Exclusive:Underbelly vows business back on track after most successful Edinburgh Festival Fringe since Covid

Underbelly has vowed its business is back on track after its most successful year at the Edinburgh Festival Fringe since Covid - as accounts show directors made personal investments into the business last year.

The latest set of accounts for the Fringe venue group, filed with Companies House, showed directors, believed to be Underbelly founders Ed Bartlam and Charlie Wood, had made “significant” investment in the business, alongside a third party investor, during the 12 months to March 2024.

The company said turnover had risen by a third over the year, while gross profit rose by 150 per cent to £3.8 million. However, it said this year’s Fringe saw revenues return almost to 2019 levels - before the event was hit by the pandemic.

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A spokesperson for Underbelly said: “Following the aftermath of Covid and its impact on live events in the UK, yes, as per the statement in our accounts ending 31 March 2024, and as the business builds back, Underbelly has taken subsequent investment from directors and new shareholders to provide a solid foundation for long-term growth.”

Ed Bartlam and Charlie Wood, Underbelly directors. | Underbelly

The accounts also showed a widening in the amount owed to creditors, to £7.7m. However, Underbelly said the majority of the increase related to deferred income for work due to be completed after the year end - money received by a business for goods or services that have not yet been delivered or completed.

The spokesman said: “We produce shows and events across the UK, and in the 2024 year, we saw a really strong response, with turnover up from 2023 by 33 per cent to in excess of £20 million, and an increase in gross profit of 150 per cent to £3.8 million, and a net profit of £700,000. These filed accounts relate to the 2024 year and, falling across our year activities as they do, allow for deferred income into 2025.”

The accounts showed a subsidiary of the company, Hong Kong-registered Underbelly Asia, owed £527,729 to Underbelly. The statement attached to the account said the firm hoped to re-start operations on the continent this year to allow it to repay the loan. However, that has not yet been able to take place.

Underbelly also operates events in London, including a Christmas ice rink in Leicester Square.

The spokesman said he hoped operations in Asia, which last saw cabaret show La Clique performed in Singapore in 2021, would soon restart, as well as events in the US.

He said: “Looking to outside the UK, before Covid we were producing in Asia - most particularly with Udderbelly, the purple cow theatre, and we hope that we will shortly be returning to Asia, and also the US, with plans to be announced.

“Looking forward to 2025 and 2026 in the UK, the appetite for what we produce has continued to grow, and we recently had the highest number of audiences at the Edinburgh Fringe since 2019, with revenue nearly back to 2019 levels.”

A statement in the accounts said: “With the company's current financial position, the directors continue to adopt the going concern basis due to significant financial investment post year end from both the directors and related parties, and external investors.

“The directors are positive about the future of the business due to the company's core event program delivering strong results in full year [FY] 2025 and into FY 2026.”