Octagon Theatre in Yeovil could remain closed until 2029

Somerset Council originally intended to undertake a £30m revamp of the venue (which was temporarily closed in April 2023), but this was put on hold in October 2023 in light of high inflation and interest rates.

The council is now pursuing a scaled-down redevelopment costing £15m, with Yeovil Town Council agreeing in early-October to take out a loan of around £3.3m to ensure the project could be fully funded.

But Somerset Council has now revealed that the final business case for the project - needed to release a key central government grant - won't be submitted until planning permission for the amended proposals has been granted.

Of the £15m budget for the theatre's regeneration, £10m comes from a ring-fenced grant from the Department for Culture, Media and Sport (DCMS), which was first secured in March 2021 with the involvement of Arts Council England.

Yeovil Town Council - which will eventually end up responsible for running the venue - will contribute £3,964,500 (including stamp duty), of which £3,325,000 will be borrowed from the government's public works loan board (PWLB).

This loan will be repaid through a 3.3 per cent in the town council's share of council tax bills - the equivalent of an extra 22p per week.

The remaining funds for the project will be secured from local housing developments, fundraising and additional grants.

Yeovil Town Council voted on October 1 to move forward in securing the loan for the project, following a consultation over the summer which found a slim majority were in favour of the project - though residents opposed a rise in council tax bills to pay for it.

Theatre manager Adam Burgan told the BBC that the decision was "a huge relief", adding: "The Octagon has played such an essential role in the life of Yeovil for 50 years.

"This project gives us the opportunity to make sure its future is secured for generations and we resolve those historical building issues so we don't have to close again."

Somerset Council is currently undertaking detailed design work on the project, with a view to submitting the outline business case to the government before Christmas.

Officers confirmed that the final business case would not be sent to DCMS for approval before planning permission for the revised scheme had been secured - meaning that the venue may not reopen until 2028 or 2029.

A spokesperson said: "We are continuing to work in partnership with our funders, including DCMS and Arts Council England, on the next steps in the process, which involve over the coming months completing and signing off designed design of the project) and submitting planning permission.

"The design team can then continue to progress design work through 2026.

"The final business case will be submitted at the technical design stage, once planning permission has been secured and a contractor selected.

"This is the final stage before work begins and we remain on schedule to reach this towards the end of 2026."