Stratford Circus, the £14m Lottery-funded East London arts centre which opened just over two years ago as part of a capital project to develop the Stratford Cultural Quarter, has ceased trading following a decision by its Board to seek voluntary liquidation.
Since June 2001 Stratford Circus, a three storey, purpose-built performance venue, has been presenting a programme of theatre and other performing arts, and offering a range of educational and participatory arts activities. Prior to its launch, it was heralded by then Culture Secretary Chris Smith as reaching out to ??half the population [that] never set foot in a theatre from one year to the next?, and it has been long been viewed as a flagship arts regeneration project. Newham Council, the venue?s main funder, had supported the venue with around £250,000 a year, but the organisation had run up a six-figure deficit and a statement from the Board said ?it has proved impossible to bridge the substantial gap between the operational funding requirements of the Circus and the limited public subsidy that has been available?.
Norman Turner, Newham Council?s Director of Culture and Community revealed that earlier this year, the Council agreed to give Stratford Circus six months funding on condition that the management put together a business recovery plan. However, they failed to provide an achievable plan and had been trading insolvently. He said ?I am very disappointed that Stratford Circus has not been able to turn its financial position around? Since there was no realistic prospect of recovery it would have been impossible for the council to invest in the project further?. The Council?s assessment of the organisation?s financial prospects was endorsed by Arts Council England, which rejected its bid to be accepted on to a recovery programme, leaving the Board with few options.
The Council has made arrangements to honour all activities planned by the existing venue users in the immediate future and to keep disruption at the venue to a minimum. Two arts projects based at Stratford Circus, Theatre Venture and East London Dance, will continue to operate from the building and to receive their grants from the Council. The Mayor of Newham, Sir Robin Wales, added: ?Though this is a setback, I remain committed to ensuring that the local community has access to the arts and to establishing a vibrant Cultural Quarter in Stratford? Over the next few weeks we will be working closely with the liquidators and the Arts Council to ensure that the venue reopens quickly and I am confident that longer term, we can develop a plan of action to secure the future of the arts in the area.?