London-based venue Riverside Studios has announced it is entering administration, claiming ‘eye-watering’ energy bills and dept incurred by its recent development are to blame.
However, having run the venue since 1983 the Riverside Trust insists that the venue will continue to trade under administration whole a new buyer is found to take on the arts venue.
Having celebrated its 45th anniversary, the venue has faced a 300 per cent increase in energy bills and ‘dramatically increased operational costs', the trust claims. It also blames a ‘difficult operating environment post-Covid’ and construction debts from its redevelopment in 2019.
Chief executives have described the move as a ‘tragedy’ that an immediate cash injection of £500,000 with a commitment of a further £750,000 would been needed over the next few months to avoid administration – an amount they have attempted to raise to no avail.
The deputy mayor of culture and creative industries, Justine Simons, says she was ‘deeply saddened’ about the move, adding: ‘The mayor’s culture and community spaces at risk office will continue to work with Hammersmith & Fulham Council and Arts Council England to do everything possible to ensure that this important space remains a cultural and creative venue in the future, as we work towards creating a better London for everyone.’