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GUARANTEEING BANK LOAN FOR THEATRE 'WORST DEAL' OF RICHMOND LBC

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Richmond LBC guaranteed a loan on the town's historic theatre which could have left it with a£10m debt, according ...
Richmond LBC guaranteed a loan on the town's historic theatre which could have left it with a£10m debt, according to the Richmond Comet.

Theatre director Sally Greene described the deal as 'the best deal of my life' in British Airways Business Life magazine.

Ms Greene and her property developer husband Robery Bourne bought the run-down theatre for£90,000 in 1986.

She persuaded the council to guarantee loan repayments for the restoration.

Richmond LBC Conservative leader Tony Arbour said: 'This was the best deal in Sally Greene's life but it was the worst deal in Richmond Council's.

'This£90,000 theatre will have cost taxpayers in Richmond over£10m by the year 2013. It has already cost£2.5m.'

The news comes weeks after Richmond LBC pledged another£150,000 to the theatre, which has operated at a loss for the last ten years, as part of its takeover by the Ambassador Theatre Group.

Sally Greene declined to comment.

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