Barts Heritage – revised long term Business Plan post Pandemic

ASSIGNMENT

The Trustees of Barts Heritage approached GFG to re-write and update their Business Plan as they wanted to reflect the changing market post the Covid pandemic. With plans to re-open the venue in 2025, they also sought our support to ensure a successful NHLF grant application of £4.7m.

Following the celebrations of Barts Hospital 900th anniversary in 2023, this grant would then enable them to undertake an extensive eighteen-month CapEx and refurbishment programme on the venue. As a result our Consultants were asked to review the current business model operated by Barts Health NHS Trust alongside re-evaluate the changing market and future demand for both internal and commercial events.

The key objectives amongst many were to assess Barts Heritage immediate competition, evaluate future demand for the Hospital’s and associated medical charities events, whilst also remaining open to the public as a museum.

OUTPUT AND RESULTS

During this four month review our Consultants approached this assignment with a mix of research, analysis and consultation with both internal and external stakeholders. This included approaching a number of leading London Caterers and with insight we outlined the following recommendations to the Trustees: –

• Revised pricing model – it became apparent that due to ‘internal demand’, venue hire fees had fallen significantly behind Barts Heritage immediate competitors, in particular Livery Halls.

• Food and Beverage service – as compared to the Hospital taking complete operational control for the delivery of all events we outlined the benefits of appointing a sole Caterer and preferred suppliers, which included a favourable overriding commission structure.

• Structured Sales and Marketing plan – appreciating the venue had never been actively marketed, outlined a clear and measurable plan focussing on key sales channels, led by the appointment of Sales and Marketing Manager.

• Commercial and profitable events – with less than 15% of current events generating venue hire income we outlined a long-term plan to increase a diverse range of celebratory, corporate and hospital led events to deliver a sustainable and profitable enterprise.

• Space utilisation – despite the historical constraints of the heritage building we outlined alternative thinking to the current kitchen design layout and storage space, which would improve the operational efficiencies and increase the volume of annual events.

In conclusion the future business model needed to charge clients commercial venue hire fees alongside a sensible menu pricing structure that would deliver a sustainable and profitable business to 2030 and beyond.