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Dateline: 26th February, 2010
Northcott in Administration The trustees of the Exeter Northcott have decided to place the theatre into administration. Trustees were presented with financial information this week which showed the theatre to be insolvent, As a result, they decided they had no alternative but to appoint Ian Walker of Begbies Traynor in Exeter as joint administrator earlier today. Exeter City Council and the University of Exeter have agreed to explore with the administrator ways of continuing to use the Theatre as an arts venue for the benefit of local people. They were among various organisations who contributed to the refurbishment of the Theatre in 2007 and provide annual grants towards its operating costs. Chairman of Trustees Geoff Myers said, "We took this decision with a heavy heart, but when presented with the latest financial information we had no choice but to place the Theatre into administration. It is to be hoped that a way can be found to effect a rescue of the Theatre. In the meantime I would encourage theatre-goers to continue to support the Exeter Northcott in the knowledge that those who book their tickets while the Company is in administration will, in the event of any performances being cancelled, be issued with a full refund. I have been greatly encouraged by the response of stakeholders, who have agreed to do all they can to ensure the Theatre continues in some way as a performance venue." Administrator Ian Walker said, "In the short term is it our intention to try and ensure that all performances in the spring programme can continue and announcements will be made in the press and on the Exeter Northcott website as soon as possible. In the longer term I believe it is important to ensure a Theatre can be maintained in Exeter and I intend to hold discussions with all existing and possibly new stakeholders at the earliest opportunity." A spokesperson for Arts Council England said, "We are disappointed that the decision has been taken to place the Northcott Theatre into administration at this point. We have been working with the new management over the last two years to broaden the theatre's programming and increase its audiences. "Despite this hard work, a legacy of financial problems has recently come to light. The Arts Council has been working with the Northcott's new management to understand the extent of these problems but this work is not yet complete. We will now work with the administrators to see what assistance we might be able to offer to the organisation going forward." Philip Bostock, the Chief Executive of Exeter City Council, added, "The City Council will play an active role in any discussions to look at a way forward for the Northcott. We are wholly committed to the arts and the provision of high quality theatre for the city." The Northcott Theatre was built on the University of Exeter’s Streatham Campus in 1967. It is run as an entirely separate organisation from the University with its own board of trustees. It was redeveloped and reopened in 2007 at a cost of £2.1m but, following concerns about its programming, it was one of the many theatres threatened with withdrawal of its Arts Concil grant that year, but that decision was subsequently revised in February 2008.
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