Baltic Creative, the organisation at the heart of Liverpool’s Baltic Triangle’s burgeoning creative and digital hub, has revealed plans to recommence expansion efforts. This announcement follows a tumultuous five-year period that required the deferral of these ambitions.
Celebrating its 15th anniversary, Baltic Creative faced significant setbacks due to the Covid-19 pandemic, the energy crisis stemming from geopolitical conflicts, and rising interest rates. These factors culminated in what the company described as the most challenging period in its history. Nevertheless, the organisation has now reached a stage of stability, boasting an average occupancy rate of 97% and welcoming 20 new tenants since 2023.
According to the recently published annual report, Baltic Creative increased its income for the year ending 31 March 2024, from £975,644 in 2023 to £1.043 million, with pre-tax profits rising from £21,569 to £34,644. The report highlights that the company currently hosts over 100 businesses across its 118,000 sq ft estate, predominantly comprising SMEs or microbusinesses within the creative, digital, and tech sectors.
In the past five years, Baltic Creative has collaborated with more than 80 partners, including local universities and notable organisations such as Creative UK, the European Creative Hubs Network, BIMA, and the British Council. These collaborations have been instrumental in creating opportunities for tenants and attracting new talent.
Now positioned favourably despite recent market challenges, Baltic Creative is actively exploring expansion opportunities to implement its community-focused development model in other parts of the Liverpool City Region and potentially within the Baltic Triangle itself. CEO Lynn Haime articulated that, back in the 10-year anniversary report, the ambition to expand the Baltic Creative community beyond the Baltic Triangle was expressed. She reflected on the unforeseen challenges faced soon after, stating, “Nobody could have predicted the rollercoaster and market forces that we would be up against shortly after, and the focus immediately shifted to helping our tenants navigate those difficult times.” Despite this, she emphasised, “I’m pleased to say that we are now in a much better place and can once again begin to look ahead at how we can expand our community and connect with more digital and creative businesses locally and in the wider city region. We’re very excited at the prospect of where the next five years might take us.”
Similarly, Karen Beddow, Chair of the Baltic Creative Board, expressed that if the past five years have underscored anything, it is the unpredictability of future events and the critical need for community-driven environments for business prosperity. She elaborated, “Our 15-20-year strategy includes a focus on developing additional income streams that will support not only our planned growth, but our existing tenant base, too. We will be continuing to reinvest in the properties that we already have, as well as programmes and initiatives that are of interest to our businesses, such as our business festival, Bloom, which will be returning in 2025.” Furthermore, she highlighted Baltic Creative’s commitment to investing in DE&I strategies to ensure a tenant population reflective of the wider local community.
Despite the obstacles of the past five years, Baltic Creative is looking forward with renewed confidence and vigour, eager to expand its successful model to new locations within the Liverpool City Region. The organisation’s resilience and adaptability underscore its pivotal role in nurturing the city’s creative and digital sectors.