A new company is likely to be formed to take over the troubled Northcott Theatre in Exeter, and to take the venue out of administration, according to the official administrator, Begbies Traynor. The theatre is one of the few production houses in the South West, and is funded jointly by Arts Council England (ACE), Devon County Council, Exeter City Council and Exeter University. It was put into administration against ACE’s wishes on 25 February. Speaking to AP, Ian Walker of Begbies Traynor confirmed that redundancies had already been made and that more could follow, and said that he was meeting all the funders and stakeholders separately to discuss the next move. “I would like to transfer the business of the theatre to a new organisation as soon as possible: within weeks if not days,” he added. This should be feasible because a successor organisation would need little funding in order to take over the assets of the old company. He also revealed that he was considering a wide variety of possible business models. ACE has underwritten the venue’s current production, thus reducing the number of ticket-holders to whom the Northcott owes money. The intention is to continue with the spring programme in order to honour all ticket purchases. An ACE spokesperson was unable to say whether the Northcott’s 2010/11 grant would be ring-fenced for theatre in the city.
