emind us of how etc . venues kept true to the 601 Lexington Avenue project in New York to bring it online last June . How did Covid affect the investment and timescale ? The short answer is Covid did not affect the investment or timescale for 601 Lexington Avenue . In fact , during the pandemic , we successfully completed two projects , one on either side of the Atlantic , opening 601 Lexington and extending 133 Houndsditch in London . We worked around restrictions to complete both projects on time and on budget .

It ’ s been very helpful having supportive investors and we took advantage of the Coronavirus Business Interruption Loan Scheme ( CBILS ) in the UK . Business rates relief also helped as did the UK furlough scheme .

With 601 Lexington , we secured a client who needed the space for a year . They took over the meeting and conference rooms immediately after we completed the refurbishment in June 2020 . We then secured a key client for a Graduate induction programme from June 2021 to September 2021 . The result is we have had more time to secure business from the open market and our projections remain positive .

The speed of recovery has alternated between the UK and US a few times over the course of 2021 . Initially , New York removed restrictions faster and began to return to normal early May / June but the recovery stalled late August . Whereas , the UK roadmap saw an initial delay in June and has since

returned , steadily .

Overall , we ’ re pleased with how we ’ ve overcome these challenges . Our sector was one of the worst affected , but we have worked hard as a team to come through strongly . We are fortunate to have supportive partners ( investors , banks , landlords ) so that puts us in a great position to rebound harder , faster and stronger than our competitors .

We see the change in the way people are using space , including corporates choosing to use outsourced space rather than having to retain in-house meeting facilities as a huge opportunity for our business and we ’ re already looking at future projects .

What lessons has etc . venues drawn from the pandemic ? The brand ’ s development strategy – to become the global leader in the urban non-residential conference and events market – has not changed . We invested in people and resources and we ’ re fully-equipped with leading tech to cater for every type of event – virtual , hybrid and , of course , in-person . We were fully ready for the recovery to start in whatever form it took . As a result , we ’ ve gained brand recognition on both sides of the pond . However , there is more to do . The next phase will see us return to our expansion plans .

Many larger companies in the events industry have found out the importance of cash during these difficult times . How has etc . venues managed to navigate these financial waters ?

Above : etc . venues

COO Nick Hoare

We focused on three things ( in no particular order ): 1 ) Buying time ( preserving cash ), 2 ) Protecting jobs and 3 ) Protecting the company culture . While this has by no means been easy , we are in a very solid position to bounce back , with good cash reserves and it ’ s great to see the activity levels picking up again ; and we still have our great core team . A lot of our competitors reduced their teams considerably .

We had good cash reserves built up in 2019 . We are always assessing M & A and new venue opportunities but we will focus on quality rather than purely price .

How do you see the future of the business over the short and long term ? Our ambition has not changed . We planned to double the size of the business within 3-5 years . Covid delayed this , but once the pandemic is over , we will pick up from where we left off in both the UK and US . A significant part of our plan is to grow the business in the US to be a similar size to the 2019 UK business within the 3 – 5 year timeframe . The trajectory of growth will be higher in the US than UK - as we currently have a smaller US footprint in a much larger market .