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Dateline:
31st July, 2007
We've Been Olympic-ed, Says Squires
In 2003 the Society of London Theatre and the TMA jointly submitted
a report, Act Now!, to the DCMS Select
Committee in which it was pointed out:
A major programme of renovation and adaptation is necessary to ensure
that theatre-going remains attractive to the next generation and beyond;
and it is estimated that a total of £250 million (at 2003 prices)
will need to be spent over a period of some 15 years.
An independent study commissioned by The Theatres Trust into the
economics of theatre ownership demonstrates that, despite its wider
economic impact, commercial theatre operates on very tight margins
of profitability. Moreover, the extent to which the industry can develop
its capital assets is seriously constrained by planning/user restrictions
and by the fact that all but a handful of West End theatres are protected
by listed building status.
There is no prospect of the industry's being able to find from its
normal operating profits the full £250 million which The Theatres
Trust identifies as necessary. While the industry will of course do
all it can, there is"no alternative but to look to Government
or other outside agencies for some kind of matching assistance."
SOLT president Rosemary Squire has now told The Stage, “I think
we have been Olympic-ed. I think there is no hope of getting the money
before the Olympics, from the Lottery or any other source."
Potential funders, including Arts Council England, the Heritage Lottery
Fund and the London Development Agency, will not have the money available
until after 2012 and central government will not make up the shortfall.
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