City arts venue in 'serious financial difficulty'

Quad bosses said they were looking for a way to make the venue sustainable

A Derby arts venue has said it is working to secure its future after admitting it remains in serious financial difficulty.

Quad, which has a cinema and exhibition space in Market Place, said it had been struggling with falling audience numbers, since the Covid 19 pandemic, and rising costs.

In a statement, on Monday, venue bosses said Quad, a registered charity, would remain open while it considered its next steps.

However they said the venue's income was too low and costs were challenging.

They warned the situation had continued to deteriorate beyond previous forecasts.

"Following a number of recent board meetings to discuss the continuing challenges, it has become clear that the charity remains in serious financial difficulty," the statement said.

"This is despite the incredible efforts of our staff, partners, sponsors and volunteers.

"The direct impact of Covid-19 and the reduced audience numbers returning post-pandemic, along with the continued impact of the cost-of-living crisis have all contributed to the position Quad and other cultural venues nationwide find themselves in.

"With the support of Derby City Council, Arts Council England, the British Film Institute, and other stakeholders, we are reviewing how the charity can move forwards in a sustainable way.

"We are doing that transparently, and in consultation with, our people."

'Difficult time'

The city council previously offered Quad an emergency loan of £150,000 which it said was due to be repaid in full by 2027.

The council said it had received payments against the outstanding sum already.

Council leader Nadine Peatfield said: "Derby City Council is concerned about the financial challenges currently facing Quad.

"This is a difficult time for all of our cultural partners, which is reflected nationally as the sector rebuilds audiences post Covid-19, in the face of rising costs.

“We’re continuing to work with Quad to help them find a way to become sustainable, as well as working with Arts Council England and other cultural bodies to support the sector where possible.”

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