Fri, 15 Apr 2016 | ADMINISTRATION
The operating company behind the Castle Theatre in Wellingborough has been placed into administration.
The announcement follows on less than a month since Wellingborough Council cited “poor financial management” as the chief reason for ending Castle (Wellingborough)’s contract to operate.
The operating company has subsequently been told to wrap up its business in the venue within six months. Wellingborough Council will use that time to find another operating solution for the theatre.
Local administrator company PBC Business Recovery and Insolvency issued the following statement: “The Castle (Wellingborough) […] has today been placed into administration.
“The directors were compelled to act in the best interests of the company’s creditors following the recent announcement by Wellingborough Council that they had terminated the contract to operate the Castle Theatre.
“All performances and other community activities will, as far as possible, continue to go ahead, and the administrator will pay staff and performers through ticket sales and merchandise revenue.”
Castle Theatre was in the process of laying the groundwork for a £12 million investment to refurbish the venue and add a new studio theatre to the existing facilities.
Gary Pettit, a joint administrator at PBC Business Recovery and Insolvency, said: “This is very sad news for the Wellingborough community and, while we are working hard to find a solution so that the Castle can remain a focus in Wellingborough, we would encourage you all to continue to support the theatre.”
See other businesses in administration
Providing designs that are practical but creative and often innovative, to meet the specific needs of its clients. Supporting sustainable construction methods and experienced in eco-friendly structures such as PassivHaus. Offers invited.
LEASEHOLD
An established, proven brand and assets for sale, with considerable multi-million pound growth potential. The company is a designer and supplier of an established audio and wearable technology brand. The products seamlessly link three multi-billion-p...
RELOCATABLE
Offers a diverse range of commercial refrigeration and air conditioning equipment throughout the UK. Benefits from maintenance contracts and reactive maintenance. Possesses a strong understanding of all types of cooling solutions and is able to fully...
FREEHOLD
|
19
|
|
Nov
|
UK government set to approve Cobham takeover | BUSINESS SALE
The British government is poised to approve the $5 billion t...
|
18
|
|
Nov
|
Kitwave acquires Alpine Fine Foods | BUSINESS SALE
Independent wholesaler Kitwave has acquired Alpine Fine Food...
|
15
|
|
Nov
|
Carpetright agrees to shareholder takeover deal | BUSINESS SALE
Carpetright has agreed a deal to be taken over by its larges...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources