Edinburgh's King's Theatre faces race against time to avoid closure
Operators at the King's Theatre say they have 35 days to raise £8.9 Million or risk closure - ripping the heart out of the Tollcross community
Last updated 20th Jan 2023
Operators of Edinburgh's King's Theatre have warned they have just 35 days to raise £8.9 Million to save the venue.
In August the theatre closed to prepare for a much anticipated major refurbishment, and £26 Million had already been raised by Capital Theatres to complete the project.
But a variety of factors, including the war in Ukraine, inflation and changing trading agreements mean that cost has grown by nearly £9 Million.
Earlier this week the operators received devastating news as Edinburgh's bid for UK Government levelling up funding, which it was part of, was revealed to be unsuccessful.
Now the King's faces a race against time to find the cash, and if it does not they will have to hand back the keys to the building to the City of Edinburgh Council - which they claim will rip the heart out of the Tollcross community.
Fiona Gibson CEO of Capital Theatres said: “This really is the last chance saloon for the King’s.
"It’s been a long road planning and fundraising for the capital redevelopment of the King’s Theatre to turn it into both a thriving community hub, fully accessible to audiences and performers, and a world class venue, while maintaining its history and heritage.
"Nearly all the original capital cost estimate of £26 million to transform the King’s is in place thanks to grants from the Scottish Government, City of Edinburgh Council and the National Lottery Heritage Fund; generous donations from our patrons and donors, companies and trusts; as well as Capital Theatres’ own contribution. We are incredibly proud of the collective effort to reach this figure.
"However, as with all construction projects in the UK currently, we are facing new challenges because of delays in supply chain caused by changing trading agreements, global conflict and increasing levels of inflation.
"Due to these factors, it has emerged in the last few months that the project costs will increase by an estimated £8.9m. We’ve examined our options and we cannot reduce the project cost any further by value engineering and to delay the redevelopment could lead to even higher costs in the long-term, putting the entire project at risk.
"If the money is not found in the next few weeks, the last opportunity for us to greenlight the project, the King’s could close its doors forever.
"We know what a difficult time this is to be asking for additional funding with so much financial need in every area of civic life, but as custodians of this beloved theatre, we have to fight for its survival.
"From the moment the funding gap emerged we have been in close contact and working with key funders including the Scottish Government, City of Edinburgh Council and the UK Government. We need their support to deliver this transformative redevelopment for Tollcross, Edinburgh and Scottish Theatre, ensuring the King’s Theatre is there for generations to come.”
Culture and Communities Convener in the Council Cllr Val Walker said: “While we’re disappointed not to have been successful in this round of the Levelling Up fund, we look forward to continuing dialogue and exploring any opportunities open to help secure the future of the Kings Theatre.”
Brian Cox, Honorary Patron of the King’s Theatre said: “The King’s is vital to the Scottish Theatre ecology and a key touring venue which brings a variety of genres to the central belt; not to mention a source of comfort and joy in panto season.
"Without the planned transformational redevelopment improving access, preserving heritage and opening the building up to the community, the King’s will close its doors forever. After a hugely successful fundraising effort to reach the original budgeted cost of £26 million, we cannot let the rising costs due to inflation, trade agreements and global conflict put the project in peril. We must save the King’s for future generations.”