New deal for Beatles museum brings profit

Aug 13 2008 by Barry Turnbull, Liverpool Daily Post

THE Beatles Story museum made a profit before tax of £427,113 in 2007, according to figures published at Companies House.

That will be music to the ears of Merseytravel, which splashed out £8m to acquire the business from Essex music teacher Cliff Cooper and other private investors in February this year.

The deal was a further step in cementing Merseytravel as a leisure operator, as well as the local transport authority.

One of Albert Dock’s premier attractions, the museum has welcomed more than 2m visitors since opening in 1990. Many overseas fans make the pilgrimage as part of the city’s Beatles experience.

In 2007, the business had sales of £1.8m, up from £1.54m in 2006. The pre-tax profit in excess of £427,000 was also an improvement on the previous year’s £284,895. A dividend of £198,650 was allotted to shareholders.

A total of 33 employees cost £392,591, while director Jerry Goldman was paid £69,000 in consultancy fees.

Merseytravel spent two years negotiating the acquisition. Although the terms of the agreement were not released, the Daily Post used the Freedom of Information laws to discover that £8m of taxpayers’ money was used to finance the deal.

Neil Scales, chief executive of Merseytravel, conceded: “I wouldn’t describe this purchase as a bargain, but I would say it is a good, solid investment.”

Merseytravel plans to open a second exhibition at the Pier Head.

One other positive aspect is that the business is now back in the hands of a Liverpool organisation. Mr Scales added: “The creation of a new Beatles Story attraction at Pier Head and the development of the existing, expanded Beatles Story at Albert Dock will bring tremendous benefits to this region.

“It brings together the city’s world-famous waterfront – from the Cruise Liner Terminal to the Arena and Convention Centre – with the Ferries and Wirral attractions.”

Meanwhile, to celebrate the 40th anniversary of the UK release of the Beatles classic, Hey Jude, the Beatles Story will be hosting the first-ever Hey Jude sing-along at the Albert Dock on Monday, August 25.

BARRY TURNBULL