Trustees of the Exeter Northcott have announced that administrators have been appointed to oversee the running of the theatre after it was revealed to be insolvent.

Ian Walker of insolvency practitioners Begbies Traynor has been appointed joint administrator after financial information presented to trustees of the Exeter theatre earlier this week left "no alternative". However, the venue has stressed that it remains open for business while Exeter City Council and the University of Exeter work with administrators to safeguard the Northcott's long-term future.

Geoff Myers, chair of the trustees of Exeter Northcott, said: "We took this decision with a heavy heart, but when presented with the latest financial information we had no choice but to place the theatre into administration. "It is hoped that a way can be found to effect a rescue of the theatre. In the meantime, I would encourage theatre-goers to continue to support the Exeter Northcott."

Built in 1967 on the university's Streatham Campus, the theatre underwent a major £2.1m refurbishment in 2007 to provide new seats throughout the 460-seat auditorium and improved access for all visitors. Chris Humphrey, Arts Council England, South West executive director, said: "We have been working with the new management over the last two years to broaden the theatre's programming and increase its audiences. Despite this hard work, a legacy of financial problems has recently come to light."