Digital and creative space provider Baltic Creative CIC revives plans to expand its model across Liverpool city region as its annual revenues break through the £1m barrier. Tony McDonough reports
Prior to COVID, Baltic Creative CIC unveiled plans to replicate its model at other Liverpool city region locations but the pandemic forced those ambitions to be placed on hold.
Now the organisation, which was a driving force in the regeneration of the once forgotten Baltic Triangle district of Liverpool, is looking to spread its wings as it reveals a healthy set of annual accounts.
In the 12 months to March 31, 2024, Baltic Creative CIC (Community Interest Company) saw revenues rise from £975,644 in the previous year to just over £1.04m. It also saw a small rise in pre-tax profits of £34,644. It has total assets of almost £6.5m.
Along with other property entities such as Elevator Studios, Baltic Creative CIC helped revive the Baltic district which sits just south of Liverpool city centre. Up until 15 years ago the area comprised largely of empty former shipping warehouses.
Since then the turnaround in its fortunes has been significant. It is now home to hundreds of digital and creative businesses. They have been followed by multiple leisure operators and residential developers.
To serve the fast-growing neighbourhood, alongside the emerging Knowledge Quarter, Metro Mayor Steve Rotheram is pushing forward with plans for a new £96m Baltic Merseyrail station, due to open in 2027.
Baltic Creative CIC’s physical estate comprises 118,000 sq ft and is more to more than 100 businesses, the majority of which are SMEs or microbusinesses in the creative, digital and tech sectors.
COVID and the energy crisis, along with rising interest rates, brought “operational challenges”. However, the business is now in a period of stability. It has 97% occupancy and 20 new tenants since 2023. Those growth ambitions are now back on the agenda.
A preliminary agreement with Sefton Council for Baltic Creative CIC to run its new £1m Enterprise Arcade in Southport eventually came to nothing. But chief executive Lynn Haime is looking to push on to other locations in the Liverpool city region.
“When the 10-year anniversary report was issued, we announced ambitions to grow the Baltic Creative community beyond our Baltic Triangle home,” said Lynn.
“Nobody could have predicted the rollercoaster and market forces that we would be up against shortly after, and the focus immediately shifted to helping our tenants navigate those difficult times.
“I’m pleased to say that we are now in a much better place and can once again begin to look ahead at how we can expand our community and connect with more digital and creative businesses locally and in the wider city region.
“We’re very excited at the prospect of where the next five years might take us.”
Baltic Creative CIC has also collaborated with more than 80 partners in the last five years, including local universities and organisations such as Creative UK, European Creative Hubs Network, BIMA and the British Council.
It is now “actively exploring” opportunities for expansion to apply its community-focused development model in other locations, as well as potentially expanding its foothold in the Baltic Triangle.
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Karen Beddow, chair of the Baltic Creative board, added: “If the past five years have taught us anything, it’s that we can’t predict what’s to come, but it has also emphasised the need for community and creating environments where businesses can thrive.
“Our 15-20-year strategy includes a focus on developing additional income streams that will support not only our planned growth, but our existing tenant base too.”