A Norfolk council is being accused of a “cavalier approach” to public money, after failing to secure almost £3.4m to fund an ambitious, Shakespeare-themed tourist attraction - and being left to pick up the bill itself.

West Norfolk Borough Council has been informed by the National Lottery Heritage Fund (NLHF) that its bid for some £3,376,910 to refurbish the town’s St George’s Guildhall had been refused.

In a letter, the NLHF told the council they would not be funding the project, because of its “high risk, particularly in terms of sustainability”.

Eastern Daily Press: St Georges Guildhall in Kings Lynn is the largest and oldest guildhall in England. Picture: Matthew UsherSt Georges Guildhall in Kings Lynn is the largest and oldest guildhall in England. Picture: Matthew Usher (Image: Archant)

But the council has insisted “it is still full steam ahead” for the project, despite what it called the “disappointing news” of the bid’s failure.

Renowned as Britain’s oldest working theatre, the 600-year-old venue was performed at by Shakespeare himself in 1593.

Eastern Daily Press: The council hopes to restore the theatre's Elizabethan featuresThe council hopes to restore the theatre's Elizabethan features (Image: Lynn Town Deal Board)

The council wants to transform it into a global destination for Shakespeare fans by restoring its Elizabethan features and creating a ‘cultural hub’ there.

The project as a whole was in June estimated to cost some £12.2m - with some £8.1m proposed to come from Lynn’s government-funded Town Deal pot of money.

Now that the NLHF has refused to provide its requested share of almost £3.4m, the council is set to provide that portion of the cost itself.

Eastern Daily Press: William Shakespeare is believed to have performed at the Guildhall of St GeorgeWilliam Shakespeare is believed to have performed at the Guildhall of St George (Image: Archant)

Michael Baldwin, deputy chair of Lynn’s Town Deal Board, played down the significance of the bid’s refusal, saying that applying to the NLHF is “a competitive process”.

Graham Middleton, the council’s Conservative deputy leader, said the authority remained “committed to the delivery of this vision for one of the town’s cultural and historic gems”.

Eastern Daily Press: Conservative councillor Graham MiddletonConservative councillor Graham Middleton (Image: Norfolk Conservatives)

He added: “We have already secured the lion’s share of funding for this project, and with the support of the National Trust and the Norfolk Museums Service will press ahead with the proposals.”

It is understood to be the second time that the NLHF has refused a funding bid for the Guildhall, with a 2017 rejection issued on similar grounds.

Ivor Rowlands, chair of the soon-to-close Shakespeare Guildhall Trust, said: “The NLHF are the country’s preeminent supporter of heritage projects - they don’t think the council’s plans represent satisfactory risk against sustainability to support.

Eastern Daily Press: Ivor Rowlands outside the Guildhall of St George in King's LynnIvor Rowlands outside the Guildhall of St George in King's Lynn (Image: Archant)

“Yet despite that, the council is continuing to pursue to spend this money.

“It represents a kind of madness and a cavalier approach to spending public money.”

The council was asked whether the need to find almost £3.4m will mean higher council tax. The authority did not respond.