Taxpayers will pick up the bill for Perth Theatre after an ambitious fundraising drive fell short by more than £1 million.
Three years ago, Perth and Kinross Council agreed to underwrite the shortfall required for the revamp of the historic venue.
The local authority pledged £1.5 million to plug the funding gap for the £16.6 million project, but this was reduced to £1 million at budget talks last year.
Horsecross Arts chairman Magnus Linklater had earlier announced he was confident his organisation could raise cash to plug the gap.
“We have a very active fundraising body so I’m sure we will not only meet the shortfall but actually outstrip it,” he said.
The Courier can reveal that the organisation has to date raised £462,000 during the final fundraising push, less than a third of its original target. Horsecross did, however, successfully raise more than £6 million towards the total cost of the building project.
The council has now agreed to make up the shortfall of £538,000.
Although Horsecross is still appealing for donations towards the project and recently launched its Make Your Mark scheme to help pay for the finishing touches, any extra money raised won’t go toward the funding shortfall.
The council’s deputy chief executive John Fyffe said: “The £1m we put in the budget has never materialised in its entirety.
“The council made an earlier decision to underwrite any shortfall. Originally £1.5m was set aside, but we are now looking at something relatively lower than that.
“Unfortunately, Horsecross just didn’t manage to make the income target they set out to.”
The venue, which was closed for four years of renovations, was re-opened to widespread acclaim last month.
Gwilym Gibbons, chief executive of Horsecross Arts said: “Perth Theatre is an important and much loved asset for the whole community.
“Since the building reopened in November we have welcomed thousands of visitors — old friends and first-timers alike. The feedback on the restored and redeveloped theatre has been overwhelmingly positive and we are looking forward to a packed homecoming panto and an exciting opening season for people of all ages and interests.”
He said: “In total Horsecross Arts has helped raise £6.6m towards the £16.6m transformation of Perth Theatre.
“The project has been delivered on time and within budget.”
Mr Gibbons added: “We are hugely appreciative of the significant support of a range of funders, trusts and foundations, in particular the Gannochy Trust, Creative Scotland and the Heritage Lottery Fund.
“Without their backing and their belief in the future and value of Perth’s beautiful 117 year old theatre, and without the valuable support of Perth and Kinross Council, the people of Perth would not have the amazing building they enjoy today.”
The theatre, which is preparing to relaunch with the Christmas pantomime Aladdin this weekend, is expected to pump around £6 million into the local economy each year.
