The Guild Hall has been bought by local businessman Simon Rigby and a large trust fund set up to support arts and culture in Preston. There are plans to invest over £1m in the Guild Hall to improve the entrance and its facilities including a new restaurant, with the objective of making it one of Lancashire’s main entertainment complexes. It will become part of the Villa Group which is primarily known for The Villa in Wrea Green.
Preston Council previously ran the Guild Hall and was providing a £1m a year subsidy forcing them to consider closing the venue in 2015, 42 years after it was opened in 1973. The Guild Hall stands next to the Bus Station which is also subject of a £1 buy out and plans to spend £20m are being revealed by Lancashire County Council.
According to the Daily Telegraph, Simon Rigby bought out an electricity metering business in 1996 for £1. The company, Spice plc, bought out several other companies and was itself bought out by Private Equity investors in 2010 for £251m, of which Simon had a share.
Well done to Simon and good luck with the Guild Hall.