News / Mareel confidence
THE FUTURE of Shetland’s cinema and music complex Mareel is secure, according to one of its main funders.
Consultants are currently carrying out a “forensic” study of the £13.5 million project on behalf of Shetland Islands Council after it went £1.5 million over budget.
The study by accountants PriceWaterhouseCoopers and legal firm Brodies was commissioned after the council agreed a £600,000 bridging facility to keep the centre open last December and protect its own £6.1 million investment.
On Wednesday Highlands and Islands Enterprise voiced their confidence in Mareel, saying they believed their own investment of £1 million was safe and being put to good use.
Chief executive Alex Paterson said there was “no wavering” in the agency’s support for the facility.
HIE had funded eight per cent (£965,000) of the original £12.1 million budget. It has already agreed to fund a further eight per cent of whatever is needed on top of that to cover the construction costs.
“Right from the start we saw Mareel as an iconic development for Shetland and for the arts,” Paterson said.
“We are very hopeful that the issues that are currently there can be resolved, and we need to turn the focus on how we actually make the most of the asset we have got.”
Meanwhile no public announcement has been made about how the SIC commissioned study is going, with some councillors saying privately that they are being told very little.
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