ICC Wales has secured a funding package from NatWest and its shareholders, Business News Wales has reported.
The 26,000sqm venue, located in Newport, opened in September 2019 with the UK Space Conference, but was forced to close along with everything else in March 2020 as the UK entered lockdown. The undisclosed seven-figure funding package has been provided by NatWest and joint shareholders Celtic Manor and the Welsh Government.
Mark Colcomb, vice-president, finance and support at ICC Wales, told the website that 2020 had been a “devastating time” for the entire meetings industry.
“ICC Wales has now been closed longer than it was open,” he said. “Although a return to business is still not yet on the horizon, we are delighted to have this financial support that puts us in a stronger position to reopen when the time comes.
“We have been busy working with Welsh Government and industry bodies to set the standards for reopening in the safest way possible, and we have also been working constantly with our clients to reschedule events for future dates.”
Talking to Business News Wales, Stuart Allison, natwest relationship director, acknowledged how hard the events industry has been hit. “Covid has created unprecedented economic challenges to many businesses, none more so than those in the hospitality and events sectors,” he said. “ICC Wales’ brief yet successful opening ahead of lockdown proved what an exceptional, world-class facility we have here in South Wales.
“Having funded the initial development, we have crafted a package designed to support the business through this unprecedented period. I’m sure I speak for everyone when I say we cannot wait for some sort of normality to return and ICC Wales to be allowed to reopen its doors.”
The Conservative Party confirmed in August it will host its 2021 Spring conference in March at the venue, although that will now be in doubt. The conference would, if it went ahead, host more than 8,000 people and bring more than £20m of economic value to the Newport venue.
In July, Celtic Manor and ICC Wales were forced to make 450 redundancies.
