Bradford Cathedral has been overwhelmed by a huge financial crisis for such a long time now, but the long-running problems seem to be coming to an end after a deal was struck with its creditors earlier this week.

Creditors such as the Church Commissioners and Barclays Bank gave their backing to the Company Voluntary Arrangement’s rescue package. This should in effect bring to a conclusion the Cathedral’s suffering brought on by the colossal failure of the Millennium Life Force exhibition. That project cost the Cathedral approximately £4.5 million when it failed to attract anywhere near the anticipated amount of visitors.

The exhibition was supposed to establish multi-faith that would be a “living history of faith and beliefs”, but after a week of opening it had attracted just ten or so paying visitors per day. By the time that it was closed down it had still only attracted less than 10,000 people in February 2001.

The sorry tale of the exhibition had a terrible effect on those responsible for it, with the two major companies running the project going into liquidation. This left the Cathedral liable for the outstanding debts from all the grants and loans provided to fund the project.

Under the CVA the secured creditors will receive a small proportion of what they are owed, and unsecured creditors will also receive some of what they are owed.

Supervisors of the CVA said, “We are pleased that the financial difficulties of the cathedral have been resolved with the support and agreement of the creditors. On behalf of the cathedral we would particularly like to thank Barclays Bank which has actively facilitated this solution for all creditors.”

Rev Christopher Hancock who will resign from his position as the dean of Bradford Cathedral next month said, “I’m indebted to creditors for agreeing to what was our only viable course of action to resolve the cathedral’s financial difficulties. I sincerely wish another solution had been possible. I will always count it an honour to have served the congregation as Dean of the cathedral during this terrible phase of its life. For the goodwill of so many, and especially the creditors of Life Force, thank you.”

The Bishop of Bradford, Rev David James, who has been supporting the Dean all the way on his troubled path said, “This agreement allows the cathedral to continue its important role as a focus of Christian life and witness in the city and the diocese.”