Leicester Taxpayers Bail Out Phoenix Square
Its been revealed that the Labour run City Council has now approved a £250,000 taxpayer bail-out for Phoenix Square.
Labours Councillors have been quoted in the press as saying that Phoenix Square is run by bad management, even though they have Labour members on the management board.
Set in Leicester's Cultural Quarter, the film and media digital centre named Phoenix Square showcases the very best in cinema and digital entertainment in the East Midlands, it has been opened less than a year and is already in financial trouble.
The City Council has already given the centre £747,300 since last year and originally paid £6 million towards the building. Local press have stated that without the bail-out it was likely the centre would have gone bust.
Lib Dem Council group leader Pete Coley said, "This cash will prop up failed management. I'm not convinced they are competent in delivering a viable business."