A major conference and events venue has plunged into the red.
ACC Liverpool posted a loss before tax of £270,000 for the year ended 31 March 2015.
Management blamed the losses an “extensive” investment programme in the arena and convention centre, ahead of the opening of the new exhibition centre. Revenues are expected to grow as the exhibition centre hosts more events.
The venue, home to BT Convention Centre, Echo Arena and Exhibition Centre Liverpool, delivered a turnover of £16.1m, compared to £15.4m for the previous 12-month period.
Bob Prattey, chief executive of The ACC Liverpool Group, said: “In our latest financial period we achieved our highest ever turnover, welcomed 703,000 visitors to 214 events and brought £113m in economic benefit to Liverpool. We have now generated £1bn in economic impact to the city region since we opened in 2008.
“2015 is a significant year for us with the opening in September of our new exhibition centre and, in order to continue to provide world class conference and entertainment facilities, we carried out a comprehensive £2.3m programme of maintenance to the existing buildings to enhance facilities for visitors and to invest for the future. These included the refurbishment of VIP boxes in the arena, Wi-Fi upgrades, a wider range of technical equipment and improvements to the Galleria space in the convention centre. Our launch period since the opening of Exhibition Centre Liverpool in September has been a success. We have welcomed thousands of visitors to events such as Toytopia, The Liverpool Wedding Show and RenewableUK. We are now looking forward to the opening of the on-site four-star hotel, Pullman Liverpool, in February.Our expansion not only enables us to host larger exhibitions, more national and international conferences and major entertainment events, it is a new major asset to support the visitor economy in the city region. We are creating jobs, bringing more visitors, boosting our contribution to the region’s economy and helping to raise Liverpool’s international profile.”