East of England Showground owners outline multi-million pound losses that prompted sale of venue

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Planning battle over homes plan looms

The owners of the East of England Showground have set out the multi-million pound losses that have forced it to look to sell the 165-acre venue.

Bosses of the East of England Agricultural Society, which has owned the East of England Showground for 54 years, say that over the last 10 years many of the open air events have failed to cover their costs and make a profit.

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They say it is not possible to carry on running the Showground as an events venue which was only being supported to some degree by earnings from investments and land sales.

The owners of the East of England Showground have detailed the losses that have prompted moves to sell the siteThe owners of the East of England Showground have detailed the losses that have prompted moves to sell the site
The owners of the East of England Showground have detailed the losses that have prompted moves to sell the site

The stark performance of the Showground is detailed in a new letter from the charity that has been added to Peterborough City Council’s planning portal.

And it comes just weeks before the council’s Appeals and Planning Review committee is due to review a decision by the planning committee on October 15 to reject plans to build 650 homes on part of the Showground site.

However, a separate outline planning application to build 850 homes, a leisure village, school, hotel and care village on land adjoining the first site were approved by the same committee.

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The letter from the charity’s finance director, Quentin Arnold states: “The Society, combined with its trading subsidiaries, has been making losses for many years from operating the Showground.

"In 2019 a decision was made to sell the Showground and to stop hosting events.

"The net outgoing resources, excluding the land sales, equates to £6.706 million over 10 years preceding this decision.

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He states: “Large scale outdoor events have been tried over many years.

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"Some have been profitable although many if the true costs are identified are not, and are not covering the costs of the overheads.

"Such outdoor events are very susceptible to the vagaries of the British weather and poor weather can result in significantly less attendees making events unprofitable.

"This is putting the charitable funds of the Society at risk.

Mr Arnold adds: “The Society has recognised the need to change strategy which does not include the hosting or facilitating of any events on the site to reduce its losses while continuing to meet its key charitable objectives of supporting agriculture and education.”

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The letter reveals that the society’s Showground operations failed to make a profit – income minus expenses – in any year from 2010. The worst year was 2013 when its expenses exceeded its income by £1,005,000.

It also shows that in most years even with income from investments and land sales, the Society figures at the end of the year were in the red.

The two exceptions were 2011, when the figures were offset by a £4.5 million boost from a land sale, and 2017 which was offset by investment gains.

The Society appointed the Asset Earning Power Group (AEPG) in 2021 to find alternative uses for the Showground and to work to promote the land to secure planning permission for its development.

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AEPG submitted two outline planning applications to the council in July 2023 which have triggered a wave of protests from people objecting to the loss of open land, the end of many public events including elite level speedway racing.

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