Etc Venues: new properties and profits on track

Etc Venues, the six-strong London-based property collection that underwent a management buyout last year, is on course for significant hikes in both turnover and profits and is set to announce additions to its portfolio as it reaches its first year-end as an independent company. The £21m buyout took place in June last year and managing director Alastair Stewart said Etc is on target to beat its initial goals: “We expect to post figures that show turnover to have increased 15% to £11.5m and pre-tax profits up by 20% to £1.8m –slightly ahead of expectations and great news in our first year.” London will be home to Etc’s seventh venue, with June slated for an announcement of an additional property on the fringes of the City, covering some 25,000sq ft. Following the buyout Stewart flagged up Birmingham Bristol and Edinburgh as areas for expansion. These have yet to materialise and Stewart admitted that the acquisition process had been “tricky”, but added that non-London properties were still in the pipeline. “We are actively pursuing a venue in Manchester and are committed to launching in Birmingham. We are also looking into cities such as Leeds and Bristol. We are looking for venues that are different from the hotels that provide the majority of space in these areas,” Stewart said. On the recruitment front, Paul Keen has joined Etc as finance director, having most recently worked at the Lawn Tennis Association and David Owen, whose career includes time spent at De Vere Venues, has joined as head of marketing.

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