Enforced summer closure saves Cork Opera House €200k

THE enforced summer closure of Cork Opera House saved the theatre some €200,000.

And eight staff members are to take voluntary redundancy as part of a radical restructuring of its cost base.

The details emerged as senior Opera House management briefed their largest shareholders, the members of Cork City Council, at a behind closed-door session at City Hall on Monday night.

The theatre’s new chief executive Mary Hickson, her predecessor, interim chief executive Padraig Liston, who led the restructuring, and the chairman of its board of directors, Damien Wallace, briefed city manager Tim Lucey and city councillors on the theatre’s three-year business plan, and on how costs have been restructured.

The council was told the venue would be €200,000 more in the red now if management had not taken the decision to close during the summer. It was also revealed eight staff members will take voluntary redundancy.

Councillors were told the theatre plans to engage more with promoters, and provide a more eclectic programme in the hope of attracting a wider audience.

As well as the “early bird” ticket deal which has proven hugely successful, Opera House management said they are examining other revenue generating ideas including maximising the income from the bar and cafe at the venue.

Councillors said afterwards they are satisfied the venue is on a sound financial footing.

With a 39% stake in the venue, the city council is the theatre’s largest shareholder.

The local authority approved a €1 million loan for the theatre in June but had to approve a €250,000 loan just weeks later.

This €1.25m loan is interest-free and is to be repaid over the next 15 years, with a moratorium on repayments for the first three years.

Separately, the council has also agreed to act as guarantor on another €1.5m loan from a bank.