As Edinburgh loses out on Levelling Up Funding, Capital Theatres is working with the Scottish Government, the City of Edinburgh Council and the UK Government to ensure the King's Theatre doesn't close its doors forever.
The Edinburgh institution closed last August for redevelopment, but since then a funding gap has stalled completion of the works.
While £26m has been raised by owner Capital Theatres, inflation and changing trading agreements mean that the project will cost an estimated £8.9m more.
If this money is not found before the building is due to be signed over to the contractors in 35 days, costs are likely to spiral and the venue's future is in doubt.
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.
“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.
“We know what a difficult time this is to be asking for additional funding, with so much financial need in every area of civic life, but as custodians of this beloved theatre, we have to fight for its survival.
“From the moment the funding gap emerged we have been in close contact and working with key funders including the Scottish Government, the City of Edinburgh Council, and the UK Government,“ Gibson added. “We need their support to deliver this transformative redevelopment for Tollcross, Edinburgh and Scottish Theatre, ensuring the King’s Theatre is there for generations to come.”
City of Edinburgh Council culture and communities convener, councillor Val Walker, said: “While we’re disappointed not to have been successful in this round of the Levelling Up fund, we look forward to continuing dialogue and exploring any opportunities open to help secure the future of the Kings Theatre.”
Brian Cox, 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.
“Without the planned transformational redevelopment improving access, preserving heritage and opening the building up to the community, the King’s will close its doors forever.”
The funding model for the King’s redevelopment comprises grants from the Scottish Government ( £6.5m ), City of Edinburgh Council (£4m), National Lottery Heritage Fund (£3.6m) and £3.1m raised from patrons and donors, companies and trusts.
Capital Theatres is contributing £4.4m and has negotiated a prudential loan to allow the charity to reach £26.7m, versus the original estimated project cost of £25.7m.
Overall costs have now risen to £35.6m, so the charity must secure £8.9m to the funding gap.
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