To fund a detailed business study investigating the capital redevelopment of the showground.
ABOUT THE PROJECT
The Rural Renaissance Partnership awarded an investment to the Royal Bath & West of England Society to review the business case for the further development of the Showground, near Shepton Mallet. As a charity, the Society has a clear objective of encouraging skill and industry in agriculture and all allied trades, crafts and professions connected with the rural economy. The redevelopment of the Showground will enable them to further achieve this mission, and produce potentially substantial economic and other benefits to the Shepton Mallet area and the wider regional economy.
The Business Study was carried out by independent consultants KPMG and was completed in early 2007. To develop the business case, KPMG undertook a review of market potential of each element of the proposed redevelopment scheme, the further definition of the concept, an appraisal of the ‘strategic case’ – how well the project aligns with the objectives and priorities of relevant public sector bodies, an assessment of capital costs and possible sources of funding, and a risk assessment.
The plans include: scope for new exhibition facilities which will enhance further the Showground’s position as a leading regional and national exhibition venue; a potential new business village that will provide a regional focal point for rurally based businesses to ‘cluster’ and operate from. Other elements to be reviewed included the potential for a new hotel on the site. KPMG worked closely with a Steering Group comprising the Society, South West Regional Development Agency, Mendip District Council, and Somerset County Council in order to complete the study.