York Theatre Royal granted £500k council loan facility

Summarised from BBC York And North Yorkshire's report · Updated 5 Nov, 14:20 · Archive

York Theatre Royal has been granted access to a £500,000 loan from York City Council.

York Theatre Royal has been granted a £500,000 loan facility by the city council. The 280-year-old theatre applied for the loan to help with cash flow while it waited for tax relief payments and continued its move to producing more shows in-house, which has increased short-term costs. Theatre executives said this shift was expected to generate returns in the future.

Councillor Pete Kilbane, the Labour culture spokesperson, said the loan facility had been 'an available option for some time' and did not represent 'a new funding commitment to the theatre'. The council previously approved a letter of guarantee allowing the theatre to access up to £426,000 for two years, which was extended to 2028. Theatre trustees then approached the council to increase that letter of credit to £570,000. Theatre chief executive Paul Crewes said staff were grateful for the council's support, which would help them continue to provide cultural activities for residents, visitors, schools and charities.

Read the report

• £500k loan facility for theatre granted by councilThe loan facility is not "a new funding commitment" to York Theatre Royal, the council says.BBC York And North Yorkshire · 5 Nov, 12:43

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

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