Theatre

Plans to turn Octagon Theatre in Yeovil into Somerset’s ‘Flagship Arts Venue’ could be in jeopardy after a Somerset Council report found rising costs are making the redevelopment “unaffordable”.

The works were slated to cost £29m when approved by the council in February, but the report says costs have “dramatically increased” due to rising interest rates.

A statement from Somerset Council explained: “The business case for the Octagon redevelopment was initially approved on the premise of borrowing £16.318m which would be repaid, plus interest, by users of the venue through tickets sales and the ticket levy. 

“Since then, interest rates have risen four-fold, from 1.5% when the business case was approved to around 5.6% last month – dramatically increasing the costs of the project, even if construction costs stay the same.”

The report suggests the current scheme could be scrapped in favour of an “entirely different” cheaper renovation costing £9m. 

However, this would mean a £10m grant from DCMS and Arts Council England, which has been slated specifically for the originally approved project, would be pulled.

The report comes as Somerset Council reviews all its capital projects, as it is predicted to overspend by £26.1m this financial year.

Octagon Theatre was shut to the public in April. While no visible work has yet begun, and a contractor is yet to be appointed, the council has already spent £1.77m on a range of preparatory works.

Somerset Council's Executive is expected to review the planned project at a meeting on Wednesday (4 October).

Meanwhile, Yeovil Town Council will hold a meeting the day prior to “ensure the future of the Octagon Theatre project”.

Wildcard Theatre Company has announced its closure after eight years of operation, citing financial difficulties. 

“Having taken this time to consider our options after the closure of our Wildcard Studios at the end of last year, we feel as a collective we’re not in a position to achieve our aims as effectively and dynamically as we previously have in the current financial climate,” the company said in a statement.

“This has led to the difficult decision to close this wonderful chapter in our lives. It will take us a few months to complete this process.”

Wildcard Studios, the company’s four-storey West End venue offering subsided rehearsal space and free study space, was launched in 2019 and closed at the end of last year.

During its three years of operation, the space engaged with over 1,200 individual companies and artists and had more than 4,000 booking, despite restrictions imposed by the Covid-19 pandemic, the company said.

Wildcard Theatre Company was formed in 2015 by a group of graduates from the Oxford School of Drama with a mission to champion unknown talent.

It eventually evolved into a charity that “aimed to engage new audiences and provide a home for emerging artists”, the statement said, as well as developing “stories that promoted positive social change”.

The company “will no longer be creatively contributing to the theatre landscape” but will be working with the Pleasance Theatre to set up a Wildcard grant in support of their Associate Artist scheme.

More information about the grant is expected to be released in the coming months.

Planners have given the go-ahead for the Grand Theatre in Blackpool to undergo “urgent” repairs after it was discovered that rainwater had leaked through parts of the roof earlier this year.

The work on the grade-II listed building is expected to cost half a million pounds and be completed by spring 2024. It is hoped that a funding bid to Arts Council England will help finance the project.

Blackpool Council said repairs were "urgently required” to make the theatre watertight but added that work "would not affect the character or significance" of the building.

In a submission supporting the plans, the Theatres Trust cautioned that the venue's future could be in question without the intervention.

It described the theatre, which opened in 1894, as “one of the finest works of renowned theatre architect Frank Matcham” and said that the renovations would “address deficiencies with the building which, if left unresolved, would result in continued deterioration and compromise the building’s significance as well as its ability to operate”.

The Trust added: “It is an important and valued cultural venue for Blackpool, hosting a busy programme which both meets the needs of local people as well as contributing to Blackpool's visitor offer.

"Therefore, efforts to support its ongoing conservation and operations are to be supported."

Telford Theatre will close for a two-year refurbishment, costing £15.5m, to be funded by the government's levelling-up scheme.

The building is due to shut in spring 2024 and reopen in October 2026. A temporary site will host shows in the interim.

Originally opened in 1968, the current theatre seats 490 people and is in need of significant maintenance, according to the local council.

The revamped auditorium will have a 750 capacity, while a new secondary studio will have 98 seats.

Also included in the project is a new creative community art room and the introduction of air source heat pumps to heat the building.

The scheme is part of a newly planned Theatre Quarter for the Oakengates area, which will involve demolishing several shops. In October, shop owners told the BBC they were not offered enough compensation and had uncertain futures.

Speaking about plans, Councillor Shaun Davies, leader of Telford and Wrekin Council, said, "This is a defining moment for our community.

“The remodelling of Telford Theatre underscores our commitment to nurturing the arts, cultivating talent and revitalising our vibrant town.”