The Victoria & Albert (V&A) and Royal Opera House (ROH) have announced that the Theatre Museum in Covent Garden, London, UK, will close in January despite their best efforts to attract investment for its transformation.

Tony Hall, CEO of the ROH, said: “We spent a lot of time trying to secure funding and devise an exciting plan for the Theatre Museum. All that effort and energy was worthwhile, but sadly the conclusion we have come to is that it is not going to work.

“Although there has been a huge amount of moral support for the Theatre Museum, money for the most part has not been forthcoming. In addition, working with the V&A team over the past few months, it has become clear that the capital costs to freshen up the building and to give it a new lease of life are much higher than originally thought.”

Consequently, the V&A has announced a new programme for its theatrical collections, which will include a new gallery at the V&A in South Kensington and touring displays, education activities as well as a major exhibition in 2009 of the collection’s Diaghilev and Ballets Russes costumes, designs and stage cloths to mark the first performance of the Ballets Russes.

Mark Jones, director of the V&A, said: “The V&A recognises the disappointment this announcement will cause, particularly to those in the theatrical community who would like the Theatre Museum to remain in Covent Garden. However, we remain totally committed to safeguarding and displaying these collections which celebrate Britain’s unique theatrical heritage in costume and stage design.” Details: www.vam.ac.uk