1 week Ago By Freya Parsons
AN ICONIC town centre venue will close in just a few days as its boss reveals an emotional announcement. The high street staple warned “there will be redundancies ” after the shock statement was shared.AlamyThe Prince of Wales Centre in Cannock, Staffordshire, announced its shock closure[/caption]GettyIts final play will be shown at the end of this month[/caption]The Prince of Wales Theatre in Staffordshire, will be hosting its final show on April 29.
Based in the heart of Cannock, the legendary venue showcased a range of performances from live music and theatre to cultural events.Richard Kay, manager at the Prince of Wales Theatre, Cannock, said: “It’s emotional. “In many cases and especially in my staff here, they are here for the environment and the joy rather than the money.
“I think when you work in an environment like this, there is a real and genuine passion for theatre and entertainment that is shown by everyone.”The beloved theatre was put at risk after the district council implemented measures to protect essential frontline services.However, despite the disappointing announcement, there are negotiations in the works to prevent the site from being scrapped.
The Cannock Theatre Trust is being gifted £7,000 from a grant program in a bid to keep it open.A grant programme worth almost £75,000 was divvied up between 10 venues to receive a share of the cash.Joshua McTaggart, CEO of Theatres Trust said the organisation is “thrilled” to be supporting the creative venue.
He said: “All the theatres on our Theatres at Risk Register are special buildings that have real potential to bring joy and opportunities to their communities. “We are thrilled to support 10 of these fantastic theatres with essential strategic projects that will lay the foundations for their revival.”Currently, The Prince of Wales Theatre is undergoing some construction and the treasurer is “very confident” that the theatre will reopen next year.
For those keen to keep their theatre up and running shows should be back on in summer or autumn of 2026.Unfortunately for the entertainment industry, with rising prices and declining footfall, many sites are being forced to close.Both theatres and cinemas are in the cost of living crossfire, with many venues forced to hike ticket prices and risk a loss of business.
TOUGH TIME FOR CINEMA CHAINSLast year Cineworld announced the closure of a handful of sites as part of a major restructuring plan to keep the company’s head above water.In October, a judge gave the go-ahead for £16million to be injected into Cineworld’s four companies which form the business.Cineworld has bolstered its financial position further by gaining access to additional funding, including £40 million in liquidity.
Alongside this, the company is set to invest up to £35 million in capital expenditures, focusing on the refurbishment and enhancement of existing cinemas.This development follows a long period of trouble at Cineworld.Just last year, the business emerged from Chapter 11 bankruptcy in the US.
Filing for a Chapter 11 bankruptcy means a company intends to reorganise its debts and assets while remaining in business.The company’s shares plunged almost 99 per cent in the five years to 2023, as it was hit particularly hard by the pandemic and the enforced closure of its cinema sites.Shortly after, Cineworld’s UK arm collapsed into administration on July 31 lat year.
The cinema chain was de-listed from the London Stock Exchange a day later..
