DEBT-RIDDEN The Colosseum has been saved from closure by a £200,000 loan from Watford Council.

The loan for the Rickmansworth Road entertainment venue could pave the way for the hall's managers, Mr John Wallis and Mr Paul Scarbrow, to buy out the The Watford Colosseum Ltd's director, Mr Ollie Smith.

The duo needed to secure the loan before they could be confident the venue, hosting conferences, concerts, comedy nights, ethnic weddings and live music recordings (opera star Luciano Pavarotti has recorded there), had a future.

Mr Wallis believes the main cause of the debt was falling attendance at The Bus Stop 70's disco, which had previously been one of The Colosseum's top money-spinners.

The event now draws only 900 people a week, compared to 1,350 at its peak.

The pair have been discussing the take-over with Mr Smith for about a year.

The loan, to be repaid within three years, was agreed after a business plan was examined by the council to ensure The Colosseum's long-term viability.

Mr Wallis said they had other plans to boost revenue, which include a monthly Saturday disco.

He said: 'We are very happy the council has agreed the loan.

'A lot of venues like ours are subsidised by local authorities. Until now, we haven't had to ask for financial support from ours.

'The Colosseum is unique in Watford.

'We hope to continue to provide a service in the town - both myself and Paul are confident we will succeed.'

The Colosseum, formerly The Assembly Halls, was run by the Town Hall until 1994, when Mr Smith took over.

He used to run the famous live music venue The Town and County Club in Kentish Town, now called The Forum, where Mr Wallis and Mr Scarbrow also worked as promoters and mangers.

Watford Council leader Vince Muspratt said: 'Watford Colosseum Ltd has run it very successfully without public subsidy until now.

'If we had not helped out, Watford could have lost a very good facility.'

'When we originally took over, it was always meant to be a partnership, and the council have always been very helpful.

He added: 'The Bus Stop faces a lot of competition from the high street, especially now more bars have late licences.'

'We need to get the message across to revellers, many of whom might not know about us, that The Colosseum has a great show to move on to after the pub.

'We have been sending people out dressed as angels on stilts to promote it on Friday nights, and it has already started working.'