Arts, Culture and Heritage Turnaround and Recovery

Recent media coverage highlights the financial difficulties faced, as a result of the current financial crisis, by arts, cultural and heritage sector organisations of local, regional and national importance.  Leading organisations including the Royal Albert Hall, Shakespere’s Globe and a number of London’s leading west end theatres have expressed concerns about their perilous financial condition. Regional theatres have furloughed staff and are now announcing redundancies and major museums have said that they are in danger of closure. Smaller venues face unprecedented challenges and an uncertain future. 

Gore and Company has over 20 years’ experience working with arts, culture and heritage organisations, and, through our firm’s consultancy arm, with Arts Council as funders and with their funded organisations. Our role has included review of operations and financial sustainability and the development and management of turnaround plans. We have amassed a unique knowledge of the issues facing arts, cultural and heritage organisations, and have assisted organisations in financial difficulty, helping them to assess options for turnaround and recovery.

Our work has included:

1. Preparing business plans for National Portfolio Organisation (NPO) funding
2. Advising and making recommendations to Arts Council England on NPO funding applications
3. Acting as due diligence advisors on capital funding projects 
4. Recently, reviewing and advising on applications to the Arts Council England Emergency Fund during the Covid 19 crisis

Gore and Company offers:

1. Turnaround:
   • Financial analysis and modelling to identify problems, cost cutting options, and to inform plans
   • Rapid business options reviews
   • Assistance with obtaining creditor and lender support
   • Monitoring and reporting
2. Restructuring:
   • Using range of formal insolvency procedures to effect to a restructuring through administration, or corporate voluntary arrangement procedures
   • Acting as Monitor, Administrator, Receiver Manager, Supervisor to give effect to a turnaround
   • Reporting  
3. Insolvency:
   • Acting as administrator, liquidator in a formal insolvency situation
   • Providing creditor representation services in a formal administration or liquidation
4. Business Options Review
   • Rapid review of financial position and prospects to inform options
   • Detailed advice on practical solutions
5. Due diligence for emergency funding
6. Advice to directors or trustees on consequences of insolvency, on personal financial consequences and on ways to mitigate them

Costs

Gore and Company offers free initial consultations – sometimes working with firms over a period of several meetings – to identify issues and possible plans. When a feasible plan has been identified we will agree fees and payment schedules.