Street of Dreams producer Reckless Entertainment placed into administration
Reckless Entertainment, one of the two production companies behind the cancelled Coronation Street musical Street of Dreams, has been placed into administration.
The appointment of Chantrey Vellacott DFK as administrators of the company was made today following a High Court hearing.
Street of Dreams Limited, also listed as a producer of the musical, has been placed into administration too.
On Companies House, both name John Ward as director, while his sister, Trisha Ward, who composed the musical, is listed as secretary of Reckless Entertainment Limited and director of Street of Dreams Limited.
According to the administrators, Street of Dreams Limited and Reckless Entertainment “have been put into administration after running into financial trouble funding its now cancelled tour”.
Street of Dreams, the musical, starring Paul O’Grady, was pulled just two days into its run in May this year.
At the time, it was reported that many of those involved in the production were owed money for work they had done on the show.
Adrian Hyde, who has been appointed joint administrator with Richard Toone, said: “Our appointment as administrators follows months of uncertainty and problems surrounding Street of Dreams and its Coronation Street musical. The production company has suffered from a funding deficit and lack of confidence in the venture, but with the right level of investment it is hoped that production of the show can be relaunched.”
He added that he was “looking to work with the show’s musical director” – Trisha Ward – and Equity, “with the hope of achieving a return to all the stakeholders involved”.
“I’ve no doubt this production will be an extremely attractive proposition and investment opportunity, given the potential to incorporate a West End show and UK tour, and we welcome any interested parties to get in touch,” he said.
Responding to today’s decision, John Ward said: “The directors of Street of Dreams Limited and Reckless Entertainment Limited are very disappointed that pre-emptive action has been taken today to put the companies behind the production into administration. Despite artistic difficulties with key personnel on the opening performances in Manchester, the public appetite for the musical remains undimmed.”
He added: “We are working very hard to bring Trisha Ward’s original concept for the musical to the stage in 2013. This follows the success of Trisha Ward’s critically acclaimed album of music from the show: Coronation Street – Rogues, Angels, Heroes and Fools.”
In September, The Stage reported that O’Grady’s management company, BM Creative Management Limited, had launched legal proceedings against Reckless Entertainment.
It filed what is known as a winding-up petition against the company.
However, following today’s hearing this will now be dismissed.
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