Vbase was responsible for attracting Bruce Springsteen to Christchurch in 2017. The company is now being restructured.

Vbase is being restructured by the Christchurch City Council – and the venue management company's general manager has resigned.

​The council announced on Wednesday it would split the company's operations in two and create a new company to own its assets.

Vbase general manager Darren Burden will finish on Friday. He would not tell Stuff why he resigned, saying it was between him and his employer.

SUPPLIED Vbase chief executive Darren Burden started the role in February 2014, but resigned three months ago and will finish up on Friday.

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"I believe today's announcement on the corporate structure of Vbase is a positive step forward for the company," Burden said.

GEORGE HEARD/STUFF A refurbishment of Christchurch's Town Hall is almost complete. The building is owned and operated by Vbase, which is about to be restructured.

The council plans to separate the facilities ownership and asset management side of the business from the event hosting and operations side.

Vbase employs about 50 full time equivalent staff. Job losses are not expected, council said.

Vbase owns and operates Horncastle Arena and the Town Hall. It also manages the Air Force Museum at Wigram, AMI Stadium and the Hagley Oval Cricket Pavilion for their owners.

Council spokeswoman Mary Richardson said with new facilities opening soon, council wanted to ensure Vbase was fit-for-purpose and able to compete in the increasingly competitive events market.

"We think the best way to ensure our facilities are maintained to a high standard so we maximise their value and lifespan is to have them owned by a separate entity."

She said the events operation would be operated by a separate entity under the Vbase brand, and focus on improving performance and profitability.

The shortage of events since the earthquakes and the cost of temporary facilities has affected Vbase's financial performance.

A report into its future direction was discussed privately at last week's council meeting. The council has refused to release the report until May 1, 2020, and also refused to release Vbase's quarterly report to March 31, 2018. The meeting agenda said information in the report would give competitors an advantage. Vbase in 2017 recorded a deficit after tax of $40 million .

Vbase board chairman, city councillor Tim Scandrett, said the board supported the restructure plan and would be actively involved in the next steps.

"This restructure is about setting a strong strategic direction for the future and ensuring that Vbase can thrive," Scandrett said.

The council said Vbase would continue to operate as normal through the restructure.

Vbase was restructured in 2011 following the earthquakes, and put under control of council, which took on Vbase's $4m debt. That restructure cut 151 full time equivalent positions.