The OPEN Youth Trust and its trading subsidiary Closed Limited have appointed Price Bailey to assist with placing both organisations into Creditors Voluntary Liquidation.
Open Youth Trust was unsuccessful in its bid to renew grant funding necessary to secure the future of its charitable youth provision. In addition, its commercial activities, which generate revenue for the charity through live music, events, conferences and storage, have been severely impacted by the forced closure of its venue at Bank Plain due to the Coronavirus (Covid-19) pandemic. Unfortunately, as a result both companies are insolvent, and the liquidation processes are unavoidable.
Laura Rycroft, Chief Executive of OPEN said: ”This news comes as a devastating blow not only to the team at OPEN Youth Trust whose hard work, loyalty and passion for the Trust and the young people it has provided for has been amazing, but also to all of the young people that benefit from our programmes and activities and the local businesses and individuals within the community that visit our venue and have supported our cause over the years. On behalf of myself, the trustees and our colleagues we would like to take this opportunity to thank each and every one of our suppliers, supporters, patrons and ambassadors, and to anyone that has visited our venue and donated to our charity.
Russell Dacre, MBE Chair of Trustees said: “Like many other charities, OPEN has fought year on year, month on month to make ends meet in order to deliver valuable outcomes to our young beneficiaries. Unfortunately for OPEN this drastic situation has become the finishing blow for us”.
“Whilst this is the end of a 15-year journey, I’m very proud of the wide-ranging benefit OPEN has delivered to many thousands of children, young people and families. I will remember the stories forever of the individual young people who expressed their gratitude for the sense of safety, family and support that they received from the team at OPEN when they needed it most. My grateful thanks go to our team and community partners for their personal dedication to the cause over so many years. Their support has enriched so many lives in Norwich and across Norfolk”.
Gavin Wilcock, Trustee of the Lind Trust, one of OPEN’s local supporting charities said: “The closure of OPEN is clearly disheartening for all who have been and are involved. It is a huge loss for young people who have looked and continue to look to the venue for support and encouragement.”
Media requests please contact either:
Russell Dacre, MBE | Chairman, OPEN Youth Trust
Laura Rycroft, Chief Executive