The NEC group, which comprises Birmingham’s National Exhibition Centre (NEC), International Convention Centre, LG Arena and National Indoor Arena, has been put up for sale by the city’s council.
The BBC reports that the decision is partly a response to the council’s outstanding £1.1bn bill for equal pay settlements. The group currently delivers £2bn annually to the regional economy and supports 29,000 jobs.
In a press release, the council confirmed its intention to maintain the ‘existing uses’ of the sites. Sir Albert Bore, leader of Birmingham city council, said:
“A key purpose of the city council investing in establishing the NEC group more than 30 years ago was to drive economic development and regeneration. This has been achieved, but now the NEC group has reached a point in its evolution where it needs to be able to adopt the financial disciplines of a private, rather than a council-owned company to enable the next stage of strategic development. In doing so, economic impact and job creation can be preserved and enhanced.
“An open sale process has been identified through an extensive strategic review process as the way to achieve full value for this internationally-renowned asset, whilst achieving the other principal objectives of enabling the group to achieve its potential and growing economic impact.”
Martin Angle, chairman of the NEC group, added:
“The NEC group comprises four of the best-known and most well-established venues in the UK, located at the heart of England and boasting unrivalled accessibility by all modes of transport. The group has weathered the challenging economic environment and has a clear vision for its future growth.
“We look forward to working with Birmingham city council in preparing the NEC group for this major step forward and believe that its iconic status and portfolio of venues and businesses is likely to attract strong interest from potential buyers, from both the UK and overseas.”
The NEC opened in 1976, with the NEC [LG] Arena following in 1980 and the International Convention Centre and National Indoor Arena in 1991. The NEC group also owns several related businesses, including The Ticket Factory, Amadeus catering and NEC Group International, a venue management company.
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