Record profits for music venue group

A company that owns a nationwide chain of music venues has announced record profits for the 2023 financial year.

The Electric Group owns and operates live music venues, including Electric Brixton, SWX Bristol and NX Newcastle.

The company reported earnings of £1.98m for 2023, up from £1.04m in 2022 and £1.36m for the year before the pandemic.

It is hoping to expand its operations and is assessing the viability of three new venues.

The company, which bought the freehold to the Leadmill in Sheffield in 2017, has been embroiled in a prolonged dispute with the historic club's managers after serving them with an eviction notice in 2022.

Electric Group CEO Dominic Madden commented: “As a company we embody the spirit of independence. We thrive on collaboration, working hand-in-hand with artists, fans, and partners to foster a music community that dares to be different.

“It’s not just about preserving history, it’s about breathing fresh vitality into every venue. We embrace innovation and consistently seek ways to invigorate oculturally significantant venues. We are delighted with the outstanding financial results of our company.

"We are delighted with the outstanding financial results of our company. Although we have had some unique challenges to deal with in the post Covid era including dealing with the catastrophic arson attack at SWX Bristol, the demand for live music and our curated approach to music programming of events is unabated."