04 July 2009Kino Holdings Ltd has announced that the STAG theatre and cinema will close at the end of business on Monday 7 July.
Sevenoaks District Council, which owns the building, was informed of this decision by Kino today (Tuesday 1 July 2008). The timing will enable all the Sevenoaks Summer Festival events at the theatre to go ahead as normal.
This news was a surprise and disappointment to the Council, as the Chairman of Kino Holdings Ltd attended the Council's Social Affairs Select Committee as recently as 27 May 2008 and gave positive assurances regarding the future of the STAG.
Kino has cited serious and unsustainable financial difficulties that are in part due to the current challenging financial climate, combined with poor recent trading figures during the last month and lower than anticipated attendance at the cinema and theatre over the previous six months.
The Council learned that Kino was experiencing financial difficulties on 19 June, but Kino only told the Council today of its intention to close on 7 July. Over the course of the last week, the Council has sought to ensure that Kino honours its festival bookings.
Cllr Elaine Bracken, the Council's Cabinet member with responsibility for the arts, says: "We are disappointed by the news of this closure and the speed at which it has happened. However, Kino has promised to honour the Sevenoaks Festival programme bookings. This will be much appreciated by the various organisations involved and those hoping to attend. The Council will be carrying out a full review of the situation."
