York Theatre Royal receives £500k loan from council

Summarised from 2 outlets · Updated 4 Nov, 13:50 · Archive

York Theatre Royal has been given access to a £500,000 loan to help with its cash flow.

York Theatre Royal has been given access to a £500,000 loan facility from City of York Council, approved by the council's executive on 3 November. The funding is intended to help the theatre's cash flow while it recovers theatre tax relief and invests in bringing production in-house, which has increased short-term costs ahead of expected future returns.

Theatre Chief Executive Paul Crewes said the theatre was grateful for the council's support to help attract audiences and talent and work with world-class performers. Councillor Pete Kilbane, the council's Labour culture spokesperson, said the 280-year-old theatre at St Leonard's Place is an important asset for the city that enriches residents' lives and supports local businesses and jobs.

The council had previously approved a letter of guarantee allowing the theatre to access up to £426,000 for two years to provide assurances to auditors and grant providers, extended to 2028. Theatre trustees have since asked the council to increase the value of the letter of credit to £570,000. A council report stated officials were working to agree a financial mechanism that would support the theatre while protecting the council's interests.

York Theatre Royal receives £500k loan from council — Image: York Press

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How it is being reported

£500k boost to help York theatre attract 'talent and audiences from around the globe'A York theatre has received a £500,000 funding boost to support its work.York Press · 4 Nov, 13:17
£500k boost to help York theatre attract 'talent and audiences from around the globe'A York theatre has received a £500,000 funding boost to support its work.Gazette & Herald (Malton) · 4 Nov, 13:17

In this story: York Theatre Royal · City of York Council · York · Paul Crewes · Pete Kilbane

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