A new report shows the scale of money owed by Leicester Haymarket Theatre, which announced two months ago that its doors would not be reopening.
It shows the city centre theatre owed more than 拢900,000 to ticketholders, suppliers and other businesses when it went bust during lockdown.
The creditor鈥檚 report showed that included 拢300,000 owed to around 3,500 theatre-goers.
They were forced to either claim the cash back from credit card companies or Paypal or are still waiting to hear what percentage of their money they will see again.
Amounts owed to members of the public ranged from 拢6 up to more than 拢600.
The report shows the theatre owed 拢905,000 in total when it went under in May, including almost 拢285,000 to Haymarket Consortium, the group which relaunched the theatre two years ago, and more than 拢108,000 to banks and other institutions.
It owed a further 拢138,000 to trade creditors, around 拢10,000 to HMRC and 拢14,000 to the Department of Employment.
On top of that, the report says, it owed almost 拢39,000 to the National Training Theatre, a Leicester-based company with links to Haymarket management.
The creditor鈥檚 report, compiled by Leicester insolvency practitioners CBA Business Solutions, said the theatre had estimated assets of around 拢106,000 available, including 拢99,000 in cash.
The red-brick theatre when into liquidation two months ago, reportedly a victim of the coronavirus lockdown.
Leicester City Council, which now holds the lease again, invested around 拢3 million installing new the seats and fittings in the 1970s-built theatre three years ago, after it was stripped out and mothballed back in 2007.
The Haymarket Consortium was set up to run the venue, which reopened for live music, shows, conferences and corporate events in 2018.
In the months that followed it hosted events for Leicester Comedy Festival, circus shows, tribute acts and musicals and Leicester Beer Festival.
Performances due to take place prior to the lockdown had included In The Night Garden Live, Bee Gees Fever, The Music of the Moody Blues and Leicester Amateur Operatic Society performing the rock musical Rent.
The creditors report showed the theatre owed almost 拢16,000 to Barclaycard, 拢8,000 to BT, 拢2,000 to Marstons brewery, more than 拢92,000 to Paypal and tens of thousands of pounds to various theatre production companies.
Steven Mather, a local based insolvency law solicitor with national firm Nexa Law, said that there was almost zero chance of local residents seeing full refunds.
Mr Mather, who is among the thousands owed money for tickets, said鈥 鈥淭he Statement of Affairs shows that the Haymarket鈥檚 total assets are expected to realise around 拢106,000.
鈥淭he liquidator will take around 拢30,000 of that in fees, leaving around 拢90,000 to distribute to the creditors.
鈥淭he Haymarket owed just over 拢900,000 to various people and businesses, including banks and HMRC.
鈥淭he maths would suggest that people might get a refund of as much as 10 per cent of their ticket price 鈥 but that could take some time to appear in their accounts鈥.
Mr Mather said the 拢92,000 owed Paypal was likely to be due to refunds being processed through PayPal directly.
He said: 鈥淭icket holders seeking a full refund may be able to go to their credit card company (if they paid on credit card) and claim a full refund under Section 75 of the Consumer Act if their spend was more than 拢100.
鈥淥therwise, the liquidators will make payments out on a percentage basis in due course.
鈥淭here鈥檚 very little else affected people will be able to do, unfortunately.鈥
Back in May a spokesperson for the theatre company said: 鈥淚t is hugely disappointing that the Covid crisis has emerged at a point when we were still under great financial pressures as a fledgling business.
鈥淗aving gone through the tricky first two years for any start-up business, and despite hoping to enter our first profitable year, the current financial outlook is bleak given that the pandemic has effectively switched off our income tap.
鈥淚t now seems likely that venues such as Haymarket will have to remain closed for a considerable time and audience demand will likely remain subdued for some time thereafter.
鈥淗aving not had the time to build the significant reserves required, we are unable to continue.
鈥淲e have discussed the possibility of rescue packages with a number of organisations but, with the future so uncertain, and given the lack of security and the fragile nature of the business at this still early stage, these have all understandably proved unworkable.
鈥淎lthough this is a disappointing end to a great venture, much has been achieved over the past few years that Leicester can be proud of; creating memorable experiences for audiences along the way.
鈥淲e would like to express our thanks to all the staff and partner organisations who have worked with us with such passion and high levels of professionalism to make the venue what it was.鈥
