THE OCTAGON THEATRE 

APPLICATION FOR BORROWING APPROVAL

In accordance with statutory requirements, the Town Council has submitted its application for the Secretary of State’s approval to borrow through the Somerset Association of Local Councils, who act as the coordinating body for such applications.

For the application form, click here. 

PLANNING APPLICATION

Plans have been submitted to transform the Octagon Theatre into one of the South West’s premier cultural and entertainment venues.

We are working with Somerset Council on a £15 million revamp that will secure the building’s future and make it more accessible - front of house and backstage.

For all the details, click here.

RESOLUTION TO BORROW

At the Yeovil Town Council meeting of 1st October 2025, it was RESOLVED to seek the approval of the Secretary of State Ministry of Housing, Communities and Local Government to apply for the Public Works Loan Board loan of £3,325,000* over the borrowing term of 20 years for the contribution towards the Octagon Theatre Project. The annual loan repayments will come to around £283,063.

At its meeting on 3rd March 2026, Yeovil Town Council RESOLVED to seek the approval of the Secretary of State Ministry of Housing, Communities and Local Government to apply for the Public Works Loan Board loan of £2,700,000 over the borrowing term of 20 years for the contribution towards the Octagon Theatre Project. The annual loan repayments will come to approximately £229,855.

It is not intended to increase the council tax precept for the purposes of the loan repayments.

Public Consultation

Residents of the Parish of Yeovil are invited to share their views on a proposed contribution from Yeovil Town Council towards the Octagon Theatre Project.

In the coming days, letters accompanied by an A5 brochure outlining the project will be delivered to households within Yeovil Town. The letter will ask residents whether support the Council making a financial contribution to the project – funded in part through borrowing  - and whether they agree to a resulting increase in the Council Tax precept to fund this borrowing.

Residents can take part in the consultation by completing the form enclosed with the letter and returning it to Yeovil Town Council, or by submitting their response online via the following link: Online Form  Each member of the electorate of the household may respond. 

The consultation ends on 21st  September 2025. 

Other useful documents will be displayed here when available:

Public Information Events

To allow residents the opportunity to learn more and discuss the project and associated borrowing plans, two open events will be at held at Westlands Entertainment Venue:

  • Thursday 28th August 2025, 2:00pm – 4:00pm

  • Wednesday 3rd September 2025, 6:00pm – 8:00pm

 

Project Funding Overview          

The total project budget is £15 million, with funding sources as follows:

Funding Source

Amount

Government Funding (DCMS)

£10,000,000

Yeovil Town Council

£3,750,000

Ticket Levy (collected by Somerset Council)

£541,000

Fundraising and other grants

£444,000

Somerset Council

£265,000

Total

£15,000,000
 

Of Yeovil Town Council’s £3.75 million contribution, £639,500 will be allocated from reserves. The remaining £3,325,000 is proposed to be funded through borrowing from the Public Works Loan Board (PWLB) over a period of 20 years, at an estimated rate of 5.8% This would result in annual repayments of approximately £283,000.

The repayments will be funded through:

  • £173,000 from the ticket levy
  • £110,000 from a proposed increase in Council Tax precept, equivalent to a 3.3% rise

A breakdown of the expected impact on Council Tax bands is shown in the table below: