SOLT & UK Theatre have submitted evidence to the the Culture, Media and Sport Committee’s inquiry on protecting built heritage. We have taken this opportunity to highlight the fact that the UK’s theatres and performing arts venues have not had sustained investment for at least a generation and therefore have investment needs to both realise potential and prevent jeopardy. Our research shows that:
- 1 in 5 venues require at least £5m each in the next 10 years just to continue current operations.
- Without significant capital investment in the next five years, nearly 40% of venues risk closure and 40% will become too unsafe to use.
Summary of Proposals to boost capital investment in theatre buildings
- Invest £300 million in a capital fund for theatre buildings. This would unlock at least
another £300million from philanthropy, corporate sponsorship and other sources. - Support theatres to access to private investment, including support for SMEs via the British
Business Bank. - Support S106 matching at the project or regional level.
- Review the business rates system.
- Consider three time-limited reliefs on building projects focused on a) Historic Buildings, b)
RAAC Repair, and c) Accessibility Installation. - Introduce matchmaking initiative to upskill performing arts sector organisations in capital
investment project management. - Consider National Wealth Fund Loan Guarantee Scheme for Energy Efficiency Adaptations.
For more details contact publicaffairs@soltukt.co.uk
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