Theatre to be sold after rescue bids fall through

A theatre in Leicestershire is to be sold after three proposals put forward to save it were deemed unviable.

Melton Theatre lies on the former SMB College campus in Asfordby Road, which merged with Loughborough College earlier this year.

Loughborough College Group, overseeing the colleges, announced on Friday it was looking for potential buyers for the theatre and the rest of the site.

Theatre enthusiasts in the area have previously said that even the prospect of losing the venue would be a "massive shame".

The college group said it had inherited historic financial liabilities following its merger with SMB College Group, which led to the decision.

It said it recognised the decision meant the future of the theatre was uncertain, however it added it was looking into developing a dedicated cultural hub at The Stockyard through a partnership with Melton Borough Council.

The group said any revenue generated from the site would be reinvested back into the colleges.

Corrie Harris, CEO at Loughborough College Group, said: "As a public sector organisation, we have a responsibility to secure the best value for money.

"But equally, we hope the redevelopment of this site will provide something meaningful back to the community."

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