A cash boost has been secured by the Lincoln Theatre Royal, as the City of Lincoln Council Asset Management Group agreed to to sell the freehold to the site to Lincoln Theatre Holdings, the company running the theatre.
The sale would allow Theatre Royal to borrow up to £500,000, funds needed to improve the interior and exterior of the building. The sum and terms of the deal were undisclosed, invoking commercial sensitivity. It is hoped the transaction will be concluded within the next four to six weeks.
Erected in 1897, the Lincoln Theatre Royal is a Grade II listed building, and has been owned by the City of Lincoln Council since 1976. The theatre lost lost more than £170,000 in council grants last year.
“We have already invested over £1million at the theatre and this great news gives us the security we need to continue our development work, giving the people of Lincoln a theatre to be proud of,” said Ian Dickens, CEO of the Theatre Royal.
“Ian Dickens has already demonstrated his commitment to improving the theatre with the works carried out so far. Owning the freehold to the theatre will give them greater stability and confidence to invest in the building long into the future,” said Councillor Marc Jones, Deputy Leader of the City Council.
The Lincoln Theatre Royal has been revamped earlier this year, featuring repertory plays for the first time since the 1970s.