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More than £2 million is to be spent returning Leicester's defunct Haymarket Theatre to use as a venue for music and arts performances.

Leicester City Council is to put the cash into replacing the seats and utilities it stripped out of the theatre after it was closed in 2007 and replaced by Curve.

The authority is locked into a 99-year lease on the 1970s-built theatre which is draining the public purse to the tune of £180,000-a-year in service charges, maintenance and security.

City mayor Sir Peter Soulsby said the best option to reduce the financial burden on the council was to restore it as an 800-seat performance venue.

(Image: Alex Hannam)

The decision follows years of unsuccessful marketing of the old theatre for other potential uses and a failure to sell the lease.

If the 57 years of the contract were left to run, the council would have paid more than £10 million to the owners of the Haymarket Shopping Centre and theatre.

More £1.5 million has been spent so far, on top of the £468,000 spent on an abandoned plan to turn the theatre into a youth hub.

Haymarket Consortium Ltd is set to agree an initial five-year lease on the revamped theatre to breathe life into it.

The consortium would look to use the restored 800-seat venue to host live music, shows, conferences and corporate events, as well as a training centre for people looking to gain employment in the creative arts industry.

(Image: Alex Hannam)

The mayor said: "When the Haymarket opened in 1974 nobody foresaw it being closed 33 years later and becoming such a drain on public finances.

"I inherited a liability and now I have decided that with some sensible investment this large liability can again become a great asset for the city.

"It was built as a theatre and it doesn't lend itself to any easy conversion."

Legal agreements and contracts still need to be signed but it is hoped the revamped Haymarket will open in Spring 2017.

Sir Peter said it was hoped the council would be entirely free of costs associated with the theatre by 2020.

Consortium director Jed Spittle said: "We're very excited about bringing the old theatre back into use.

"The birthing of this idea was not commercial but we have to run as a commercial operation

"We wanted to do it because it needed doing and we were passionate about saving this building.

"There was no 'off-the-shelf' solution to the unique challenge the Haymarket Theatre presents, so (fellow consortium member) Chris Knight and myself decided to pull together a new team of experts, from differing fields and with a passion for the building, and form this new consortium.

"Our original proposal anticipated the phased refurbishment of the theatre, with areas such as the auditorium being brought back into use as funds became available.

"But in order for our business plan to be viable, we concluded that we would need to reinstate the auditorium from the outset. Our aim is to create a fully-equipped professional performance and rehearsal space – complete with bar and catering facilities – that will allow us to maximise our income streams from the start.

"From 2020, that income will cover the costs of the annual service charges – and finally put an end to the city council's financial responsibilities for the building."

(Image: Alex Hannam)

Mr Knight said: "Through our collective experience in industry, augmented by numerous conversations with industry colleagues, we've established that there is a demand for industry-led training.

"This training needs to be current and adaptable – and the concept being developed is that of a teaching and training theatre, where students are taught through a mixture of theory and practical sessions, working alongside a professional team to gain experience during the operation of the venue.

"Ultimately the aim is to teach from GCSE and BTEC through to degree level, and we welcome suggestions from the industry on what they'd like to see included in technical, production, performance and stage management courses."

The revamping of the venue will include installing a new sound and lighting system and a café/licensed bar.

The foyer and entrance areas will be modernised, while retaining the original look and feel of the old theatre.

The consortium hopes to have an initial staff of 10 to 12 people and hold events 'three or four nights a week'.

Mr Spittle said the new Haymarket would not be in competition with other established city venues.

He said: "It is to fill a gap in the cultural offer in the city. We could do with decent-sized but intimate comedy venue and provide space for bands who couldn't fill De Montfort Hall but need something more than the Musician."

Sir Peter said the project presented the best solution to the problems presented by the empty theatre but opposition politicians have described the handling of the nine-year saga as an embarrassment.

Tory city councillor Ross Grant said: "This is sadly predictable.

"This might be the best solution but we have spent £1.5 million on nothing and now we are spending £2.2 million so we can stop spending £180,000 a year on nothing.

"Are you kidding me?

"If this idea doesn't work out we'll end up with a refurbished theatre that has cost millions and that we can't do anything with.

"This isn't a deal that gets us off the hook.

"And I can't see how this won't compete with Curve and De Montfort Hall.

"There needs to be real due diligence on the people taking the lease because this deal is loaded with risk - most of it on the council."

Lib Dem opposition councillor Nigel Porter said: "You could not make this up.

"The council shuts the theatre, strips it bare to sell it, fails to sell it so then it pays millions to set up a theatre again.

"I hope this new plan works but so far the whole thing has been cock up.

"I worry that we will end up with an oversupply of venues."