Edinburgh's King's Theatre in 'last chance saloon'
- Published
The King's Theatre redevelopment project has already secured £26m
The King's Theatre in Edinburgh has announced it has 30 days to secure funding or risk closing its doors.
Inflation and changing trade agreements have been cited as the reasons for a funding gap of £8.9m for its redevelopment.
It comes after Edinburgh City Council lost its bid to the UK government's Levelling Up fund.
Capital Theatres, the charity which runs the King's Theatre, has already raised £26m for the project.
It must find the remaining £8.9m in the next 30 days, "in time to sign over the building to the contractors, stay on track with the project and avoid spiralling costs".
Capital Theatres said if the money was not found, it could not continue with the redevelopment and would have to hand the keys back to the council, which owns the building.
It said it was now working with the Scottish government, City of Edinburgh Council and the UK government to find the money for the 100-year-old theatre.
Refurbishment plans for the theatre include the upgrading of backstage, hospitality and studios
Fiona Gibson, chief executive of Capital Theatres, said: "This really is the last chance saloon for the King's.
"As with all construction projects in the UK currently, we are facing new challenges because of delays in supply chain caused by changing trading agreements, global conflict and increasing levels of inflation.
"Due to these factors, it has emerged in the last few months that the project costs will increase by an estimated £8.9m.
"We've examined our options and we cannot reduce the project cost any further by value engineering and to delay the redevelopment could lead to even higher costs in the long-term, putting the entire project at risk.
"If the money is not found in the next few weeks, the last opportunity for us to greenlight the project, the King's could close its doors forever."
Brian Cox, Hollywood actor and honorary patron of the King's Theatre said: "The King's is vital to the Scottish theatre ecology and a key touring venue which brings a variety of genres to the central belt, not to mention a source of comfort and joy in panto season."
In a normal year, Capital Theatres stages more than 700 performances across the King's Theatre, the Festival Theatre and The Studio featuring drama, dance, musical theatre, live music, comedy and pantomime.
- Published30 July 2021
