London festival over as funding falls through

London’s Vault festival will not return after failing to secure funding.

Organisers had been hoping to move the event into a new home after losing its base in the tunnels underneath Waterloo Station, where it had staged events since 2012.

The festival –  London’s biggest fringe event, which boasted a strong comedy programme – failed to strike a deal with the new owners of the formerly derelict site last year.

The charity behind the festival, Vault Creative Arts, had been planning to open a new central London home with state-of-the-art performance spaces, multiple rehearsal studios equipped with technical equipment, an accessible nightlife venue for live performance and music, a podcast recording studio, writers' rooms and communal space for creatives.

It had been seeking funding from a series of so-called ‘social investors’, who back projects with a social benefit, but still seek a return on their money.

A spokesperson for Vault Festival told Chortle: 'We’ve tried loan applications. We’ve spoken to local councils. We’ve spoken to Arts Council England. We’ve sought social investment from individuals and supporters of Vault.

'The landlord of the new venue was offering supportive terms and there was money secured and being secured via fundraising. We had applications for grants to trusts and foundations pending.

'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.'

A number of people will be made redundant because of the news, although the spokesperson declined to say how many.

Supporters previously donated more than £20,000 for access equipment at the planned new venue – but Vault says they will be contracted about getting their money back. An upcoming fundraising gala has also been scrapped.

However the charity says it intends to ‘keep the spirit of Vault Festival alive’ via its venue The Glitch in Waterloo which it intends to keep open

Chief executive Andy George said: ‘We are devastated, we’re proud, and we’re grieving.

‘Twleve 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 had an exceptional team, we had a fantastic new home, and we had the vision of how to get there. To come so close but ultimately fall short is agonising.

‘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. 

‘The irony that our platform that sought to support artists who have been failed and disenfranchised by the current funding, education, and institutional systems ultimately being undone by that very same system is not lost. Something needs to be done.

‘Our journey may have come to an end, but I implore others to pick up the baton, to fight the fight, and to be creative, courageous and kind. Make art, make trouble, make change.’

Over its 12-year history, the festival staged more than 3,000 shows by more than 12,000 artists to 465,000 audience members.

Nathan Woodhead, chair of Vault Creative Arts’ board of trustees paid tribute to those who took part in the festival over the years, saying: ‘We are grateful to every artist, partner, audience member, and above all else, the team who have been at the heart of it all.

‘While today is a sad day for the organisation, it is also a clear and damning representation of the wider challenges faced by the entire creative industries, particularly fringe and emerging artists and organisations.’

Vault Creative Arts Ltd last filed accounts at Companies House in April last year, showing a gross annual income of £870,000, with £216,000 in the bank.

Published: 13 Mar 2024