COVENTRY City of Culture Trust has announced it has gone into administration, putting 50 permanent and casual staff out of work.
The Trust announced earlier this year it was facing a ‘difficult financial position’ with ‘ongoing cashflow issues’, and on Tuesday it was confirmed Mike Kienlen and Daryl Warwick had been appointed Joint Administrators.
The statement added the Trust had been working to find solutions to the financial challenges and to secure the future of its legacy programme, including The Reel Store.
The trustees said they were aware the news would be devastating for many and were regretful of the impact this would have on the organisations and businesses involved.
“We have not been able to find a solution to secure the
future of the Trust, but have continued to work closely with those who had pledged legacy funding, to try to protect those funds for the city and its cultural organisations.
“Details of these arrangements are not finalised, but we expect this to be clearer in the next few weeks.”
The Trust maintained although its activities had to come to an end earlier than expected, Coventry’s year as UK City of Culture had a huge impact on the city and its positive influence would be felt for years to come.
“The legacy includes increased levels of civic pride, volunteering, and active citizenship, transformed public realm and cultural facilities and a strengthened and more connected cultural sector.
“Creating the legacy of Coventry City of Culture has been a shared endeavour and we know that the City will continue to build on the impact of the title well beyond the existence of the Trust.
“The wonderful year was delivered against all odds, and we could not be more proud of the City.”
A spokesperson from The National Lottery Heritage Fund, which worked closely with the Trust on the Green Futures programme, added it hoped a way forward could be found and said it would work with the City Council and others to support the legacy of the City of Culture.
Joint Administrators will issue a further statement once appointed.
