The Spa Bridlington looks set to break even at the end of this financial year, just six years after its £20 million refurbishment thanks to a string of big name acts performing at the venue.
In 2008 it was thought that it would take 10 years before the council-run venue would break even, but there were smiles all round this week as it was announced that The Spa is set to achieve its target.
Five years ago it was costing £400,000 to run the venue each year, but now the venue’s profits will cancel out any subsidy meaning it will be paying for itself well ahead of schedule.
Since re-opening, The Spa has attracted big name acts such as Oasis, Kasabian, Jack White and Paolo Nutini.
Unlike other large regional venues, The Spa receives no Arts Council funding.
With audiences continuing to grow, future profits will be ploughed back into the Spa, enabling it to continue attracting huge acts to the East Coast and replace equipment when needed.
Andrew Aldis, general manager at The Spa, said: “We have been really careful how we run the venue, The way we put on shows means that we either break even or make a profit on everything we put on.
“It is also fantastic that we have managed to retain our big contracts, this year was the sixth time we have hosted the Yorkshire International Business Convention, which is our single biggest income generating event of the year.
“We have expanded our programme of events, introduced musical tours and now we’re putting on our own in-house shows, which have not only proved hugely popular but also save us around £20,000 a year.
“We have also developed a great reputation and picked up three REYTA awards and the White Rose Award for Business Tourism.
“For a council-run venue such as the Spa to become the number 1 in the area is great and we are going to make sure that it stays the best.”