Friday 24 May 2019

Aiken records UK profits to the tune of €230,000 - thanks to The Boss

Bruce Springsteen at Nowlan Park, Kilkenny.
Bruce Springsteen at Nowlan Park, Kilkenny.
Bruce Springsteen performs at Nowlan Park, Kilkenny.

Gordon Deegan

Profits of over €230,000 recorded by the UK arm of Aiken Promotions last year will go some way to ease the pain of the Garth Brooks debacle for the promoter.

New accounts filed by Aiken Promotions to Companies House in the UK show that the firm booked a profit of £183,793 (€232,472) last year following a Bruce Springsteen tour.

The firm's accumulated profits rose to £1.27m last year.

The accounts show the firm's cash pile fell from £6m to £4m in the same period. This year was set to be the firm's best ever with 400,000 fans paying over €27m to see Garth Brooks play at Croke Park. The receipts are shared between the performer, promoter and venue.

However with the concerts not proceeding and fans getting their money back, Aiken Promotions boss Peter Aiken said that the cost of cancelling the five gigs would run into seven figures.

Garth Brooks said yesterday that he is still mourning the loss of the Croke Park concerts and compared the cancellation of the concerts to losing a member of the family.

The performance of Aiken Promotions' Irish business is not known as the firm has unlimited status here and is not required to file annual accounts.

However, an auditor's report recently filed with the Companies Office does show that it recorded a profit here last year.

Separate figures from music industry journal, Pollstar suggest it was a bumper year last year for the promoter. The figures show that the numbers attending events staged by Aiken Promotions (Ireland) in 2013 rose by more than 48pc to more than 520,000.

The firm recorded the profits here last year on the back of a string of sold-out Bruce Springsteen concerts that took place in summer 2013. Around 140,000 fans attended the concerts and the gross box office receipts from the Springsteen gigs would be around €13m.

Aiken Promotions (Ireland) concerts at the Three arena last year generated receipts of €12m with over 215,000 attending Aiken events at the former O2.

The 168,000 jump in the numbers attending Aiken Promotions (Ireland) events from the 352,196 in 2012 resulted in the firm being ranked just outside the top 30 promoters in the world.

Irish Independent

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