increase in revenues and a return to overall group trading profit as we retain existing events and bolster the programme with major events such as the British Style Collective presented by The Clothes Show.
