City of Culture Trust asks for £1m loan to continue legacy

The trust responsible for organising Coventry's events as UK City of Culture has asked the local authority for a £1m loan to continue its legacy.

Coventry City Council said the loan was to "address short-term cash flow pressures".

A report to the authority said the trust's finances had been hit by the Covid-19 pandemic and the timing of some payments it was due.

The councillor responsible for finance Richard Brown said the loan made sense.

"The trust and the council are absolutely committed to achievement of the long-term legacy impacts anticipated from the UK City of Culture year," he added.

The council said that without the money, there was "a potential risk of the legacy activity of the trust being curtailed ahead of schedule".

The trust has promised to follow the City of Culture year there would be "ambitious, engaging, interactive and playful events and activities with a climate focus".

A programme of events has not yet been announced however.

Mr Brown will now consider the report on the loan request, before making a decision.

The request assumes that the sum will be repaid in full, with a commercial interest rate to be levied.

The Coventry City of Culture Trust has been approached for a comment.

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