SALE OF PYT ASSETS
***Important Notice to Customers–Jan. 20, 2023***
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Pittsboro Youth Theater, Center for the Arts, Pittsboro and North Chatham Performing Arts Center ceased all operations in Spring '23
We regret to inform you that after 10 years in business, Tammy Matthews and Craig Witter, the sole Member/Managers of Pittsboro Youth Theater LLC and all our subsidiaries went out of business.
We are very sorry that our decision to close caused sadness for a great many kids, parents and other supporters. We love you very much.
Sincerely,
Tammy Matthews and Craig Witter
Co-founders, Owners, Operators, Member/Managers
Pittsboro Youth Theater LLC
Overview of Plan to Sell Pittsboro Youth Theater LLC Organizations/Assets
Jan. 24, 2023
Dear Prospective Buyer,
After 10 years in business, Tammy Matthews and Craig Witter, the sole Member/
Managers of Pittsboro Youth Theater LLC (PYT), do not have the financial
resources or personal energies to continue to operate our community performing
arts organization or continue with plans to build our new North Chatham
Performing Arts Center (NCPAC).
Now, the primary goal of PYT is to find a suitable buyer of the entire PYT family
of organizations with all associated assets before Feb. 20, 2023. Doing so will
allow buyer the opportunity to continue PYT theater operations, the core of PYT
revenues, music school, and building the North Chatham Performing Arts Center
with as little interruption as possible.
PYT is soliciting bids for PYT's entire organization and parts (groups of assets)
thereof through 2/20/23. PYT reserves the right to discontinue this sales process
and sell the entire PYT organization to any buyer who delivers the "winning offer"
determined solely by Tammy Matthews and Craig Witter on or before 2/20/23.
If no "winning offer" for the entire PYT organization is determined on or before
2/20/23, all other offers for the entire organization and conglomerate parts/
groupings thereof will be evaluated solely at the will and pleasure of PYT.
Any assets not sold in groups by 2/20/23 will be sold after 2/20/23 in an
increasingly granular fashion. No individual or small groups of assets will be sold
independently of their whole grouping before March 1, 2023.
Pittsboro Youth Theater LLC assets for sale include:
• Community performing arts organizations with 10-years year-to-year growth
interrupted only by COVID until 2023
• An exceptionally affordable 15-year lease on an unfinished North Chatham
Performing Arts Center facility with building/site plans to improve the space
and property.
• Conglomerate Groups of Assets–Every thing a community youth theater/
music school needs to do business, including:
• bank and other accounts, leases, contracts, trade resources, etc.
• good will/reputations and all use of the organization names: Pittsboro
Youth Theater LLC (PYT), Sweet Bee Theater, Center for the Arts
Pittsboro, North Chatham Performing Arts Center (NCPAC), Chatham
Community Players, etc.
• Customer/prospect lists and records
• costumes
• props
• set pieces
• technical equipment (lighting, audio, etc.)
• music school instruments, equipment, contracts, etc.
• furniture
• fixtures, etc.
• office equipment
• software
• procedures
• financial books and records
• experienced staff and business contacts
• marketing trademarks, copyrights, wording, methods, graphics, programs,
procedures, materials (website, social media accounts, etc.)
• handoff support to new owners by Tammy Matthews and Craig Witter
• Much, much more.
An important consideration regarding the value of PYT organizations is that PYT
has essentially $0 (zero) debt; Tammy Matthews and Craig Witter have
bootstrapped (self-funded) PYT, acquiring items with cash from PYT revenue to an
unusually huge degree. All existing contractual commitments for spaces and
services will be communicated to qualified prospective buyers of PYT
organizations.
We will do our best to accurately represent PYT assets, communicate the
wonderful upsides of our community performing arts organization(s), and honestly
describe what led Tammy Matthews and Craig Witter to the decision to sell our
organization(s) to qualified prospective buyers.
Please direct serious inquiries to Craig Witter.
Tammy Matthews and Craig Witter
Pittsboro Youth Theater LLC, et al
Craig's Cell: (919) 949-7181
FAQS
North Chatham Performing Arts Center (NCPAC)
Property/Lease/Building
--------------Excerpt from email re. NCPAC Lease/Property Info.-------------------
Property/buiding is right off Highway 15/501. Addy is 142 Sanders Automotive Drive. Name changed from Ruth Lane just 2 years ago, so some online maps still use the old street name. It's in Bynum, 5 miles and 10+ minutes drive toward Chapel Hill from downtown Pittsboro. NCPAC is not a requirement; owner of that property said we can cancel that lease if we want. Alternately, buyer of PYT may be able to negotiate for our existing building in downtown Pittsboro.
It's a 2-year old metal building in excellent condition. Architects are finishing full set of building plans now. Building is 5,000 square feet, half of which is leased to us now for $3,000 per month; have 1st right of refusal on other half of the building. 15-year lease with only about 1% increase per year for duration. I think that the lease will be worth a bundle in cheaper-than-going rate down the road.
Small plan is attached to give you an idea. Building Dept. in Chatham has treated us well; lots of VIP kids in town are in our programs.
