Brewhouse Theatre: First rescue bid rejected
An initial offer to buy the bankrupt Brewhouse Theatre in Somerset has been rejected, a council leader has said.
Officers at Taunton Deane Borough Council had been negotiating with administrators it was revealed at a council meeting on Tuesday.
Talks are set to continue in the hope of agreeing a new price to save the theatre which closed two months ago.
Cuts in arts funding were blamed for the demise of the Brewhouse which went into administration in February.
The local authority owns the land the theatre sits on and also provides an annual grant of £152,000.
The hung council, which has a Conservative administration, hopes to buy the 61-year lease and transfer the theatre's running to a community group.
If the lease is acquired, the theatre would be wholly owned by the council.
John Williams, council leader, said he was "not overly concerned" about the initial rejection.
"At the moment we are putting in a bid to register an interest, so that the administrator is well aware that as a council we have a serious interest in that building," he said.
Administrator BDO has put a deadline in place for all bids to be received by Friday.