CAMBRIDGE LIVE, the charitable trust established by Cambridge City Council to operate its Cambridge Folk Festival (cap. 14,000), Cambridge Corn Exchange (1,730), other events and Cambridge Live Tickets, has accrued debts of £750,000.
As a result, the council has decided to close the enterprise and take the event and venues back into its control, with local taxpayers funding the loss.
The process of transferring services and staff back to the council began in December and a spokesman said he hoped it would be completed in April.
A report presented to the council’s environment and community services scrutiny committee last June trigged a review of Cambridge Live’s finances and whether they could recover.
Councillor Anna Smith, executive councillor for communities, tells LIVE UK it had become clear that Cambridge Live would fail to meet financial targets.
“Bringing the Cambridge Live contract back does not mean we are planning to change the scheduled programme of Cambridge Live events,” she says.
“Taking it back in house demonstrates our commitment to ensuring that Cambridge continues to enjoy a wide range of cultural events.”
Cambridge Live declined to comment.
Among artistes playing the Corn Exchange are Kaiser Chiefs, 10cc, James and The Stranglers, while headliners at Cambridge Folk Festival in August include Jose Gonzales, Lucinda Williams and Ralph McTell.