SBC and Scottish Arts Council pledge £150,000 to save Eastgate Theatre
Tuesday, May 9 2006
Scottish Borders Council put the final touches to a rescue package for the Eastgate Theatre, Peebles on Thursday 27 April when it agreed a single support payment of £75,000, plus £60,000 in revenue support for 2006/7.
The Scottish Arts Council is also contributing £75,000 to the once-troubled theatre and Arts centre, while a further £150,000 investment is coming from other sources. A grant of £30,000 from the Peebles Common Good Fund was agreed in January.
Since hitting a financial and management crisis at the end of last year, the Eastgate has been revitalised with the help of recovery specialists Bonnar Keenlyside. The Theatre now has a new Board of Directors and a new business plan, and has taken several steps to reduce its expenditure and improve its financial performance.
The new chairman is David Coltman, a Non-Executive Director of John Menzies Plc. Mr Coltman has held many senior positions with airlines in the UK and with United Airlines in Chicago. The new Vice-Chairman is Jacob van Houdt, a successful telecoms entrepreneur and proprietor of the Cringletie Hotel near Peebles.
Scottish Enterprise Borders has also worked closely with the Eastgate's management team to develop its business and financial planning going forward.
SBC Leader David Parker, said, "The Council agreed in January that no further public money would be made available to the Eastgate Theatre until SBC is absolutely satisfied that its business plan is sound and that the Board has the appropriate skills and abilities to take the business forward. The theatre now has a sound business plan and an excellent new Board of Directors. As a result, the Council is happy to continue its financial support of the Eastgate. We believe that the money will be well spent and bring excellent added value for the people of Peebles and elsewhere in the Borders."
Scottish Enterprise Borders has worked closely with the management team at Eastgate Theatre during the business recovery process, providing financial support for consultancy services, as well as training support and business and financial advice. SE Borders will continue to work alongside the new board as one of its client managed companies.
David Gass, Chief Executive of SE Borders, added, "We are delighted that a positive outcome for the Eastgate has been found and we look forward to continuing to work with the team and the new board to ensure that the theatre can attract new visitors to enjoy and experience this iconic building and its many performances, contributing positively and strongly to the local economy."
Iain Munro, Head of Capital at the Scottish Arts Council, said, "Despite its early troubles, the Eastgate has proved itself
to be a great success with local audiences who continue to support the high quality range of performances and workshop activities
on offer in a wide range of artforms. It also appears to have had a wider impact on the vibrancy of the town, with new art
galleries and café/restaurants opening which complement the cultural opportunities now available in the area.
"The key partnership with Scottish Borders Council, coupled with a revitalised and strong Board, secures a way forward which
should ensure that the Eastgate continues to offer high quality arts experiences which the local community and visitors have
been able to enjoy to date."
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