Emergency loan of £150,000 for Derby arts venue approved

A £150,000 loan to bail out a struggling arts venue has been approved by Derby City Council.

Bosses at the Quad, a cinema and exhibition space, have said reduced footfall and refurbishment costs have left it with cashflow problems.

So stretched are the venue's finances that it has set up an online fundraising page with a £30,000 target.

The council's cabinet said the loan would help secure a "key cornerstone of the cultural city".

The Quad opened in 2008 but has struggled since Covid and with the loss of neighbouring attractions such as the Market Hall, Assembly Rooms and Guildhall.

Management said "crucial" work included cinema projectors, gallery refurbishment, creative workshop equipment, technical equipment, cafe renovations, plumbing, lighting and repair work, general cosmetic refurbishment, improvements for environmental sustainability and help to combat higher overheads.

In a statement, the venue team said: "Without a comprehensive refurbishment, we cannot continue to provide creative arts, cinema and community activities for Derby and beyond."

Nadine Peatfield, city council deputy leader and cabinet member for city centre regeneration, culture and tourism, said: "Let's be clear, this is a loan at the end of the day.

"And we know that as Quad recovers, not only will they repay the council financially, they will repay the city by becoming bigger and better."

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