The Institute of Contemporary Arts has warned that without radical restructuring, it could be forced to close in a matter of months.
According to The Guardian, the ICA could be forced to close by May due to extreme finanical difficulties, brought on by a whole variety of reasons, including the recession.
Staff at the ICA have apparently been told that the institute faces a financial deficit of around £600,000, which may rise to £1.2m. If radical restructuring does not take place, the Institute of Contemporary Arts may be forced to close by May.
The news follows a staff meeting in December, attended by BBC Creative Director Alan Yentob and Channel 4's Tessa Ross, both of whom are on the council for the ICA. The meeting saw Director Ekow Eshun announce that a staff wage bill of £2.5m would have the be slashed in half.
Since its foundation in 1946 by – among others – art critic, Herbert Read, the ICA has established itself as one of London's pre-eminent cultural institutions, with an emphasis on experimental and cutting-edge art forms. From 1st September 2009 entry to the ICA and all its exhibitions became free. With galleries, a theatre, cinemas, lecture theatres, a bookshop and bar/restaurant, the potential loss of the ICA would hit London extremely hard. We sincerely hope the proposed restructing saves this wonderful institution.
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