UK’s largest chamber of commerce on brink of collapse
The largest accredited chamber of commerce in the UK is on the brink of collapse after filing a notice of intent to appoint administrators.
Greater Manchester Chamber of Commerce, which has around 4,000 members, has cited the Covid-19 pandemic and its aftermath for creating “sustained financial pressures” as one of the reasons behind its current situation.
The organisation added that its Chamber Space project, which had been intended as a “major centre for business in Greater Manchester” had been impacted by “lasting changes in working patterns, a fall in demand, and rising operating costs”.
The chamber said that as a result Chamber Space has become an “unsustainable part of the business”.
It added that its decision to file a notice of intention to appoint administrators is a “strategic step” which will allow it to “pause, review and attempt to safeguard the future of our business”.
Working from home hits chamber’s plans
In a statement, the organisation said: “Greater Manchester Chamber is the leading independent, business representation body in Greater Manchester.
“As a not-for-profit organisation that is owned by our members, our core mission is to support business, influence policy and promote economic growth across Greater Manchester.
“In 2017, we introduced the Chamber Space service with the vision of becoming a major centre for business in Greater Manchester.
“Shortly before the pandemic, we expanded the venue opening a new conference suite, in response to rising demand.
“The pandemic and the aftermath have created sustained financial pressures.
“The lasting changes in working patterns, a fall in demand, and rising operating costs have made Chamber Space an unsustainable part of the business.
“In response to the impact of Chamber Space to the core business, we’ve made the proactive decision to file a notice of intention.
“This is a strategic step, allowing us to pause, review and attempt to safeguard the future of our business.”
The chamber of commerce is overdue in filing its next due set of financial accounts, for the year to 31 March 2024.
According to its most recently published results the organisation made a loss of £641,000 while its revenue totalled £3.1m.
The organisation is the largest accredited member of the British Chambers of Commerce (BCC) network.
Chamber of commerce battling ‘faced increasing financial and operational pressures’
Greater Manchester Chamber of Commerce chief executive Clive Memmott said: “Like many of our members, the chamber has faced increasing financial and operational pressures, particularly in the venue and conference market.
“This step allows us to consider the best route forward for the core business, to enable it to focus on continuity of service for our members and the wider business community.”
The organisation added: “Our priority remains our member community, our staff and the sustainability of the chamber’s core work.
“We’re committed to facing this next step with integrity, care and in the best interests of the business and those connected to it.
“We remain open, and we understand that this announcement may raise questions.”