Beatles fans travelling to Liverpool from across the world are proving lucrative for Cavern Club owner and Magical Mystery Tours operator Cavern City Tours as it reports ‘remarkable’ annual profits. Tony McDonough reports

More than 60 years after The Beatles first took to the stage at the Cavern Club in Liverpool their global popularity is showing little sign of waning.

Every year, people from dozens of countries all over the world make a Fab Four pilgrimage to the city, particularly during Beatleweek in August. And that is proving to be very good news for Cavern City Tours.

Founded by Ron Jones, Gerry Murphy and Bill Heckle in 1983, the business now operates across five strands – the world famous Cavern Club itself, the Cavern Pub, the Cavern Live Lounge, Cavern Restaurant and the Magical Mystery Tours.

Despite catering for what it describes an “ageing clientele”, Cavern City Tours is doing so well it has just been placed seventh on a list of the 50 fastest-growing companies in the North West with its brand now valued at more than £40m.

It has just published its annual accounts for the 12 months to September 30, 2024. They show revenues of more than £11.6m, up from £10.5m in 2023. It described its pre-tax profits as “remarkable”, rising to just under £3m from £2.5m last year.

These results mean current shareholders George Guinness and one of the original founders, Bill Heckle, will share a bumper dividend of £1.5m.

Writing in the annual report on behalf of the board, director Kim Jardine said: “Another stoic year for Cavern City Tours with increased turnover and profitability across all five elements of the company.

“The company goes from strength to strength and the nightmares of lockdown (although never forgotten) seems to be a long distant memory. We have a cash flow balance of circa £3m to ensure we will imagine any future of unforeseen catastrophes.”

She adds the directors expect the growth trajectory to continue. The planned opening of a new Hilton Hotel in Mathew Street, where the venues are located, is expected to provide another boost to the company, which currently employs 150 people.

“We cannot be any busier than we currently are,” she explained. “Our growth is entirely down to the company’s perpetual determination to improve across the board in every aspect of our business.”

It is revealed in the report that turnover has increased in the restaurant, from just under £1.3m to almost £1.5m and revenues from the Magical Mystery Tours has risen from £1.09m last year to £1.36m this year.

Kim also revealed Cavern City Tours has agreed a venue will open in São Paulo in Brazil in the next couple of months with all plans, contracts and finances now agreed with Brazilian partners.

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“Beatleweek continues to add both turnover and profitability of the whole company despite an ageing clientele,” she added. “We have been able to attract a large number of younger people to the annual event and its future appears to be assured.

“The global market finds us on a daily basis. On any given day we will have visitors from more than 30 countries which rises to more than 50 countries in August. It is truly a melting pot.”