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EEF Venues forecasts revenue boost after £500k injection

Group of venues' parent company announces capital expenditure plan to help realise growth ambition

David Vaughton, director of venues at EEF Venues

EEF Venues has forecast a 5 per cent increase in revenue for 2016, on the back of a £500k capital injection.

The collection of venues, which operates Broadway House in Westminster, Engineers’ House, Bristol, and residential venue Woodland Grange in Leamington Spa, has reported 5 per cent growth for 2015, and expects similar figures this year, with a projected turnover of almost £6 million. Turnover has increased by £900k in the last two years, the group says.

EEF Venues’ ambitions have been boosted by the announcement of a rolling capital investment budget of £500k from parent company EEF.

David Vaughton, director of venues, said: “We will continue to invest in what we see as the three most important core elements for any delegate: leading edge technology, great food and people, as these have most influence on our business. 

“Given our growth over the last two years, we are confident that 2016 will be another great year for EEF Venues.”

The group penetrated the association market in 2015, and cites improved Christmas party revenues as an indicator of increased confidence among corporates. Vaughton added that the company would continue to target new markets.

“While price was a driver throughout the recession, we have seen an increased appetite from buyers to select on the basis of value rather than price,” he said. “This is indicative of companies being more solvent and wanting a more quality experience for their staff. An improved business landscape means there is a growing demand for business travel so we expect further strong growth in our business residency sales at Woodland Grange.”

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