Aviva buys naming rights for Manchester’s £210m Factory
A multi-million-pound investment from the insurance, wealth, and retirement company has given the cultural venue a new identity.
Though Aviva Studios will be Factory’s name, organisation Factory International will still call the venue home and operate its extensive cultural programme when doors open in October – a few months after Manchester International Festival attendees preview the space later this month.
“Aviva is thrilled to be backing this new, world-class arts building in Manchester,” said Amanda Blanc, group chief executive officer of Aviva.
Blanc added later: “The new Aviva Studios will help make arts and culture more accessible and inclusive and follows the significant investment Aviva Investors has already made in Manchester, such as the development of Enterprise City.”
In 2018, the firm invested £300m in Allied London’s mixed-use project.
Aviva’s multi-year investment in Factory International also includes support for an affordable ticket strategy, which will see £10 tickets available for those who need them. This programme will be known as ‘Aviva £10 Tickets’.
Designed by OMA, the £210m cultural venue has been plagued by delays and cost increases since plans for the development were first approved in 2017.
The final budget for the 143,000 sq ft arts and culture venue has risen to £210.8m. This is £100m more than the original budget.
Elliot Willis, chief executive of WEEM Group, negotiated the naming deal with Aviva on behalf of Manchester City Council and Factory International. The naming rights deal, valued at an estimated £25m, will see Manchester City Council recoup some of the £86m it has invested in the project.
The naming rights income will be split 70/30 between the city council and Factory International. The authority set a minimum fundraising target of £24m for the deal last year, according to a report to its scrutiny committee.
Aviva Studios, which is being built by Laing O’Rourke, has also benefitted from more than £100m from the government.
Factory International predicts that Aviva Studios will add £1.1bn to the Manchester economy as it supports up to 1,500 direct and indirect jobs.
Anything that can bring some financial security to what has so far been mismanaged must be a good thing.
By Anonymous
I think its a bit tacky but if it saves money then so be it. My reservation is the building itself looks a bit plain..unlike like The Lowry
By Christopher
Is this name a joke? Bizarre
By Anonymous
Well this turned out to look nothing like the visuals. Looks awful.
By Yeb
how tacky…
By Anonymous
The Council and Laing O’Rourke have a lot to answer for. That’s a lot of taxpayer’s money for it to cost an overall £210M for such an inspiring building.
Plus naming it Aviva simply washes the iconic name of Factory straight down the drain.
By Anon
Another disaster
By Dan
That doesn’t appear to be much for £210 million
By Anonymous
200 million for that?
By Anonymous
Really good news makes great commercial sense, some of the comments reflect the snobbery often associated with art projects in this country.
By Anonymous
That should read “uninspiring building”
By Anon
This leaves me cold so far. Hoping the programme and performances to come will change my mind but as a building to set the City aglow it’s not doing it for me.
By Stephen Gleave
May as well put Sports Direct on the roof in giant print. *face-palm*
By Anonymous
Tacky signs on the way then?
By Elephant
If it has to be sponsored by Aviva, couldn’t they have at least named it Aviva Factory?
By Mikko
It looks gorgeous
By Anonymous
This is a insult to the memory of Tony Wilson who was a visionary in terms architecture and design that associated Factory.This shameful council would not have anybody wanting to live in city council if it was not fir the music and nightlife culture that Tony Wilson promoted in the city and made young people want to come and study here
By Fred Meyer
For something with lots of sides, it feels very flat.
By SW
@Fred Meyer, Tony Wilson already has a building named after him at First St. Would be confusing for him to have multiple buildings around the city named after him.
By Norwich Union
Why is it that naming of arenas (AO, Co-op) football stadiums (Etihad) cricket stadiums (Emirates Old Trafford ) and concert venues (O2 Appolo) is acceptable yet God forbid that an arts complex should bring in millions from sponsorship. Art snobby is alive and kicking on the pages of PNW.
By Monty