Bristol Beacon recorded as financially ‘worthless’

The council said the Bristol Beacon benefits the local economy through music programmes and events

A music venue undergoing a major refurbishment has been branded financially "worthless" after council accounts showed it would not get back £39m spent on it.

The Bristol Beacon, which opened in 1867, is owned by Bristol City Council.

Councillor Jonathan Hucker said if the council was operating as a business, this would be a "financial disaster".

However, the authority said the Beacon's value to the city goes "well beyond the bricks and mortar".

Mr Hucker explained that the written-off zero value given to Bristol Beacon in the accounts, was because of the terms of a 40-year low peppercorn lease of the building to Bristol Music Trust (BMT) which made the venue "of little economic value" to the council.

The price of the refurbishment has doubled since it was first planned from £52.2m to £106.9m because of the age and state of the structure.

This saw the authority's share of the costs increase from £10m to £54.5m with the venue expected to open in late 2023.

He said the agreement's restrictive covenants prevented it from being used for other, more commercial uses that could limit the authority's losses.

'Less than prudent'

He added: "In effect the expenditure is being written off as it is being incurred, so effectively the building does not have any economic benefit to the council."

Mr Hucker said that for the authority to bear all the risks of ownership, but receive none of the rewards seems "less than prudent".

The Local Democracy Reporting Service (LDRS) reported that a council spokesperson said: "Our commitment to the modernisation and refurbishment of Bristol Beacon is an investment in the city's economy that will deliver a world-class venue for generations to come.

"It goes well beyond the value of the bricks and mortar that make up the site and relates directly to our duty to stimulate economic growth that benefits the city", they added.

The council said the total economic impact of the works will be about £410million over two decades, supporting nearly 400 jobs a year.

It added that will "ultimately dwarf" the cost to repair and reopen the attraction, so it is "incorrect" to say the site has no value.