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Brewhouse owes theatre companies thousands

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The Brewhouse Theatre in Taunton has left its creditors, including theatre companies and ticket holders, an estimated £500,000 out of pocket, according to the venue’s administrator.

Administrator BDO, which was appointed in February, said that the Somerset venue does not have sufficient assets to repay these creditors.

Pilot Theatre Company claims it is owed more than £10,000, while Shakespeare’s Globe claims more than £8,000 remains unpaid.

Meanwhile, the Society of London Theatre is claiming almost £6,000 and Candoco Dance Company is due £3,000.

Advanced ticket holders are owed an estimate of more than £80,000.

BDO business restructuring partner Simon Girling confirmed that over the past four years until March 31 2012, the venue’s annual expenditure was around £1.2 million, while its operating revenues were more than £700,000.

He added that total grants and donations to the venue fell from a peak of £553,000 in 2010 to £250,000 in the year ending 31 March 2013.

“After conducting a thorough review of the business and evaluating all options available, we can confirm that, regrettably, there will be insufficient assets to make a distribution to unsecured creditors,” said Girling.

He added that BDO is currently reviewing all bids it has received from organisations wanting to take over the Brewhouse’s remaining lease.

“Due to the commercial sensitivities of ongoing negotiations, we are unable to elaborate on the identity of any potential purchasers or any realisable values. We will advise creditors of the overall outcome of the process, subject to confidentiality of terms, as soon as this is determined, on the Brewhouse website and then in our six-month report to creditors,” he said.

 

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