More than half of the staff at the Royal Shakespeare Company are being urged to apply for voluntary redundancy in a bid to make 'urgent' savings.
The theatre company is grappling with a 'challenging' financial situation and is reported to have a shortfall of between £5m and £6m.
It has encouraged 420 out of its 835 full-time staff members to take voluntary redundancy as part of a programme running until October 5.
A statement from RSC pointed towards the cost of living crisis, increasing staffing costs after the pandemic and a decline in public investment.
It has also begun to repay a £20 million loan in February of this year, according to the RSC’s most recent annual report, which has had a significant impact.
