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.”
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