Fri, 21 Sep 2012 | BUSINESS SALE
The Theatre Royal in Lincoln has been sold to LTR Trading Limited after its previous owner was placed into administration.
Lincoln Theatre Limited entered administration after finding itself thousands of pounds in debt. It is thought to be unlikely that this will ever be fully paid off by the former owner but the sale should secure the future of the theatre itself.
Richard Saville, an administrator from business recovery experts Begbies Traynor, commented: “I can confirm the assets of Lincoln Theatre Limited have been sold.
“Whether or not Lincoln Theatre Limited itself comes out of administration in due course – it is a case of maybe, maybe not.”
He added: “There is still a possibility Lincoln Theatre Limited could go into liquidation. There are several creditors of Lincoln Theatre Limited and at this stage I would say it is unlikely they will see their money again.”
Ian Dickens, chief executive of the theatre and director of Lincoln Theatre Limited, told the Echo that the administration of the theatre was a result of the recession, which has been “hard on all theatres”. He added: “I believe the new owners' commitment to live theatre is demonstrated by the establishment of a reportory company able to produce new plays regularly to keep the theatre live and vibrant.”
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