Halifax's Piece Hall reveals £700,000 loss after lower than expected gig profits and 'extraordinary increase' in bills

The Piece Hall made £9.3m of income over the period but its expenditure was £10m, increasing its existing deficit on its funds from £2m to £2.75m.

The accounts state the trust received an overall £2.75m from Calderdale Council for its first seven years of operation, with a two-year agreement for a further £900,000 starting in April 2024. The report says “discussions are currently taking place for the future” on additional backing after the current arragement ends next March.

The report said that while the original intention was for The Piece Hall to becoming self-sufficient within a decade of opening, once the building opened “it was clear that this would not be possible due to much higher than forecast operating costs that were not accounted for in the original plans”.

But chairman Orphy Robinson, who took over the post in February 2025, said in his introduction to the accounts that the organisation is “moving in the right direction” thanks to strong leadership from CEO Nicky Chance-Thompson and her team.

Mr Robinson said: “Like many other establishments and venues dependent on hospitality and events, The Piece Hall has faced significant financial challenges and we cannot shy away from that.

"The losses sustained in this period were caused by extraordinary economic conditions.

"Nationally other businesses and organisations sadly did not survive recent economic conditions but thanks to some incredibly strong leadership and some difficult decisions The Piece Hall has not only survived but is beginning to thrive once again, with a small surplus forecast for the next two financial years.”

Ms Chance-Thompson’s report said The Piece Hall had welcomed a record 2.7m visitors during 2024, with gigs from musicians including Noel Gallagher, Blondie and McFly.

She said: “During this financial period The Piece Hall Trust incurred a loss of £700,000 as a result of pressure from the cost-of-living crisis seriously affecting commercial income, the profit share and bar sales from the concert series being considerably lower than expected and inflation adding to the costs of maintaining and operating our Grade I listed building.

“Income from charitable activities increased significantly from £5m to £8.8m. Even taking into account the extended time frame of the accounting period in question, this shows we are heading in the right direction. I look forward with belief and confidence.”

Ms Chance-Thompson also paid tribute to former chairman Sir Roger Marsh for his work in “steadying the ship through some incredibly choppy financial waters”.

The report said the Piece Hall’s activities have added an additional £10m a year to the local economy since reopening.

Steps taken to improve the financial position have included a staffing restructure, a Restoration Levy on concert tickets and plans to charge for using the site’s toilets. The report said recent challenges have included an additional £150,000 annual cost due to National Insurance changes by the Government.