Utilities giant Pennon agrees to sponsor theatre’s youth programme
THE South West’s largest company is to sponsor Theatre Royal Plymouth’s youth theatre programme.
Utilities giant Pennon, parent firm of South West Water, has signed on to support the engagement and learning project Young Company Hubs.
The two-year sponsorship will enable TRP to bring youth theatre to those most in need as they partner with secondary schools in areas of high deprivation, where young people have limited access to arts provision.
TRP’s Young Company Hubs works closely with the young people involved in the project to ensure it is participant-focused, current and gives them what they most need.
The young people develop a range of key skills including confidence, team building, communication, problem-solving, resilience and critical thinking – all of which are key for the next stage of their lives and beyond, and thanks to Pennon this work can continue for the next two years.
Erica Vitai, senior development officer at TRP, said: “We’re so grateful for the support that Pennon have given us over the years, and we’re delighted that they have chosen to sponsor our Young Company Hubs project for the next two years.
“Their support has always been amazing and despite our doors being closed for the best part of 13 months, our partnership with Pennon is still as strong as ever.
“This focused, two-year sponsorship of Young Company Hubs will help us to reach more young people, bringing our Young Company workshops to those most in need.”
Susan Davy, chief executive at Pennon said: “As a business based in the South West, we believe it’s our responsibility to promote and contribute to the region.
“We’re delighted to be sponsoring the Theatre Royal in Plymouth and the engagement and learning project Young Company Hubs.
“The support this will bring to local schoolchildren is fantastic and we are very pleased to be supporting the local community along with the TRP.”
Pennon, which is a long-standing sponsor of TRP having supported it since at least 2008, owns South West Water and Bournemouth Water, providing water and wastewater services to a population of about 1.7million in Cornwall, Devon, the Isles of Scilly and parts of Dorset and Somerset, and water-only services to about 0.5 million in parts of Dorset, Hampshire and Wiltshire.
In March 2021, Exeter-headquartered Pennon said it is in a strong financial position with “expected cash and committed facilities” amounting to well in excess of £3billion.
In at statement to investors, FTSE 100 company Pennon said it believes there is significant potential from the reinvesting the cash it received for selling its Viridor division for £4.2billion in 2020.
The sale of the waste management business to private equity firm KKR left it with £3.7billion in cash and it has been looking at investing into the UK water sector.
Pennon said it continues to “narrow down its review of potential growth opportunities”. In late 2020 it was speculated that Pennon was eyeing up a bid for Southern Water and earlier in the year chief executive Susan Davy hinted at a potential buy-out in an interview with Business Live, saying: “We are looking at growth opportunities in the UK water sector.”
In its trading statement, ahead of announcing full-year results in June, it said that if it can’t find a suitable acquisition then it will pay shareholders a big bonus. In 2020, Pennon handed £20m to customers, many of whom decided to take it as shares rather than a cut to their bill.
The support this will bring to local schoolchildren is fantastic SUSAN DAVY, PENNON