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New era for Lincoln's Theatre Royal

Lincoln's Theatre Royal could benefit from around £500,000 worth of investment thanks to a deal struck between the City of Lincoln Council and the leaseholders of the theatre.

The City Council’s Asset Management Group has agreed to sell the freehold to the site to Lincoln Theatre Holdings Ltd, which will allow the company to borrow funds to invest in the theatre infrastructure. 

The Grade II listed theatre was built in 1897 and has been owned by the council since 1976.  Although recent improvements have been made to site since the new leaseholders took it over, further significant investment is required to improve both the exterior and interior of the building.

Councillor Marc Jones, Deputy Leader of the City Council said:

"This is a fantastic opportunity for the Theatre Royal to go from strength to strength over the coming years.  Ian Dickens has already demonstrated his commitment to improving the theatre with the works carried out so far.  Owning the freehold to the theatre will give them greater stability and confidence to invest in the building long into the future."

Ian Dickens, from ID Entertainment said:

"I’m delighted to have this opportunity to develop the theatre even further and would like to thank the council for their cooperation and support.  We have already invested over £1million at the theatre and this great news gives us the security we need to continue our development work – giving the people of Lincoln a theatre to be proud of."

Any further improvements at the theatre will still be subject to the normal planning regulations.  Subject to the usual conditions associated with any property sale, it is hoped the deal will be concluded within the next four to six weeks.

Article Published: 16/07/2010

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