The Charity Commission has appointed interim managers to look at the finances of a theatre charity it is investigating.

The regulator says it has made the move to send in managers to take charge of Seven Dials Playhouse amid concerns over the arts and education charity’s long-term financial viability.

It has been engaging with the charity since last year over its decision to sell its central London base and wider concerns around its finances and management.

In May last year this was escalated to a statutory inquiry.

Under the interim management arrangement, Seven Dials Playhouse’s trustee board will continue in the management, administration, and governance of the charity.

Meanwhile, interim managers Joseph Colley and Ryan Davies of Moore Kingston Smith & Partners LLP will scrutinise the charity’s assets and liabilities, its long term viability and look at whether its current business plan “is fit for purpose and adequate to turn the charity’s financial prospects around”, added the regulator.

Based on the interim managers’ initial findings the regulator will consider whether to keep them based at the charity to assist trustees in developing a comprehensive business plan.

According to the charity register Seven Dials Playhouse’s spending has exceeded its income for four of the last five years.

Since the financial year ending March 2020, it spent £3.76m but only generated £2.47m in income over this period.

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