Town councillors agree £40,000 loan for Nantwich Players

Town councillors in Nantwich have approved plans for a £40,000 loan to Nantwich Players for essential building works at its Love Lane theatre.

The loan will be paid back over 10 years at an agreed interest rate of around 5.5%, the council was told last night.

One councillor, Cllr Riddell Graham, suggested a lower interest rate of 4% to “show appreciation” for the role the Players has in the town.

He said: “The Players provide a real boost to the town, it’s a real asset and last time they had a loan to buy the undertakers shed next door, it was paid back at 3% interest.

“That was 10 years ago, and I think it would be good to show appreciation and agree an interest of 4% for this one.”

But other councillors rejected this amendment and voted through the loan to be paid back at a rate similar to the Public Works Loan Board (PWLB), currently around 5.5%.

In a report, town council clerk Samantha Roberts said: “The loan request relates to the Players’ ‘Warm & Welcome Project’ which aims to modernise parts of the theatre building, improve accessibility, enhance thermal efficiency, and maintain a safe and welcoming environment.

“A key element of the project is the replacement of internal and stage access doors to meet modern fire safety and acoustic standards.

“The cost of these works has been quoted at £38,649 (excluding VAT)

“Without financial support, there is a risk that these essential works could delay the wider improvement programme.”

Cllr Caroline Kirkham said: “I think we should support The Players, it is something unique to the town.

“But from an accounts point of view, have we seen that they can afford the repayments? It’s good practice to get a view of that.”

Ms Roberts said The Players had fully repaid a loan they received in 2016, so had demonstrated “a strong track record of repayment, and Trustees consider the existing funding model to remain robust”.

In line with previous loans repaid by The Players, the council proposed that a legal charge be placed on the theatre property as security for the loan, and all legal costs associated with establishing and maintaining the charge be met by Nantwich Players.

It was also agreed there would be no penalty for early settlement of the loan.