Administrators will step in at the Warehouse Theatre unless £250,000 can be raised by the end of the weekend.
Company Frost Group has been called in by the Dingwall Road venue’s board of directors following a meeting on May 4 after the theatre racked up debts believed to be about £100,000.
Some staff have not been paid for up to three months, while the remaining debt is owed to banks and Her Majesty’s Revenue and Customs.
Jeremy Frost, from Frost Group, warned the lights could go off immediately and permanently at the 35-year-old theatre unless supporters could raise substantial funds before June.
He said: “To start off what they need is around £4-5,000 simply to get the appeal up and running. If you get that quickly and can start a movement going it gives us something to work with.
“I don’t want to talk about what could happen because it depends on the amount raised but it gives us room to manoeuvre.”
Dingwall Road is the subject of a large scale regeneration plan by developers Stanhope Schroder, who own the land and there are hopes if a regular source of income can be secured, a new theatre can be included in these plans.
The Warehouse received around £125,000 a year in grants from Croydon Council until 2006, when this was cut.
Funding has since come from The Arts Council and through smaller grants, but these have also dried up.
Ted Craig, the theatre’s artistic director, said: “For 30 years we had money from the council and the theatre thrived but you need to expand.
“We don’t have enough seats and we planned to expand 10 to 15 years ago but this was blocked because the council wanted an arena, which came to nothing. I have fought so hard and to be honest I feel cheated.”
A council spokesman said: “We are disappointed to hear that the Warehouse Theatre has gone into administration. We hope that they will be successful in raising alternative sources of funding and we have offered our support in this endeavor.
“If the Warehouse is unable to survive then we will aim to restore studio theatre to Croydon as part of the remodeling of the Fairfield Halls.”
An appeal website page has been set up by the Warehouse Theatre to collect funds to save the venue.
To donate, visit www.warehousetheatre.co.uk/campaign%20page.html
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel