Theatre's rescue plan is in doubt

The future of the troubled Derby Playhouse is in doubt again after a rescue deal announced earlier this year has broken down.

The theatre's creditors accepted a £300,000 offer in July.

But that deal has fallen through because additional conditions were imposed. The theatre is now in negotiations with another investor.

Administrators have set a deadline of 20 October for the creditors to be paid the £300,000 they are owed.

Deadline extension

The theatre's board has now asked for more time to secure the funding.

Jonathan Powers, chairman of Derby Playhouse Ltd, said: "If the deal isn't extended then the company will be liquidated. The lease will be forfeit to the city council and even though it's worth £1m the creditors and the company won't get any value for it.

"And Derby Playhouse Limited which has existed for nearly 60 years will be no more."

Administrators must decide by the end of the week if they are willing to call another creditors' meeting to secure a six-month extension to the deadline.

The theatre was put into administration in November last year and the Arts Council later decided not to renew its annual funding of about £700,000 but instead awarded its grant to Derby City Council.

RELATED INTERNET LINKS
Save Derby Playhouse
Arts Council England
Derby City Council
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