Shanklin Theatre.
SHANKLIN Theatre, which was thrown a lifeline by Shanklin Town Council, is not expected to make a loss this summer.
Updating town councillors at a meeting last week, Cllr Chris Quirk said the theatre, now a Grade II listed building, faced a busy summer season of shows and plays.
He said: "We envisage the theatre will trade over the summer season certainly not at a loss."
The Isle of Wight Council has entered into a leasing agreement with the town council in the form of a tenancy at a peppercorn rent.
This will allow time for the process of due diligence prior to the envisaged transfer of the freehold from the Isle of Wight Council to Shanklin Town Council.
Once the freehold transfers, it is intended that the town council will lease the building on a 99 year full maintenance lease at a peppercorn rent to a charitable trust set up for that purpose.
Cllr Quirk said: "This will allow two things: it will enable the theatre to access grant and low interest loan opportunities to both operate the facility and to restore the building, but it will also shield Shanklin Town Council from potential liabilities for maintenance of the theatre building."
Cllr John Fleming said the re-born theatre was now a hive of activity.
"We have got 32 volunteers up there," he said.
"We have negotiated with the Isle of Wight Council because there were one or two minor repairs that have to be done to satisfy the insurers. Scaffolding should be going up next week.
"We have money coming in now and I think it’s something we should be proud of. It’s all positive at the moment."
Reporter: martinn@iwcpmail.co.uk