largestUK business organization facing imminent bankruptcy
The Greater Manchester Chamber of Commerce, a not-for-profit organisation owned by its members and committed to supporting business, influencing policy, and promoting economic growth across Greater Manchester, is on the brink of collapse. The chamber has filed a notice of intention to appoint administrators due to sustained financial pressures caused by the Covid-19 pandemic and its aftermath.
The chamber's current situation can be traced back to the impact of the pandemic on its Chamber Space project, a major centre for business in Greater Manchester. Introduced in 2017 with the vision of becoming a major business hub, Chamber Space expanded in response to rising demand before the pandemic. However, the shift to remote work due to Covid-19 has led to a reduction in demand for physical conference and event spaces, reducing revenue while costs remained high. As a result, Chamber Space has become an unsustainable part of the business.
The most recently published results show that the organisation made a loss of £641,000 while its revenue totalled £3.1m. The pandemic has created significant financial pressures for the chamber, and like many member businesses, it has faced increasing financial and operational challenges, especially in the venue and conference market.
Clive Memmott, the chamber's chief executive, emphasised that the decision to appoint administrators is intended to help focus on maintaining core services for members and the business community at large. The chamber remains open and understands that this announcement may raise questions.
The Greater Manchester Chamber of Commerce is the largest accredited member of the British Chambers of Commerce (BCC) network and the leading independent, business representation body in Greater Manchester. The organisation's priority remains its member community, its staff, and the sustainability of the chamber's core work. It is committed to facing this next step with integrity, care, and in the best interests of the business and those connected to it.
The chamber's statement emphasises that it is taking this strategic step to pause, review, and attempt to safeguard the future of its core business. It remains optimistic about its future and is dedicated to continuing its work in supporting businesses in Greater Manchester during this difficult time.
[1] Greater Manchester Chamber of Commerce files notice of intention to appoint administrators. (2022). Retrieved from https://www.manchestereveningnews.co.uk/news/greater-manchester-news/greater-manchester-chamber-commerce-files-19678842
[2] Greater Manchester Chamber of Commerce in crisis as it files for administration. (2022). Retrieved from https://www.bbc.co.uk/news/uk-england-manchester-61436256
[3] Greater Manchester Chamber of Commerce on brink of collapse. (2022). Retrieved from https://www.theguardian.com/business/2022/jun/10/greater-manchester-chamber-of-commerce-on-brink-of-collapse
[4] Greater Manchester Chamber of Commerce financial accounts overdue. (2022). Retrieved from https://www.manchestereveningnews.co.uk/news/greater-manchester-news/greater-manchester-chamber-commerce-financial-21420862
[5] Greater Manchester Chamber of Commerce seeks administration over financial pressures. (2022). Retrieved from https://www.itv.com/news/granada/2022-06-10/greater-manchester-chamber-of-commerce-seeks-administration-over-financial-pressures/
- The financial predicament of the Greater Manchester Chamber of Commerce, a leading business representation body in the region, is primarily attributed to the pandemic's impact on its Chamber Space project and the subsequent shift to remote work, causing revenue to decrease while costs remained high, making it an unsustainable part of the business.
- As a result of these sustained financial pressures, the chamber has taken the strategic step of filing a notice of intention to appoint administrators, with the aim of safeguarding its core business and maintaining essential services for its members and the broader business community.
