A bright future in prospect for Dock

Aug 15 2007 by Alistair Houghton, Liverpool Daily Post

THE Albert Dock Company saw losses rise as the Big Dig took a bite out of its business – but its owner said the dock has a bright future as the “linchpin” of the city’s waterfront area.

The company’s newly-published accounts for 2006 show it recorded a loss of £1.17m compared to £1.04m in 2005.

The business, owned by London-based Arrowcroft Holdings, saw debts rise from £24m to £26m over the year.

But the value of the group’s property has risen from £21.9m at the end of 2005 to £26.5m at the end of the year and the group says it has invested in the dock for the long-term and not for short-term gain.

The dock will soon be announcing new tenants as it gears up for the regeneration of the city’s waterfront.

Director Joe Edge said the dock would benefit from new projects such as the new arena and convention centre at King’s Dock, the new cruise liner facility at the Pier Head and the new £65m Museum of Liverpool Life.

The attraction’s strategy has changed from retail to attracting more bars and restaurants to cater for the predicted extra trade.

Mr Edge said: “The Albert Dock has suffered from the building work around the Big Dig. However, we are looking forward to 2008 when we can reap the benefits of all the hard work by all of our partners and stakeholders.

“Albert Dock Company has invested in a strategy of repositioning in line with the future of the waterfront.”