Opera Holland Park (OHP) has become an independent charitably organisation after receiving its final grant from Kensington and Chelsea Council .
It was given a final wedge of £5 million from the council’s reserves to help the new company - which must now be self-sufficient and rely solely on sales and sponsorship - strike out on its own.
The council says it is “proud to have created renowned institution with a strong reputation for making opera accessible to all”.
The news has also been welcomed by those who objected to the council paying towards the opera house, arguing the money could be better spent elsewhere.
Under the council’s conditions of independence is the continuation of OHP’s popular accessibility schemes which provide thousands of cheap and free seats for young people, the over 60s and others, and also its outreach work to schools and people in residential care.
“We are very proud that we created this outstanding cultural institution and wish them every success for the future.
"Ensuring that OHP continues to be accessible to all is at the heart of the new company’s agreement with the council”, said Cllr Tim Coleridge, cabinet member for the arts.
“Our final grant gives them a strong financial foundation in which to flourish and grow and I look forward to enjoying the company’s performances for years to come.”
At the helm of the newly formed company is Charles Mackay CBE.
He has appointed a new board of trustees which include renowned ITV News at Ten anchor, Sir Trevor McDonald.
Eddie Daffarn from Grenfell Action Group organised a Mock the Opera protest march at the Kensington opera house earlier this year.
He welcomed news that council funding of OHP had stopped, but was not happy with the final £5m payment.
He said: “I’m delighted to hear it, it’s high time they stopped spending money on art frippery and concentrated on providing vital services.
“However, it is outrageous that the council think it appropriate to simply hand over £5m of tax payers money to Opera Holland Park.”