{"id":28584,"date":"2018-03-29T12:06:58","date_gmt":"2018-03-29T11:06:58","guid":{"rendered":"http:\/\/jomec.co.uk\/thecardiffian\/?p=28584"},"modified":"2018-03-29T12:06:58","modified_gmt":"2018-03-29T11:06:58","slug":"cardiffs-old-library-needs-80k-make-ends-meet","status":"publish","type":"post","link":"https:\/\/cardiffjournalism.co.uk\/thecardiffian\/2018\/03\/29\/cardiffs-old-library-needs-80k-make-ends-meet\/","title":{"rendered":"Cardiff&#039;s Old Library needs \u00a380k to make ends meet"},"content":{"rendered":"<p><span style=\"font-weight: 400\">THE Old Library on The Hayes will cost Cardiff Council \u00a380,000 this year as it continues to face difficulties making ends meet.<\/span><br \/>\n<span style=\"font-weight: 400\">A spokesman for the council has confirmed that the building will not meet its rental targets this financial year. The council have had to find a one-off sum of \u00a380,000 in the 2018\/19 budget, which will be used to improve how the Old Library is run in the future.<\/span><br \/>\n<figure id=\"attachment_28588\" aria-describedby=\"caption-attachment-28588\" style=\"width: 670px\" class=\"wp-caption alignnone\"><img decoding=\"async\" loading=\"lazy\" class=\"size-medium-grid-size wp-image-28588\" src=\"https:\/\/cardiffjournalism.co.uk\/thecardiffian\/wp-content\/uploads\/sites\/9\/2018\/03\/OLD-LIBRARY_Pic-670x500.png\" alt=\"\" width=\"670\" height=\"500\" \/><figcaption id=\"caption-attachment-28588\" class=\"wp-caption-text\"><noscript><img decoding=\"async\" class=\"size-medium-grid-size wp-image-28588\" src=\"https:\/\/cardiffjournalism.co.uk\/thecardiffian\/wp-content\/uploads\/sites\/9\/2018\/03\/OLD-LIBRARY_Pic-670x500.png\" alt=\"\" width=\"670\" height=\"500\" \/><\/noscript> The Old Library building on The Hayes in Cardiff centre<\/figcaption><\/figure><br \/>\n<span style=\"font-weight: 400\">It is not the first time that the building has had financial difficulties, as Yr Hen Lyfrgell, which runs the Welsh language centre in the Old Library, asked for help meeting rental payments at the end of 2016.<\/span><br \/>\n<span style=\"font-weight: 400\">A Cardiff spokesman said that the latest \u201cfinancial resilience mechanism payment\u201d would \u201cenable the Council to build a plan which will put the Old Library on a sounder financial footing moving forward\u201d. <\/span><br \/>\n<span style=\"font-weight: 400\">They have already implemented a separate lease for the cafe area in an attempt to manage rental income.<\/span><br \/>\n<span style=\"font-weight: 400\">The former library was transformed in February 2016 with a \u00a3400,000 grant from the Welsh Government. Yr Hen Lyfrgell took a three-year lease out on the majority of the building which is owned by Cardiff Council, agreeing to pay an annual rent of \u00a3100,000. <\/span><br \/>\n<span style=\"font-weight: 400\">They planned to sub-let the space to five partners, generating income of more than \u00a318,500 every month. However, this has not happened, and interim director at Yr Hen Lyfrgell, Aled Wyn Phillips, confirmed that there is on-going debate on how the business is run to make it more sustainable. <\/span><br \/>\n<span style=\"font-weight: 400\">The council have said that they are unable to comment on plans at this stage, but want to see a Welsh language centre prosper in the city. <\/span><br \/>\n<span style=\"font-weight: 400\">Ffion Morgan, 31, lives in the city centre and walks past the Old Library every day on her way to work.<\/span><br \/>\n<span style=\"font-weight: 400\">She said: \u201cIt\u2019s a lovely building in the middle of town, but it is a shame to hear that it can\u2019t generate more income from visitors.<\/span><br \/>\n<span style=\"font-weight: 400\">\u201cPerhaps they haven\u2019t got the right kind of tenants in the building. It will be interesting to see how many people use the new Virgin Money lounge when it opens.\u201d<\/span><br \/>\n<span style=\"font-weight: 400\">Locke and Remedy, a bar and restaurant owned by Marstons Plc, rent space on the ground floor of the Old Library in a separate agreement. <\/span><br \/>\n<span style=\"font-weight: 400\">Last year Locke and Remedy closed and announced that they are sub-letting the space to Virgin Money as part of a rental agreement which runs until 2035 at an annual rent of \u00a3130,000.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>THE Old Library on The Hayes will cost Cardiff Council \u00a380,000 this year as it continues to face difficulties making ends meet. A spokesman for the council has confirmed that the building will not meet its rental targets this financial year. The council have had to find a one-off sum of \u00a380,000 in the 2018\/19 budget, which will be used to improve how the Old Library is run in the future. It is not the first time that the building [&hellip;]<\/p>\n","protected":false},"author":107,"featured_media":28588,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[92,3,5],"tags":[4674,4675,6101],"coauthors":[],"class_list":["post-28584","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-city","category-news","category-where-you-live","tag-the-hayes","tag-the-old-library","tag-yr-hen-lyfrgell"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cardiff&#039;s Old Library needs \u00a380k to make ends meet - The Cardiffian<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cardiffjournalism.co.uk\/thecardiffian\/2018\/03\/29\/cardiffs-old-library-needs-80k-make-ends-meet\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cardiff&#039;s Old Library needs \u00a380k to make ends meet - The Cardiffian\" \/>\n<meta property=\"og:description\" content=\"THE Old Library on The Hayes will cost Cardiff Council \u00a380,000 this year as it continues to face difficulties making ends meet. 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