News: Colston Hall redevelopment set to generate more than £400m
Substantial economic benefits will be brought to Bristol and the wider UK economy after the Colston Hall reopens in 2020 following its major redevelopment.
After closing in 2018, the venue will reopen with a new name in 2020 and could help to generate £412.5m over the following 20 years, according to a new report.
The KPMG report considers the reach that the reopened venue will have on the economy and the impact that will be generated through the increase in audience capacity of 30 per cent, an estimated 54 per cent increase in the number of performances and the creation of 50 new jobs.
Bristol Music Trust chief executive Louise Mitchell said: “We’ve clearly set out how our transformation will create a world-class performance and education venue that will benefit Bristol, the region and beyond…
“But arts and cultural sector organisations must also demonstrate their value to the local economy. The Trust must play its part to help the region prosper.
“The KPMG report shows that this investment in the venue will deliver substantial returns to the economy. Over half of the money produced by the new venue would be generated in Bristol and will support the city to economically thrive and grow.”
KPMG senior partner Andrew Hodgson added: “It’s clear that Colston Hall not only plays a major part in Bristol’s unique cultural scene, but also has a significant financial role to boot.”
The next stage of the venue’s transformation will see major upgrades to the main hall and Lantern, with the reopened cellars playing host to a third venue alongside a new education space for young people.
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