Critics say that revamp of King’s Lynn’s Shakespeares Guildhall will become ‘too expensive’

Revamping Lynn’s Shakespeare-linked theatre will become too expensive and could leave the council with huge amounts of debt, critics fear.

West Norfolk Council is set to commit to borrowing £16m to help fund the regeneration of Lynn’s Guildhall theatre, which has seen its price tag balloon to £30.5m.

But sceptics worry this will mean the authority will face interest payments of about £800,000 a year.

At a regeneration and development meeting this week, Alun Ryves, an independent councillor for Methwold, said: “We would love to have a legacy of delivering a vibrant Guildhall that becomes a central part of King’s Lynn.

“But I have an awful fear our legacy would be that we end up with a very large amount of debt.”

The project was initially expected to cost £12m and was due to be supported by £9m in funds from the Town Deal Board.

Consultants, including architects, have already cost £2.6m.

But rising construction costs, additional expenses due to medieval architectural discoveries and a growing ambition for the scheme have meant the overall price tag has more than doubled.

Officers said completing the project will be cheaper than not doing anything, as the revenue will help support maintaining the building for years to come.

It is expected to generate £30.8m for the local economy over the next 15 years.

WNC hopes the Shakespeare-linked discoveries, which include a 600-year-old stage the Bard himself may have once trod, will entice wealthy philanthropists to help fund the scheme.

But so far, this hasn’t come to fruition.

Terry Parish, an independent councillor for Heacham, said: “We were told money would flow in from Shakespeare enthusiasts in the US and China. But absolutely nothing has flowed in so far.”

However, Simon Ring, deputy leader of the council, insists backers will come forward when the council commits to the project.

He said: “If we don’t believe in this project and support it, why would any other investors?

“We have to show that we are ambitious about it and believe in it.”

He added the £16m borrowing figure is a “worst case scenario” and that there remains a “significant opportunity” to reduce the funding gap through external sources.

To help entice philanthropists, the council has created a chief fundraiser position and is understood to be offering a salary of about £60,000 for the role.

Even if the project does receive funding and is successfully completed, there still remain concerns it will not generate enough revenue to cover the costs.

Judith Collingham, a Conservative councillor for Dersingham, said: “My observation, having lived here for 20 years, is that the arts are not massively supported here.

“The Shakespeare revelations have brought people through the door, but will they pay hard cash to visit?”

Councillors called for the project to be scaled back to just focus on the theatre and bar, as opposed to the ancillary elements like an art gallery and restaurant, to reduce costs.

But officers said these additional elements are essential to generate additional revenue to ensure the scheme is sustainable for the long term.

Despite the challenges, Mr Ring insists the revamp will prove hugely beneficial to the borough.

He said: “The potential return on investment — whether through direct financial gain, increased visitor economy, or civic pride and cultural education for our young people — is immense.”

St George’s Guildhall is the oldest working theatre in the country and is one of the only theatres left that can credibly claim Shakespeare had performed there.

It is owned by the National Trust and is leased to West Norfolk Council until 2050.

A spokeswoman for the National Trust said it supports the council’s ambitions to restore the venue.

But the charity has been “clear from the start” that it has limited resources and is not able to help fund the scheme, although it is offering its “professional expertise”.