Brexit has certainly had an impact on the fair. The number of international applications has fallen 58% since 2018. Jewellers in particular have been affected by the UK government’s abolition of VAT refunds for international customers in 2020.
In addition, transport and build costs, impacting fair organisers and their exhibitors have risen sharply in the last two years and are expected to increase further in 2023.
The decision to cancel the 2023 edition more than six months ahead of the event has been taken this early to minimise any impact. Masterpiece will be immediately repaying in full any deposits taken for the 2023 edition. Similarly all contractual obligations with suppliers will be honoured.
The brand and event itself continue to have a strong following with over 40,000 visitors attending in 2022. We’re actively considering future options for the Masterpiece brand and will share further information in due course.
MCH Group is keen to retain the Masterpiece employees; conversations are ongoing.