Where did it all go wrong for Pride?

SPECIAL INVESTIGATION INTO FINANCES IN TIME LEADING UP TO ITS VOLUNTARY LIQUIDATION

- By ADAM MAIDMENT

GOING into the start of the year, it appeared the writing was already on the wall for the Board of Trustees at the company behind Manchester Pride.

They knew that the future hinged on the success of the 2025 event, and on how an ambitious bid for EuroPride 2028 would play out.

Documents seen by the Manchester Evening News have outlined how Manchester Pride Limited (MPL) was already facing 'challenging circumstances with persistent issues' following a difficult few years post Covid pandemic.

The company was initially set up in 2003 and registered as a charity in 2007, alongside its subsidiary Manchester Pride Events Limited which was founded in 2007.

Barring a few shortfalls in previous years, which were rectified by the charity's reserves and 'subsequent surpluses,' it is understood the event had managed to mostly prove financially successful between 2007 and 2019 - the year Ariana Grande headlined.

But then, in 2020, the pandemic hit. The Manchester Pride Ltd charity said this resulted in 'significant disruption' to its events, including the cancellation of the annual festival held over the August Bank Holiday weekend.

In 2020, MPL reported a fall in revenue of around £3.2m and a loss of £481,000.

The impact of the pandemic saw the bulk of the charity's reserves dry up and a surplus made with the event's return in 2021 failed to claw back its pot. A year later, the charity reported a downturn in revenue with profit after tax of £113,000 a £287,000 reduction from its £300,000 profit after tax in 2021.

The losses continued and by 2023, the charity had incurred losses after tax of £467,000. This also saw the charity have a negative reserve position for the first time in 'several years'.

Whilst 2024's losses are not due to be published until the end of the year, it's estimated the charity could have lost around £318,000.