Sadiq Khan “working on” a rescue for Riverside Studios

Image above: Riverside Studios

Venue faces going into administration if a solution is not found

The Mayor of London Sadiq Khan has described Riverside Studios facing administration as “heartbreaking” and said City Hall is working to rescue it.

The state of the art London performance venue is struggling with debt and say they have been pushed to the point of entering pre-administration discussions by “eye-watering” energy bills. The Riverside Trust says it needs a cash injection of £500,000 immediately, followed by a further commitment of £750,000 over the next few months, to avoid going into administration.

The Riverside Studios has a rich history, the original building in Hammersmith having been used as a film studio since the early 1930s and by the BBC from 1954 to 1974. The Trust which runs the new building has stated a preference for continued charitable ownership.

Despite the financial difficulties, the Trust has said it intends to continue business as usual. Scheduled events will continue as normal, and no cancellations have been announced so far. Events are currently scheduled until 19 August.

But the venue’s executives have said that they only have a matter of days to find the money required to avoid administration.

Image above: The Mayor of London Sadiq Khan

Mayor’s Culture at Risk team working with venue in hopes it can be saved

Mr Khan said:

“It’s heartbreaking. Anybody who knows London’s cultural history knows the importance of the Riverside Studios, so we’re working closely with the local council and those who are looking into the administration of the Riverside Studios to see what we can do to rescue this really important asset.

“The Culture at Risk team at City Hall has been working with groups across the city over the last few years. We’ve managed to save more than 800 groups over the last few years and, fingers crossed, we can work with the Riverside Studios’ people.”

A spokesman for the venue said:

“Riverside Studios have been working closely with the team at City Hall who have been extremely supportive.

“Lines of communication remain open and we continue to work to achieve the very best solution for Riverside and its audiences.”

Stephen Cowan, Leader of Hammersmith and Fulham Council, has said:

“It is vital Riverside Studios remains a community arts hub and we will work with the administrators to make sure that happens.”

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See also: Riverside Studios open as usual despite entering pre-administration process

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