Coventry City of Culture seeks £1m due to ‘cashflow issues’

Coventry Council is set to loan £1m to the Trust behind the City of Culture bid so that legacy projects can go ahead. 

Coventry City of Culture Trust (CCCT) has asked the council for the money saying it is facing some short-term cashflow issues, the Coventry Telegraph reports. 

Although Coventry's stint as City of Culture ended in May, the Trust wants to invest more than £5m in creative and cultural programmes in the city until March 2024, but has had to review its budget due to short-term cashflow concerns.

Council officers are recommending the council lends the money on a commercial basis, meaning that it will be repaid in full with interest, so that legacy projects aren't cut short and to avoid damage to the Trust's reputation.