Pegasus Theatre’s rebuilding scheme hit its final target yesterday after the Government gave it £1.85m.

The theatre has been working for 12 years to raise the £6.3m needed for the major refurbishment of its premises in Magdalen Road, Oxford.

Yesterday it was announced the theatre was one of 21 projects to get funding from the Department of Children, Schools and Families under its new myplace scheme to offer “exemplary world-class youth facilities”.

Pegasus head of fundraising Dominique Cadiou said: “We are overwhelmed. It’s fantastic. It means we can get on and start building.

“It is a great relief and a great demonstration of confidence in Pegasus.”

The project was delayed by a year to allow organisers more time to raise the funds. A total of £5.5million was raised prior to the Government grant.

Head of marketing Gill Jaggers said costs had gone up due to the delay and the project would actually cost more than £6.3m.

She said the total cost of building the theatre, in the current financial climate, would not truly be known until it was completed, but the grant would more than cover it.

As well as paying for building work, which will see dilapidated workshops knocked down and the theatre rebuilt around its main auditorium with vastly-improved facilities, the grant will also provide money for the theatre’s work.

That is likely to include more outreach projects including a link up with Oxfordshire County Council to work with pupil referral units and offering activities to young people who are excluded or vulnerable.

Chief executive and artistic director Euton Daley said: “We are absolutely over the moon and incredibly chuffed.

“Some of us have been working on the project for 12 years and finally it has become something that is actually going to happen.

“The building will be transformed so people can work in a properly equipped space.”

He believed a key factor in their successful bid was the level of support from people involved in the theatre and the local community.

fbardsley@oxfordmail.co.uk