Bristol Beacon profits to go to council following revamp

More than a million hours of work have been put into the refurbishment

A charity running a concert venue is set to hand over some of its profits to the city to make up for the £84m of taxpayers' cash invested in the revamp.

The Bristol Music Trust (BMT) running the Bristol Beacon has made the deal with Bristol City Council.

It is part of renegotiations over the charity's 30-year lease of the council-owned Bristol Beacon, which is set to re-open on 30 November.

Talks are continuing over the finer details of the agreement.

Arts Council England (ACE) has welcomed the deal, after it raised concerns six months ago about potential changes in finance arrangements, including the council's decision to withdraw all funding to the trust.

The venue will reopen on 30 November and part of the profits will go to Bristol City Council

ACE South West area director Phil Gibby, said: "The reopening of Bristol Beacon will be a landmark moment for Bristol's cultural scene.

"It's a project of local, regional and national significance, and we're proud to have invested £22m into it.

"The Beacon will deliver notable economic, social and cultural benefits to the city for generations to come, and we very much look forward to its reopening."

The city council said it had reached agreement in principle with BMT.

Costs spiralled

"They will be granted a 30-year conditional lease to run the Bristol Beacon on behalf of the city," a spokesperson said.

"The detailed agreements are being finalised and further details will be provided when that is complete."

The Beacon's original revamp costs of £48m rose several times because of unforeseen issues with the fabric of the Victorian building.

The final bill for the work reached £132m after the problems, including hollow pillars that were supposed to support roofs and an unknown Elizabethan well shafts, were discovered.

The bill included the £84m from the city council, instead of its initial £10m commitment, with other funders including the Heritage Lottery Fund and the West of England Combined Authority.