FEASIBILITY_STUDY , item 14. PDF 1 MB - Meetings, agendas and ...

A feasibility study prepared for the Black Box TrustNovember 2011Although this option would not take up further funding from the public sector, its closure wouldpotentially have significant implications for the local area and the overall arts and culture sectorin Belfast, in terms of reduced visits and complementary spending in the Cathedral Quarter andthe loss of a suitable space for regular events and Festivals facilitated year on year by thevenue.There are many disadvantages associated with this option compared to advantages, of whichwe have only been able to identify one, no further public investment in the venue.The closure of the Black Box is a reality if it is not successful in acquiring funding to continue itsoperation, it cannot survive without support. This is not an option the Black Box wishes toconsider; rather it is what will happen without funding, not through choice.Given the success of the Black Box since its inception and the benefits attributed to itsexistence, we do not consider closing the venue as a viable option.6.5.3 Option 3 – Becoming an independent/commercial venueThis option would involve the Black Box becoming independent of any public funding andoperating as a purely commercial venue. It would assume either a continuation of the currentlease agreement of the building, or a full or joint purchase with a partner of the Black Boxbuilding as well as the purchase of a premises licence.The advantages and disadvantages of this option are presented in Table 6.2 below.Table 6.2: Advantages and disadvantages of Option 3AdvantagesPotentially own or part own anasset, paying interest only on aloan, reducing outlaysSecure the venue‟s location andpotentially its operation goingforwardDisadvantagesAdditional costs/responsibilitiesof owning a commercialpremises i.e. business rates,maintenanceAdditional pressure in meetingbusinesstargets/keyperformance indicators - sales,revenue, etcExtend serving and opening times Less charitable support ifexclusively commercialGenerate more income throughadditional bar sales and higherprices of renting spaces toperformers and eventsLess support for indigenousartists/performances becomingmore mainstream if purelycommercialBecome less affordableBecome less flexible in terms ofbooking style, events plannedwell in advance47