London’s renowned Vault festival bids farewell as it grapples with financial setbacks, marking the end of an era for the capital’s vibrant fringe scene.
Festival’s Struggle with Funding
Vault Creative Arts, the festival’s charity, envisioned a new central London hub with modern performance spaces and rehearsal studios, but struggled to secure funding from social investors seeking both social impact and financial returns.
A spokesperson for Vault Festival expressed their efforts, stating: ”
We’ve tried loan applications. We’ve spoken to local councils. We’ve spoken to Arts Council England.” Despite securing some funding and pending grant applications, the festival found itself in a financial gap due to its unique status as a non-profit entity.
The landlord of the new venue did offer new supporting terms, and the money needed was secured via fundraisers, and many pending applications for grants and trust. The spokesperson continued,
Unfortunately as a central London based, not-for-profit, charitable organisation without any notable assets we fall between the cracks of “traditional” financing options and a lot of current funding priorities.
Impact on Staff and Supporters
The festival’s closure will result in job losses, with specific numbers undisclosed. Supporters who contributed over £20,000 for accessibility equipment will be contacted for reimbursement. Additionally, an upcoming fundraising gala has been cancelled.
The cancellation of course impacted artists and fans nationally who came to know the festival as a hub for expression and especially comedy. The Vault Festival has been in the scene for 12 years, and has featured 3,000 shows and gave an outlet for more than 12,000 artists.
Continuing the Legacy
Not all is lost though, as they intend to keep the “spirit” of the festival alive through their new venue The Glitch at Waterloo, which will be kept open.
This is Chief Executive Andy George’s statement,
We are devastated, we’re proud, and we’re grieving… Twelve years ago, we set out with a mission to make the creative industries of the UK more diverse, more experimental, more inclusive, more joyful, and more embracing of the talents and ideas that emerging artists have to offer.
I feel extremely proud that we’ve achieved that mission through our work and that we are leaving the creative industry in a different place to how we found it. We are grieving what could have been and what will be lost for future generations. I am certain that the impact from the loss of Vault Festival will be felt across the entire UK creative sector for years to come.
George also pointed out the irony of launching the festival as a way to support artists who were failed and disenfranchised by the funding and institutional systems, only to have that very festival be cancelled by the very same systems.
Nathan Woodhead, chair of Vault Creative Arts, thanked and paid tribute to everyone who has contributed to the festival over the years; thanking every artists, team member, and of course the 465,000 audience members they have entertained throughout their 12 years.
We’ve seen our fair share of festivals and the Vault was certainly something special. For more news on ALL things comedy check out our website. If you’re looking for some great live comedy shows, step right in at Big Belly Comedy Club!
