Bristol Old Vic Opens Voluntary Leavers Scheme to Cut Salary Costs by 5%
Bristol Old Vic, the UK's longest-running theatre located on King Street, has introduced a limited Voluntary Leavers Scheme, inviting staff to consider voluntary redundancy in an effort to reduce salary expenses by approximately five percent. A spokesperson emphasized that, although initiatives to increase revenue and cut costs post-Covid have lessened the need for salary cuts, they are still necessary. The theatre is committed to a transparent process that prioritizes the well-being of its team. Despite these challenges, the theatre continues to operate with a busy autumn schedule. Following a £26 million renovation in 2018, it was forced to close within 18 months due to the pandemic and has faced financial losses since 2020, grappling with rising costs and difficulties in obtaining grant funding.
Key facts
- Bristol Old Vic has opened a limited Voluntary Leavers Scheme asking staff to consider voluntary redundancy.
- The theatre aims to reduce salary costs by approximately five per cent across the organisation.
- Bristol Old Vic is the UK's longest continuously-running theatre and is located on King Street.
- The theatre re-launched in 2018 after a two-year, £26 million refurbishment adding a glass-fronted foyer, a new studio theatre and improved backstage facilities.
- It shut down within 18 months of reopening because of the Covid pandemic.
- Two years ago Bristol Live reported the theatre was in its fourth year of losses since 2020 and 2021.
- A spokesperson said the immediate priority is the welfare of the team and the theatre continues to operate as normal with a packed autumn programme.
- The theatre said the scheme is intended to strengthen long-term resilience and that it continues to make work in a difficult financial climate.
Entities
Institutions
- Bristol Old Vic
- Bristol Live
- Bristol City Council
Locations
- Bristol
- United Kingdom
- King Street