Tyneside Cinema saved by funding deal as turnaround effort under way

The boss of the Tyneside Cinema has said a £700,000 injection of funding marks a "new beginning" for the independent venue.

Following a troubled number of years in which the future of the Pilgrim Street cinema seemed uncertain, a loan deal will now kickstart a turnaround effort. Nic Greenan, who was appointed chief executive officer of Tyneside earlier this year, said there is still work to be done but the six-figure loan from the North East Social Investment Fund, managed by Northstar Ventures, provides a foundation for the 87 year-old cinema's future.

The boost comes after the Tyneside raised £100,000 in an emergency fundraising effort which took place last year. Having faced what was described as "potentially the worst funding crisis" in its history amid spiralling utilities costs and dwindling post-pandemic audiences, the Tyneside turned to the public for help.

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The sum raised helped to secure the cinema's immediate survival until the latest package of loan funding, which is repayable over 10 years, and £37,500 of grants from The County Durham Community Foundation. Ms Greenan said there will now be a new programme of events and "some surprises" to drive more customers to the the venue and its cafe bar.

She said: "This really is a new beginning for the Tyneside. Securing this funding gives us the solid foundation which we need to not just continue the Tyneside’s incredible history but to build a vibrant and exciting future. Since I joined the Tyneside, I’ve been absolutely bowled over by the love people have for this place and the passion they have for what it does – there really is nowhere else like it.

"My task now is to harness that passion and help drive the Tyneside forward to a place where it is not just a sustainable, independent cinema but a real magnet for audiences, a place of wonder and excitement for people of all ages and audiences of all kinds.

"Everyone at the Tyneside is incredibly grateful to the North East Social Investment Fund and Northstar Ventures for their belief in our ability to transform this cherished venue. There is a lot of hard work still to be done, but we are now in a position to progress a number of exciting new projects and initiatives which we will be announcing in the coming months."

She added: “Our aim now is to ensure that there are even more reasons to come to the Tyneside with a new programme of events with some surprises up our sleeves. Despite the love and loyalty, we can only keep the doors open if people utilise the venue.

"Film will always be our focus, but we have plans for other magical, unique experiences that you just won’t get anywhere else. We’re looking to make the most out of our incredible event hire facilities with everything from corporate meetings to wonderful weddings and expanding the range of cultural events to make sure the Tyneside provides unmissable attractions for all kinds of audiences."

Plans are now in place to expand the Tyneside's range of activities within the community, including helping to build creative skills. Earlier this year it launched the six-month Screenwriter in Residence programme in partnership with New Writing North and the North East Combined Authority, which offers a writer a chance to be based at the Tyneside.

Naomi Allen Seales, investment manager at Northstar Ventures, said: “Tyneside Cinema is far more than just a cinema or a building: it’s a cultural institution and a charity whose activities and influence spreads into communities right across the region and further afield. That’s why when we were approached by the Tyneside for finance from the North East Social Investment Fund, we were delighted to be able to help.

"The fund supports social enterprises and charitable organisations across the North East by providing investment which ultimately enables the organisation to become more sustainable whilst improving or scaling their social impact. We have seen first hand how Nic and the team are working hard towards securing the future and legacy of the Tyneside whilst increasing social impact and we are delighted to have been able to play a part in the future of such a regionally important cultural icon."