Underbelly

What Underbelly does

Underbelly is a UK-based live entertainment company founded in 2000 by Ed Bartlam and Charlie Wood at the Edinburgh Festival Fringe, where it remains one of the largest operators, producing 200+ shows across 22 venues and selling 460,000+ tickets in a typical festival season. The company operates across three core verticals: festivals (Edinburgh Fringe, Edinburgh's Christmas since 2013, Edinburgh's Hogmanay since 2017, Underbelly Festival London Southbank, Udderbelly Festival Hong Kong), live shows and West End productions (Cabaret at the Kit Kat Club with 11 Olivier nominations, Five Guys Named Moe), and venue operations including its first permanent venue Underbelly Boulevard in Soho opened in 2023. Its business model spans direct-to-consumer ticket sales (£12-£25 per ticket), recurring government contracts with the City of Edinburgh Council and Westminster City Council, corporate event hire, bar and food services (including the Cafe Kitty restaurant in partnership with Kitty Fishers Group), and integrated production services for large-scale public events. The company employs 251-500 permanent staff supplemented by 600+ festival staff annually and 800+ seasonal staff for Edinburgh's Christmas, with offices in London, Edinburgh, and Hong Kong. Revenue is not publicly disclosed, though annual ticket volume exceeds 1.7 million across managed sites and total visitor throughput reaches 5 million.

Name

Underbelly

Legal name

Underbelly Limited

Website

https://underbelly.co.uk

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

251–500 employees

Short description

Underbelly is a UK live entertainment company founded in 2000 that produces festivals, West End shows, and operates venues across Edinburgh, London, and Hong Kong, serving consumers, local councils, and event partners.

Ownership category

akta.pro rank

Product category

Live Entertainment Production

NAICS

Promoters of Performing Arts, Sports, and Similar Events with Facilities (71131), Performing Arts Companies (7111), Promoters of Performing Arts, Sports, and Similar Events without Facilities (71132)

SIC

Services-Amusement & Recreation Services (7900)

akta.pro primary industry

Festival & Event Producers/Organizers (MPAIAFAC)

akta.pro secondary industries

Event Operations & Venue Services (Box Office, FOH/BOH, Concessions) (MPAIAFAL), Concert Venue Operators (Arenas, Amphitheaters, Clubs) (MPAGAAAC), Nightclub & Small Live Venue Operations (Clubs, Bars with Stages) (MPAGALAF), Touring & Production Services (Staging, Lighting, Sound, Video) (MPAIAFAF), Temporary Structures (Truss Roofs, Tents, Barricades) (MPAGAKAK)

Keywords

• Live entertainment production
• Festival production services
• Event venue operations
• Theatre show production
• Food and beverage services

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Supply Chain, Infrastructure

Revenue model

1. Ticket Sales: Primary revenue from selling tickets to festivals (Edinburgh Fringe, Edinburgh's Christmas, Edinburgh's Hogmanay), live shows, and events across multiple venues including their own venues and partner locations
2. Bar & Food Services: Experienced team supplying bars and food at festivals and events, including Underbelly's own venues like Underbelly Boulevard with Cafe Kitty restaurant
3. Venue Operations: Operation of permanent venue Underbelly Boulevard in Soho, London, and pop-up venues at festivals with fully integrated production services
4. Production Services: Fully integrated event production service for major public events including technical event production, design, and execution

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Underbelly produces and operates live entertainment festivals, ticketed shows and cultural events across London, Edinburgh and Hong Kong. The company delivers fully integrated event production services spanning technical production, marketing, ticketing, press, operations, programming and venue management, including contracted public event productions for city councils and brand partners.

Differentiator

Problem solved

Functional benefit

Brands

• Underbelly Boulevard: Permanent venue in the heart of Soho, London, hosting world-class entertainment
• Underbelly Festival
• Edinburgh's Christmas
• Edinburgh's Hogmanay
• Udderbelly Festival Hong Kong

Products and services

• Edinburgh's Christmas Multi-week Christmas festival produced for the City of Edinburgh Council featuring Christmas markets, attractions, rides, ice, and light experiences across multiple Edinburgh city-centre sites; targeted at domestic and international visitors during the festive season.
• Edinburgh's Hogmanay World-famous New Year celebration produced for City of Edinburgh Council, including Torchlight Procession, Street Party, and other Hogmanay events drawing international audiences from dozens of countries.
• Edinburgh Festival Fringe Shows One of the largest operations at Edinburgh Festival Fringe, programming more than 200 shows annually across 22 venues over 25 days and selling more than 460,000 tickets (2019 reference). Targeted at festival audiences seeking theatre, comedy, cabaret, circus, and family shows.
• Underbelly Festival London London's original pop-up festival featuring circus, cabaret, comedy and family entertainment staged on the South Bank and at other pop-up London sites.
• Udderbelly Festival Hong Kong International festival on Hong Kong's waterfront featuring shows from Edinburgh Fringe and the UK alongside local Hong Kong talent in circus, dance, music, comedy and cabaret.
• Underbelly Boulevard Venue Underbelly's first permanent venue in the heart of Soho, London, hosting world-class entertainment programming year-round together with on-site bar and food partner Cafe Kitty.
• Sophie's Surprise 29th Five-star, critically acclaimed circus party show produced by Underbelly and Three Legged Race Productions, featuring international circus performers; staged at Underbelly Boulevard in Soho, London.
• Cabaret at the Kit Kat Club Major West End production of Cabaret at the Playhouse Theatre (Kit Kat Club) starring Eddie Redmayne and Jessie Buckley, directed by Rebecca Frecknall and designed by Tom Scutt; received 11 Olivier Award nominations in 2022.
• Five Guys Named Moe Olivier-nominated West End and Broadway musical revival produced by Underbelly in association with Cameron Mackintosh at the purpose-built Marble Arch Theatre in London, running for 30 weeks.
• Event Production Services Fully integrated event production service covering technical production, design, and execution for major public events such as West End Live in Trafalgar Square (for Westminster City Council and Society of London Theatre); targeted at city councils, sponsors, brands and cultural-sector clients needing turnkey delivery.
• Bar & Food Services Experienced in-house team supplying bars and food at Underbelly's festivals and venues, including Cafe Kitty restaurant at Underbelly Boulevard in partnership with Kitty Fisher's Group.
• StreetEat Outdoor food and drink pop-up series across London featuring independent street food traders, open-air bars, and free live entertainment, including sites at South Bank and Wimbledon Park.

Quantifiable outcome

• Over 1.7 million tickets sold annually across all events
• +2 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eleven partnerships are on record, tiered core and minor.

• Johnnie WalkercoreGTM or Marketing Partner · 31 December 2019Johnnie Walker returned as sponsor of Edinburgh's Hogmanay Street Party. Each ticket holder over 18 received a welcome Johnnie Walker Premix Highball Cocktail. Johnnie Walker Bothy Bar on the Mound serving Johnnie Walker Hot Apple Toddy at Edinburgh's Christmas.
• VisitScotlandcoreStrategic or Co-development Partner · 31 December 2019VisitScotland partnered on Torchlight Procession as part of Edinburgh's Hogmanay celebrations, providing EventScotland's International Events Programme support
• City of Edinburgh CouncilcoreStrategic or Co-development Partner · 31 December 2019Underbelly has produced Edinburgh's Christmas on behalf of City of Edinburgh Council since 2013, and Edinburgh's Hogmanay since 2017. Major multi-year contractual relationship.
• Scottish GovernmentcoreStrategic or Co-development Partner · 31 December 2019Partner through PLACE fund and Edinburgh Festivals EXPO Fund for Edinburgh's Hogmanay and Hogmanay programming
• Creative ScotlandcoreStrategic or Co-development Partner · 31 December 2019Funding partner through Scottish Government's Edinburgh Festivals EXPO Fund for Hogmanay programming
• OneCity TrustminorOthers · 31 December 2019Official charity partner of Edinburgh's Christmas. 50p from each Torchlight Procession ticket donated. Raised nearly £30,000 from Edinburgh's Christmas and Hogmanay events. Edinburgh's Christmas official social inclusion charity partner.
• The Trussell TrustminorOthers · 15 November 2019Food bank donation partner for Edinburgh's Christmas. Donation point located at Christmas Market. 6,000 free tickets donated to Trussell Trust food banks.
• Three Legged Race ProductionscoreStrategic or Co-development PartnerCo-producers of Sophie's Surprise 29th show transferred from Edinburgh Fringe to Underbelly Boulevard. Three Legged Race Productions comprises cast members Katharine Arnold, Nathan Price and Isis Clegg-Vinell.
• Kitty Fishers GroupcoreChannel Partner/ Reseller/ DistributorCafe Kitty restaurant partner at Underbelly Boulevard, providing food and cocktails for venue guests including Sophie's Surprise 29th performances
• Westminster City CouncilcoreStrategic or Co-development PartnerUnderbelly produces West End Live in Trafalgar Square for Westminster City Council and Society of London Theatre
• Forest CarbonminorStrategic or Co-development PartnerEnvironmental partnership for Edinburgh's Hogmanay 2019 - first Edinburgh Festival to invite audiences to carbon offset their journey. Donations used to create new woodlands in Scotland.

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• AEG Presents: Global live entertainment promoter and venue operator with significant UK presence (including BST Hyde Park); comparable to Underbelly as a promoter-plus-venue operator, though materially larger and broader in scope.
• Live Nation UK: UK arm of the global Live Nation live entertainment group; competes with Underbelly across concert promotion and festival operation but at vastly greater scale and as part of a worldwide portfolio rather than a specialist festival brand.
• Ambassador Theatre Group (ATG): Major UK theatre and venue operator running West End and regional venues; comparable to Underbelly Boulevard as a venue operator with integrated ticketing, F&B and productions such as Cabaret-adjacent West End content.

Direct peers

• Festival Republic: UK festival promoter and producer behind Reading, Leeds, Wireless and Latitude; directly comparable to Underbelly as a UK-headquartered festival producer operating multi-stage outdoor events with integrated production and ticketing.
• DHP Family: UK independent promoter and venue operator running Rock City, Rescue Rooms and festivals; comparable to Underbelly as an integrated promoter-plus-venue operator with a mix of owned venues and festival production.
• Kilimanjaro Live: UK independent concert and festival promoter (Download, Bloodstock, Rockstar); comparable to Underbelly as a UK-based mid-sized live events producer competing for talent, venues and sponsors in the festival market.
• Cuffe & Taylor: UK outdoor concert and events promoter (Heritage Live series, Tottenham Hotspur Stadium shows); comparable to Underbelly as a UK live entertainment producer focused on large-scale outdoor events and public-sector contracts.
• Gilded Balloon: Edinburgh Fringe venue operator and comedy/entertainment producer; a direct Fringe competitor to Underbelly for performers, audiences and physical venues at the world's largest arts festival.
• Assembly Festival: Major Edinburgh Festival Fringe venue operator and programme producer; directly competes with Underbelly at the Fringe on venue space, shows and audience share in the same 25-day August window.

Emerging players

• IMG Artists: Global performing arts management and festival producer; comparable to Underbelly on the artist-representation and festival production side, particularly around classical, circus and crossover live programming.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/underbellyfest
• Instagraminstagram.com/underbellyfest
• LinkedInlinkedin.com/company/underbelly-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Underbelly