Asides

Press Release ADMINISTRATORS BACK THEATRE BOARD’S RESCUE PLAN

Wednesday 16th July 2008

ADMINISTRATORS BACK THEATRE BOARD’S RESCUE PLAN

Tenon Recovery have written to the creditors of Derby Playhouse Ltd calling a creditors’ meeting on Wednesday 30th July and recommending the Board’s offer to creditors. If the creditors’ vote in favour of this offer then the Board will take control of the company and be able to re-open the Playhouse.

Best for Creditors
Preferential creditors will get 100 pence in the pound – this includes the BECTU and Equity staff. Unsecured creditors will get a dividend – the amount will depend on the final total of approved claims.

Best for Audiences
The Playhouse will re-open on the Saturday 13th September - 6 weeks after getting the building back and nearly 3 months earlier than alternative plans for Derby Live! It is hoped that tickets for the Autumn Season will go on sale from August 9th.

Best for Local Talent
The award winning Academy for local performers from 5-80 years of age will be re-instated following a fundraising campaign. In the first instance community performers will be invited to participate in the Christmas production of Peter Pan.

Overtures to the amateur community will continue to re-build bridges and enable their use of the main stage and the studio.

Best for Tax Payer
The theatre will not be taking any public subsidy, so will not be a drain on the public purse.

Best for Theatre Craft
The immensely talented creative staff, including props, costumes, set building, lighting and sound staff will be re-employed immediately.

On the progress to date and the backing of the Administrators

Chairman Professor Jonathan Powers says
“It has been a long and hard journey to get to this point. We are here only thanks to the fantastic support we have had from a lot of people, including our administrators Tenon Recovery. We are offering £300,000 in a Company Voluntary Agreement, and the administrators are supporting our proposal. If the creditors vote to accept then you will see the fastest resurrection of a theatre there has ever been.”

Producing Artistic Director Stephen Edwards says
“Support for our rescue plan has been incredible. Teams of people have been working round the clock and away from the limelight in order to pull off a miracle.. Staff and volunteers are standing by to re-join the company and prepare the building for shows. Creative teams are designing, casting and developing those shows. We are 14 days away from being back producing shows and welcoming back our audiences within 6 weeks after .”

Arts Council Claim
The Arts Council have no claim in administration having settled out of court with Stephen Edwards in May