VAULT Creative Arts, the charity behind VAULT Festival, have announced the closure of VAULT Festival and the cancellation of plans for their new London home, after failing to secure the funding required to continue.
The organisation had secured a new long-term home for VAULT Festival and other year-round creative activity in SE1, central London which was due to open later this year. VAULT had been in developed conversations with multiple social investors alongside a blended fundraising strategy. Last week, the organisation learned that it had failed to secure the principal funding required to deliver their new home and future VAULT Festivals. This prevents VAULT from utilising the other additional funds being raised alongside the social investment and VAULT are therefore left without the reasonable prospect of sufficient funds to continue operating, nor the time to be able to seek alternative investment.
