Courtyard seeks backer to buy King’s Cross siteThe Stage News - 14th December 2006 London's Courtyard Theatre is looking for investors to help it buy its King's Cross site, after the building's owners announced it intends to sell the property, potentially leaving the company homeless.
Managers had been intending to sign a 25-year lease on the venue, being renovated to create a 160-seat theatre and 50-seat studio space but will no longer be able to move back in when the work is completed in 2008 unless they can find the money to buy it.
The news comes as the company's temporary base in the studio of Covent Garden's Theatre Museum prepares to close for performances when the museum shuts next year.
Courtyard Ltd executive director Tim Gill said he intended to sell 25% of the business - which includes the training arm Court Theatre Training Company - to help him raise the necessary cash.
He told The Stage: "We've got £1.8 million in commercial borrowing to put towards it and if we can clinch £750,000 it'll be ours. It's a very safe deal - our drama school is now validated and they will be using the smaller space, so it's a very nice commercial investment deal.
"What we hope is that we can become an Off-West End, middle-size venue that will be a good training ground for new directors, actors and writers - a bit like the Orange Tree but in King's Cross."
The company is also considering buying another building in Hoxton.