Edinburgh’s beloved King’s Theatre is to be saved after both Edinburgh City Council and the Scottish government stepped in to plug a hole in the redevelopment fund.
The redevelopment of the King’s Theatre is being overseen by the Board of Capital Theatres, a charity which runs the council-owned King’s, who say they are now confident to proceed with the planned transformational redevelopment.
The future of the much loved theatre was under threat after a funding gap of £8.9m emerged last summer due to a variety of factors including the Ukraine invasion, the changing of trade routes and inflation. Edinburgh council was able to provide an additional £3m while the Scottish government stumped up an additional £3.85m for the project.
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These funds are on top of the £26.7m that has already been raised, there has been additional fundraising with the local authority and the government to raise £7.2m - this accounts for the majority of the £8.9m that is required to complete the project. It is understood that the remaining £1.7m will be able to be raised throughout the life of the project.
Those behind the redevelopment claim that the project is vital to preserve the beloved theatre for the Tollcross community, Edinburgh and Scotland, making it a world-class venue which is accessible to all.
Fiona Gibson CEO of Capital Theatres which runs the King’s Theatre said: “We are absolutely thrilled by the generous additional investment of City of Edinburgh Council and Scottish Government in the redevelopment of the King’s at a level which makes it possible for us to begin construction works as planned.
“We are immensely grateful to the many people who have supported us on this challenging journey – we could not have come this far without you. Our major funders alongside the many trusts and foundations and corporate sponsors and individual donors will make the transformation of the King’s possible and save this beloved theatre for Tollcross, Edinburgh, Scotland and preserve it for future generations. Long Live the King’s!”
Councillor Val Walker, Culture and Communities Convener said: “Despite the continued financial restraints placed on local authority budgets, I am pleased to say we’re able to allocate additional funding for the King’s Theatre to meet the recent challenges and help close the funding gap.
“Our £3m funding injection in the much-loved King’s will support its redevelopment ambitions so that the theatre can be enjoyed for generations to come.
“The King’s has been a beloved Edinburgh theatre for over a century and we hope our support will enable it to be brought to a standard fit for the 21 st century whilst acknowledging its incredible history.”
Culture Minister Neil Gray said: “Edinburgh’s reputation as a cultural and creative hub is renowned the world over and theatres like King’s play a key role in sustaining this. This additional £3.85 million funding from the Scottish Government will ensure this iconic theatre can undertake vital redevelopment and reopen for many more generations to experience the joy of the theatre.
“The Scottish Government has provided a total of £10.35 million in funding for the King’s Theatre and this is testament to the value we place on the importance of its redevelopment and its future potential in supporting the arts, employment and community engagement.”
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