King's Theatre is saved - redevelopment can go ahead
The King's Theatre redevelopment can go ahead, after extra cash was provided by The City of Edinburgh Council and Scottish Governement
Last updated 24th Feb 2023
The redevelopment of Edinburgh's King's Theatre can go ahead - saving the iconic venue.
Capital Theatres had already raised £26.7 Million for the work, but rising costs meant they had a near £9 million gap to fill - it emerged last summer due to global conflict, changing trading routes and inflation.
Bosses warned they'd be forced to hand the keys back to the Council if they didn't get the extra cash before construction began.
But The City of Edinburgh Council (by an additional £3m) and Scottish Government (by an additional £3.85m) have both increased their investment, saving the venue.
With this money in place the Board of Capital Theatres, the charity which runs the council-owned King’s Theatre, is confident to proceed with the transformational redevelopment. The remaining shortfall of £1.7m will be raised throughout the life of the project.
Fiona Gibson CEO of Capital Theatres which runs the King’s Theatre said:
“We are absolutely thrilled by the generous additional investment of City of Edinburgh Council and Scottish Government in the redevelopment of the King’s at a level which makes it possible for us to begin construction works as planned.
"We are immensely grateful to the many people who have supported us on this challenging journey – we could not have come this far without you.
"Our major funders alongside the many trusts and foundations and corporate sponsors and individual donors will make the transformation of the King’s possible and save this beloved theatre for Tollcross, Edinburgh, Scotland and preserve it for future generations. Long Live the King’s!”
Edinburgh Councillor Val Walker, Culture and Communities Convener said:
“Despite the continued financial restraints placed on local authority budgets, I am pleased to say we’re able to allocate additional funding for the King’s Theatre to meet the recent challenges and help close the funding gap.
"Our £3m funding injection in the much-loved King’s will support its redevelopment ambitions so that the theatre can be enjoyed for generations to come. The King's has been a beloved Edinburgh theatre for over a century and we hope our support will enable it to be brought to a standard fit for the 21st century whilst acknowledging its incredible history.”
Culture Minister Neil Gray said:
“Edinburgh’s reputation as a cultural and creative hub is renowned the world over and theatres like King’s play a key role in sustaining this. This additional £3.85 million funding from the Scottish Government will ensure this iconic theatre can undertake vital redevelopment and reopen for many more generations to experience the joy of the theatre.
"The Scottish Government has provided a total of £10.35 million in funding for the King’s Theatre and this is testament to the value we place on the importance of its redevelopment and its future potential in supporting the arts, employment and community engagement.”