King’s redevelopment back on!
Funding gap sufficiently reduced for work to commence
Work will now start on the long-awaited redevelopment of the King’s Theatre this Monday, 27 February, after Capital Theatre secured additional pledges of £7.2m for the project.
Start on the redevelopment has gone right down to the wire after Capital Theatres, the charitable trust which runs both the King’s and Festival theatres, announced on January 20 that it had “35 days to say the King’s“, while revealing a funding gap of £8.9 million in the project.
Visualisation of King’s Theatre redevelopment. Pic: Greig Penny Architecture Ltd.
The City of Edinburgh Council found an additional £3m in its budget set this week to add to the £4m already pledged, and the Scottish Government added an additional £3.85m to the £6.5m grant it had pledged.
These pledges, added to additional fundraising since January, make up £7.2m. Enough to leave Capital Theatres confident in finding the remaining shortfall of £1.7m, to plug the £8.9m funding gap which emerged last summer due to global conflict, changing trading routes and inflation.
Fiona Gibson CEO of Capital Theatres said: “We are absolutely thrilled by the generous additional investment of City of Edinburgh Council and Scottish Government in the redevelopment of the King’s at a level which makes it possible for us to begin construction works as planned.
challenging journey
“We are immensely grateful to the many people who have supported us on this challenging journey – we could not have come this far without you.
“Our major funders alongside the many trusts and foundations and corporate sponsors and individual donors will make the transformation of the King’s possible and save this beloved theatre for Tollcross, Edinburgh, Scotland and preserve it for future generations. Long Live the King’s!”
Dame Joan Stringer, Chair of Capital Theatres Board added: “The King’s is irreplaceable and a future in which it isn’t saved is unthinkable.
“As a board we are confident that enough funding has been secured that shovels can now go in the ground, in this the first step to the King’s Future. We are incredibly grateful to all our funding partners and indeed every person who has made a donation to make this happen.”
Councillor Val Walker, Edinburgh council’s culture and communities convener said: “The King’s has been a beloved Edinburgh theatre for over a century and we hope our support will enable it to be brought to a standard fit for the 21st century whilst acknowledging its incredible history.”
ENDS
Great news! ❤️