The West End is thriving, writes Tim Bano, but with rising inflation and production costs, angel investors are being edged out in favour of new financial models.
Once upon a time, if a theatre producer wanted to put on a new play or musical, they might spend the morning ringing contacts from their little black book, beg a few thousand from each and capitalise the show by lunchtime. Those investors are known as “angels” — a term coined on Broadway more than a century ago — and they have long been essential for keeping theatre alive.
“They do it for the thrill of the race and because they love theatre,” says Edward Snape, founder and chief executive of Fiery Angel, a group of companies that produces, manages and finances theatre shows. Angels put in money upfront, he says, often in units of a few thousand, and when the final curtain comes down, profits beyond the original investment — if any — are split 60 per cent for the investor, 40 per cent for the producer...Keep reading on The Financial Times.
Once upon a time, if a theatre producer wanted to put on a new play or musical, they might spend the morning ringing contacts from their little black book, beg a few thousand from each and capitalise the show by lunchtime. Those investors are known as “angels” — a term coined on Broadway more than a century ago — and they have long been essential for keeping theatre alive.
“They do it for the thrill of the race and because they love theatre,” says Edward Snape, founder and chief executive of Fiery Angel, a group of companies that produces, manages and finances theatre shows. Angels put in money upfront, he says, often in units of a few thousand, and when the final curtain comes down, profits beyond the original investment — if any — are split 60 per cent for the investor, 40 per cent for the producer...Keep reading on The Financial Times.