A Game of Thrones studio tour has blamed legacy construction overspends and lower-than-expected visitor numbers after it recorded a £17m loss in its most recent accounts.
The award-winning attraction in Banbridge is based in what was once a bustling linen mill factory, which inspired the company’s name – Linen Mill Studios.
The company’s latest accounts reveal it recorded an operating loss of £7m in 2023. Additionally, a revision of the historic valuation of its assets to more accurately reflect visitor numbers brought the overall book loss to £17m.
Accounts for the year ending September 30, 2023, indicated that the majority of the asset revaluation and financial performance related to legacy construction overspend and early mandatory stakeholder costs.
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The losses come despite a 35% increase in visitor numbers in 2024 so far, following a year-on-year increase of over 30% the previous year.
That growth follows a restructuring of the business and its management team, as well as a £5m investment by US private investor Stephens GOT LLC.
The site became a filming host for Game of Thrones in 2011 after the linen industry moved offshore.
Its studio tour – the world’s only official Game of Thrones studio tour – opened in February 2022.
Chair Andrew Webb said the site was on track to attract around 400,000 customers per year.
“Reviews continue to indicate that visitors from around the globe view the Game of Thrones Studio Tour as a world-class attraction, and with a refreshed team and marketing plan in place, we remain ambitious for the future,” he said.
The attraction has recorded losses of £17m in its most recent accounts
“The owners and investors in Game of Thrones Studio Tour are committed to its future as an iconic tourist attraction for both Northern Ireland and the wider island.
“There is confidence in its broad appeal as a showcase for the wide-ranging skills that are at the fore of NI’s screen industry and as a celebration of the most successful TV show of all time.”
A spokesperson for investor Stephens GOT LLC said the studio tour was a “unique offering”.
“We remain committed to ensuring that this internationally acclaimed attraction reaches its true potential as an integral part of Northern Ireland and Ireland’s tourism offering,” they said.
“The growing numbers of visitors and positive reviews are highly encouraging.”
The attraction has previously received endorsements from series author George RR Martin and showrunner DB Weiss, who have visited Banbridge in recent months.
Two of the show’s actors – Miguel Cabrerizo and Marzenka Kochanowska – even got married at the location last year after getting engaged while filming series eight.
The groom played the role of an unsullied soldier, while Marzenka took on several roles during the series including a wight, a wilding and a King’s Landing citizen.
After the series wrapped up, the couple decided to become guides at the studio tour.