Octagon Theatre regeneration plan thrown lifeline by council

The Octagon Theatre has been closed since May

A paused £30m theatre regeneration project has been thrown a potential lifeline by the town council.

The redevelopment of the Octagon Theatre in Yeovil was put on hold by Somerset Council at the start of October due to rising costs.

But at a council meeting on Tuesday, Yeovil Town councillors voted in principle to financially support the project.

Councillor Graham Oakes said: "This is a once-in-a-lifetime opportunity."

The theatre was closed in May ahead of the planned redevelopment, which involved expanding the auditorium from 622 to 900 seats.

The original business case included £10m of funding from Department for Culture, Media and Sport and the plan was based on the council borrowing £16.3m from the Public Works Loan Board at 1.5% interest.

However, Somerset Council was told current interest rates of 5.6% would take annual interest repayments from £245,000 to more than £1m a year, for the first few years.

A council meeting was held on Tuesday to discuss options

Yeovil Town Council has now offered a potential way forward, voting in principle to financially support the project and work in close partnership with the unitary authority going forward.

Mr Oakes argued the regeneration of the 49-year-old theatre would have wide-reaching benefits.

He said: "The new theatre would attract a wider range of acts and companies, putting on shows which currently require a trip to Bristol or Southampton.

"If you can put on the big shows, you can afford to put on the local shows - you need one to keep the other going."

The Local Democracy Reporting Service said some were critical of the plans, believing the theatre should reopen in its current form to prevent further borrowing.

The planned redevelopment would involve expanding the auditorium from 622 to 900 seats

Councillor Tareth Casey said: "There are a lack of tangible benefits to Yeovil in the business case and nothing to justify the level of debt.

"Many families are already priced out from attending the theatre.

"This is not a viable investment opportunity - the business case does not stack up."

Manager of the Octagon, Adam Burgan, asked the public to be patient with his team while the scope of the project and the finances were reassessed.

He said: "I know the figures are scary, but we're working very hard looking for opportunities and ensuring we provide you with value for money."