Posted by Press Release on March 13, 2017
The Joint Administrators of the North Devon Theatres’ Trust (“the Trust”) have released their Report and Statement of Proposals, which can be found here.
The Statement of Proposals is a statutory report by the Administrators which outlines events to date and future intentions in the Administration.
Subject only to finalising legal documents, the Administrators have agreed with North Devon Council to surrender of the leases of the Queen’s Theatre, Barnstaple and the Landmark Theatre, Ilfracombe to the Council.
Many of the assets in the Theatres were included within the lease. The Administrators have agreed to accept an offer for from the Council to purchase those assets not covered by the lease which will result in a greater return to creditors than would have been the case had the Administrators taken those assets and auctioned them. This means that, when the leases are surrendered, both Theatres will be fully equipped with no assets removed, and the Administrators are very pleased that this will happen. The Council and the Administrators hope that this will be concluded in the next week or so, and a further announcement will be made at that time.
The next progress report on the Administration will be published in September 2017.