Decision details

Exempt Part B - By Virtue of Paragraph 3

Information relating to the financial or business affairs of any particular person (including the authority holding that information)

RESOLVED

That the Cabinet approves

a)    a four year extension of the Hawth Theatre Contract with Parkwood Leisure covering the period February 1^st 2022 to January 31^st 2026.

b)    entering into a deed of variation setting out the revisions to the terms of the Hawth Theatre contract as listed in paragraph 5.2 of this report.

That Full Council is recommended to approve:

a)    The allocation of a repayable Capital Grant of £400,000 to Parkwood Leisure to provide support towards costs incurred during the Covid-19 pandemic as a result of distancing measures imposed upon theatres, and

b)    That the repayment of the Capital Grant occurs over the four year contract extension period.  

Reasons for the Recommendations

The recommendation will enable the Hawth to continue trading over the remaining period of the contract and will provide stability of the local offer in the coming years when there is expected to be continued turbulence in the wider market.

The recommendation to extend the contract for four years will see a stepped reduction in the management fee and the introduction of a profit share mechanism which will support the Council’s Medium Term Financial Strategy.