A BID to rescue a city theatre has been called off after campaigners failed to raise the £2 million required to take it on.
City council chiefs will now sell the Stockbridge Theatre, which has been a fixture in the Capital for more than 40 years.
Although its funding was cut in 2008 and it has not hosted a play in two years, locals were keen to revive it, and resisted moves by the local authority to turn into a housing or leisure complex.
The group tasked with saving the theatre was made up of mainly art lovers, but found the job of raising the cash too steep, it was reported today.
A spokesman said: “Despite pursuing every avenue possible, we have been unable to raise the funds.
“The financial climate along with limited time in which to apply for funding have both contributed.”