Independent company behind ‘legendary’ music venues announces record profits

A collection of ‘iconic’ music venues has announced record profits as audiences return in numbers to live musical performances.

The Electric Group, which owns ‘legendary’ music venues in London, Bristol, Newcastle and Sheffield has seen its profits almost double in 12 months. As the live music industry struggled to get back on its feet post-Covid the live music company recorded profits of just over a million pounds (EBITDA £1,042,849) in financial year 2022.

The following year, as the demand for live music performances rocketed the company recorded profits of almost two million pounds for the financial year 2023 (EBITDA £1,975,413). The year before Covid (FY2019) the company posted EBITDA profits of £1,461,412 showing a significant increase to pre-Covid profits.

These positive figures reflect the company’s earnings at just two of its venues, since then other Electric Music Group venues have opened or are in the process of opening. The success is great news for the live entertainment industry as a whole and shows footfall has actually increased way beyond expectations.

The Electric Group is now looking to expand its operations across the UK at select venues in and out of London as the demand for live music and events increases.

The Electric Group is an independent music company, born and bred in Brixton. It owns and operates some of the UK’s most iconic live music venues including Electric Brixton, SWX Bristol and NX Newcastle.

They also own the Freehold of the Leadmill in Sheffield, the longest running live music venue in the city. The team are currently assessing the viability of three new venues which fit the company’s criteria and expansion plans in 2024/25.

The Electric Group was formed in 2013 and in just over ten years the company has evolved out of the success of our refurbishment and reimagination of the Brixton Fridge as Electric Brixton, now recognised as one of the UK’s leading music venues, hosting world class artists across an eclectic range of genres.

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 our culturally-significant venues. We are delighted with the outstanding financial results of our company.”

By Matthew Neville – Senior Correspondent, Bdaily

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