THE trustees of the Exeter Northcott have decided to place the theatre into administration.

In a statement from the theatre it said trustees were presented with financial information this week which showed the theatre to be insolvent.

As a result the trustees have appointed an administrator today.

Exeter City Council and the University of Exeter have agreed to explore ways of continuing to use the theatre as an arts venue for the benefit of local people.

They were among various organisations who contributed to the refurbishment of the theatre in 2007 and provide annual grants towards its operating costs.