PACE Theatre Company will not produce a Christmas pantomime this year because it is too financially risky.
The company's home of 30 years, Paisley Arts Centre, is experiencing delays to its £2.8m refurbishment and won't reopen in December as planned.
"Coupled with the ongoing impact of the pandemic and the uncertainty about any future restrictions, we feel the risks are too great to commit to staging a production this year."
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It will not pursue an online panto either. Last year's production was only possible because of an emergency grant.
"Without this additional funding, the model is not sustainable," a statement from the company said.
PACE has produced the pantomime at Paisley Arts Centre since 1988.
The loss of the panto has left "a massive hole" in its funds and it is seeking donations.