Stalled plans to remodel the Octagon Theatre in Yeovil could be funded by selling off one of Somerset County Council’s commercial investments, the council's former Leader has suggested.
In October Somerset County Council put the £30m project on hold due to rising costs, saying that the current business case for the theatre's regeneration could "no longer be met" and "a revised business case would be necessary".
The Somerset County Gazette reports that the local authority, which declared a financial emergency in early November, is currently exploring ways to plug a £87m funding gap for next year – including the sale of surplus land, property and commercial investments.
During a meeting of the council's executive, former Leader David Fothergill said the sale of an energy storage facility near Taunton could be “recycled” back into the Octagon project.
The council's Deputy Leader Liz Leyshon said work to re-examine the scope and cost of the Octagon project is ongoing, with a view to the council publishing its preferred option for moving forward early in the new year.
“There is a great deal of work going at the moment in the back offices between the Department for Culture, Media and Sport, Arts Council England South West and our officers on the possibility of a revised option for an Octagon project that would ensure its future as a flagship venue for Somerset," she said.
“That is very delicate work and it is being pursued with all the partners, including Yeovil Town Council."