As the Theatre plays host to its last performances before closing for a transformational redevelopment, a funding gap has emerged that puts the building’s future in peril. Nearly all of the £25 million originally budgeted capital cost has been successfully fundraised by Capital Theatres, but inflation, global conflict and changing trading agreements mean that the project is likely to cost 20% - 30% more.

If this funding gap is not closed before December 2022, Fiona Gibson, Capital Theatres CEO, said the King’s could close its doors forever, the city will lose a key venue and an important cultural hub for its communities, made fully accessible to welcome diverse audiences and performers.

Funding from public bodies and generous donations have helped to get the project this far but need increased support is now needed including a contribution from the UK Government to see this project over the line.

Fiona Gibson said: “As the Edinburgh International Festival closes we’re scheduled to begin the capital redevelopment of the King’s Theatre to turn it into both a thriving community hub, fully accessible to audiences and performers and a world-class venue while maintaining its history and heritage.

“Nearly all the original capital cost estimate of £25m to transform the King’s is in place thanks to grants from the Scottish Government, City of Edinburgh Council, the National Lottery Heritage Fund; generous donations from our patrons and donors, companies and trusts; as well as Capital Theatres’ own contribution and our recent Crowdfunder. We are incredibly proud of the collective effort to reach this figure.

“However, as with all construction projects in the UK currently, we are facing new challenges because of delays in the supply chain caused by changing trading agreements, global conflict and increasing levels of inflation. Due to these factors, we estimate that the project costs will increase by between 20% and 30%. We’ve examined our options and we cannot reduce the project cost any further by value engineering and delaying the redevelopment could lead to even higher costs in the long-term, putting the entire project at risk.

“If this funding gap is not closed before December 2022, the last opportunity for us to give the go-head, the King’s could close its doors forever.

“We are in close contact with all our key public funders and hope to secure additional support to ensure that this transformative redevelopment for Tollcross, Edinburgh and Scottish Theatre can proceed as planned, and a better, brighter King’s Theatre can reopen its doors for generations to come.”

Brian Cox said: “It’s in August that we are reminded how vital The King’s Theatre is to the Edinburgh International Festival which over the years has played host to Juliette Binoche, Fiona Shaw and this year Alan Cumming and Gabriel Byrne. But for the rest of the year it’s vital to the Scottish Theatre ecology and a key touring venue which brings a variety of genres to the central belt; not to mention a source of comfort and joy in panto season.

“Without the planned transformational redevelopment improving access, preserving heritage and opening the building up to the community, the King’s will close its doors forever. After a hugely successful fundraising effort to reach the original budgeted cost of £25m, we cannot let the rising costs due to inflation, trade agreements and global conflict put the project in peril. We must save the King’s for future generations.”

Alan Cumming said: “The King’s Theatre is integral to the cultural health and wellbeing of the people of Edinburgh, and indeed Scotland. It brings us together in the Winter via the annual pantomime and it welcomes citizens of the World every August during the festival. This year, I was back at the King’s with BURN and it reminded me how much I love this old beauty. But, she could do with a facelift and a pretty thorough makeover. Please, urgent funding is needed to help preserve the magic of the King’s.”

Gabriel Byrne added: “It’s such a wonderful honour to be in the unique position of being the last person to perform on the stage of this amazing theatre which has a history going back years and years. I’ve always thought of a theatre as being somewhat like a church, it has a spiritual connotation and there’s energy trapped inside it of all the people who’ve sat here and laughed and have been touched and have been changed by what they’ve seen on the stage.

“That’s why a theatre is incredibly important to a city. In fact, it’s the spiritual lifeblood of the city. To preserve a theatre is being a good ancestor. It’s saying we need this, we value this and we’re passing it on to the next generation. Anything that can be done to preserve The King’s Theatre and give it new life has to be done. For it to not survive would be a tragedy for the audiences and for the city itself.”

Initially scheduled to start in September 2021, the coronavirus pandemic forced Capital Theatres to announce a 12-month pause to the project in March 2020.

Designed by Bennetts Associates, technical assistance for the project has been provided by Theatreplan, Thomas & Adamson, Max Fordham, Will Rudd Davidson and Gleeds.