Centrus Advises Southbank Centre on new loan facility from the Cultural Recovery Fund
Southbank Centre is the largest arts centre in the UK and one of the nation’s top five visitor attractions. Southbank Centre seek out the world’s most exciting artists, from household names to fresh new talent, and give them space to showcase their best work. The centre, alongside many cultural sites across the UK, had been closed since the outbreak of the COVID 19 pandemic.
As a result of the closure, Centrus was asked to provide strategic advice and to help the trustees and management secure the future of Southbank Centre (“SC”). This work involved helping to develop, review and refine the narrative around SC’s recovery strategy and programme with regard to the key financial stakeholders of SC.
Following the development of the strategic approach and narrative, Centrus supported SC throughout the negotiation process with its lenders to arrive at the most suitable terms for SC, reviewed SC’s application to the Cultural Recovery Fund, the UK Government support scheme for the arts and provided advice on how to make this work with proposals from lenders. The outcome of the negotiation lead to satisfactory agreements with lenders and a loan to be agreed with the Cultural Recovery Fund, securing the future of Southbank Centre.
Andrew Gambrell, Finance Director - Southbank Centre Centrus made the time to understand Southbank Centre and were incredibly responsive within a very tight timescale. Centrus' expertise allowed us to find and agree the right solution for Southbank Centre.