The ownership of Burnham-On-Sea’s Princess Theatre has today (Friday, April 1st) been formally handed over to the town council by Sedgemoor District Council, safeguarding its future.
The milestone comes after months of negotiations between the two councils regarding the closure-threatened building.
The next stage of the Princess’ development will be the formation of a new community interest company to handle the operation of the building. Proposals to create the new group will be discussed at a full town council meeting on Monday evening (April 4th).
Community interest companies were introduced by the government in 2005 for social enterprises that want to use their profits and assets for the public good.
In March, Sedgemoor District Council agreed to sell The Princess to the Town Council for the nominal sum of £1, as reported by Burnham-On-Sea.com here.
Sedgemoor has handed over a ‘transitional subsidy’ of £90,000 to the Town Council to enable it to make improvements to the building, thereby helping it to increase its use and income.
Burnham-On-Sea.com also reported in February that the town council had earmarked £70,000 of funds towards taking on The Princess.
Cllr Burridge-Clayton, pictured, told Burnham-On-Sea.com: “The town council’s takeover of the Princess helps to secure it as a major community asset for residents.”
“A Business Options Plan has been formed and it is expected that the plan will be flexible enough to provide the needs of the current hall users and also broaden the services on offer.”
Burnham-On-Sea.com reported here that Burnham-On-Sea’s DanceFit Club and The Bay Club Dancers will join forces to perform the first show at the town council-owned Princess Theatre this Saturday (2nd April).
