Loughborough College Group is set to sell its Melton site following the closure of a consultation. Whilst the Group received three proposals, none had the financial backing that would allow the site to operate as a viable, sustainable venture.
The College Group inherited historic financial liabilities, following its merger with SMB College Group, making it vital that any future use of the site not only offers community benefit but also delivers strong value for money.
Whilst the planned sale means the future of the theatre is uncertain, the College Group has announced a new partnership with Melton Borough Council to develop a dedicated Cultural Hub at The Stockyard. This initiative will mark a new chapter in securing the future of Performing Arts in Melton Mowbray and investing in community culture in the town.
Corrie Harris, CEO at Loughborough College Group, said: “Throughout this merger, our priority has been to secure high-quality education for young people in Melton Mowbray and to safeguard the experience of our current students.
“By working closely with Melton Borough Council, we are now able to do exactly that. The exciting plans for a Cultural Hub at The Stockyard offer a financially sustainable way to protect and grow the future of Performing Arts.
“Although we are not discounting any proposals previously submitted, we are now encouraging a wider range of bidders to come forward with strong, sustainable offers that provide the best long-term value for the College Group and for our community.”
Any revenue generated from the site will be reinvested directly back into the College Group.
“As a public sector organisation, we have a responsibility to secure the best value for money,” Corrie added. “But equally, we hope the redevelopment of this site will provide something meaningful back to the community.”
Responding to the College’s announcement, Cllr Pip Allnatt, leader of Melton Borough Council, added: “We deeply regret the closure of the college campus and sale of the site, but recognise the challenging financial position the college is in.
“Following their decision, we will work with them to secure the best possible future use for the site and our community. Given the anticipated closure of the theatre, we will do all we can to safeguard a cultural offer within Melton and will work with them and other stakeholders to develop a new cultural hub proposition, and one that can attract additional government funding to bring it to life.
“We will formally be considering an update on the Stockyard project at our Special Cabinet meeting on 17th December and will be considering how best to support the development of the Cultural hub as part of that process. We will be inviting anyone who wants to help shape and support the establishment of a new cultural offer in Melton to meet with us and potential funders, in the new year.”
The College Group is now inviting new expressions of interest and comprehensive proposals that clearly demonstrate sustainability, community benefit, and financial viability.
