Co-op Live rakes in millions after overcoming disastrous launch
Co-op Live, the UK’s largest indoor arena, bounced back from a disastrous launch to rake in millions during its first year in operation.
The £365m Manchester venue hit national headlines at the start of 2024 when its grand opening was delayed several times.
The fall out led to the resignation of boss Gary Roden days after comedian Peter Kay’s opening shows were cancelled as it became clear that the venue was not ready in time.
There was also a backlash over Mr Roden’s comments to the BBC that some small music venues were “poorly run”.
Now newly-filed accounts with Companies House have revealed how Co-op Live has performed after finally opening in May last year.
In the 12 months to 30 June, 2024, the company which runs the venue generated £40.7m from operating activities. It had previously lost £2m in the prior 12 months.
Despite the intake of cash, Co-op Live’s loss for the financial year widened from £2.6m to £8.6m over the same period.
In August 2024, the company which operates the venue secured a loan from its parent, Eastlands Arena Holdings, of £5m.
Co-op Live overcomes tumultuous start
Co-op Live is owned by a joint venture between Oak View Group International and Manchester City owner, City Football Group.
Pop star Harry Styles is also an investor alongside concert promotors Simon Moran and Denis Desmond.
Co-op Live has a total capacity of 23,500 and has hosted concerts by the likes of Elbow, Paul McCartney and Liam Gallagher.
The official opening date of the venue was pushed back several times while construction was still ongoing but was eventually set as 23 April, 2024.
However, power supply issues at a test event featuring Rick Astley on 20 April, which resulted in thousands of tickets being cancelled, the opening headline act by Peter Kay was postponed.
A performance by The Black Keys, which was schooled for 27 April, was also pushed back while Peter Kay’s performances had to be rescheduled for a second time.
A new opening date of 1 May with A Boogie wit da Hoodie was also postponed as well as Olivia Rodrigo and Keane the following week.
In the wake of the delays, Take That chose to move their five concert dates from Co-op Live to rival venue AO Arena in Manchester city centre.
Co-op Live is now run by Rebecca Kane Burton who took over in September last year.
The results for Co-op live come after CityAM reported in October 2024 that OVO Arena Wembley doubled its profit and created more than 250 jobs during its latest financial year.
AEG Facilities UK, the business behind the London venue, reported a pre-tax profit of £2m for 2023, up from the £1m it posted in 2022.
Accounts with Companies House also showed that its turnover jumped from £12m to £15m during the 12 months.
The results have also revealed that the average number of people employed at OVO Arena Wembley in 2023 increased from 1,398 to 1,660.