Derby Playhouse saved

The Board of Derby Playhouse has announced that an agreement has been reached for the University of Derby to acquire the theatre’s lease. The University’s proposals will ensure that the Playhouse continues to be a producing theatre. Administrators were called in November 2007, and the theatre has been struggling to find a way to stay open ever since. Last December it was agreed that, in the light of the various offers received for the lease, Artistic Director, Stephen Edwards, would lend £45,000 to cover on-going expenses, pending a final resolution. The Board attempted to borrow money to fund a Creditors’ Voluntary Arrangement, but this proved impossible in the current financial climate. The sale of the lease has consequently been agreed by the Administrator and Stephen Edwards. As soon as Derby Playhouse Ltd has formally come out of administration it will be holding two delayed Annual General Meetings to cover the years 2006/7 and 2007/8.