Thu, 15 Nov 2012 | ADMINISTRATION
The production companies that organised the official Coronation Street musical, Street of Dreams, have entered administration.
Adrian Hyde and Richard Toone, partners at the London office of Chantrey Vellacott DFK, have been named as the joint administrators of Street of Dreams Ltd and Reckless Entertainment Ltd.
Street of Dreams the musical opened at the Manchester Arena earlier this year but it was forced to cancel following mixed reviews. Producers halted the tour ahead of planned dates in Belfast, Dublin and Newcastle, stating that they wanted to revisit the production.
Paul O'Grady, who narrated the performance, took legal proceedings against Reckless Entertainment earlier this year regarding staff payments, and it is clear that the troubles that have resulted in this week's administration have been brewing for some time.
Mr Hyde commented on matters: “Our appointment as administrators follows months of uncertainty and problems surrounding Street of Dreams and its Coronation Street musical.
"The production company has suffered from a funding deficit and a lack of confidence in the venture, but with the right level of investment it is hoped that production of the show can be relaunched.”
He added that there is “huge potential success” in the venture if it found finance through a new vehicle, as demonstrated by the two sell-out nights held at the Manchester Arena.
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