The centre was one of the UK's
Millennium Commission projects, developed to celebrate the turn of the millennium. Other Commission funded projects included the
Millennium Dome and the
London Eye. However the Centre failed to attract enough visitors and
cash flow to ensure its viability for its 79 workers – BBC News described the centre as having been "shunned" by visitors, and, despite a £2 million relaunch, the Centre closed in 2000. Ticket prices were about £21 for a family of four. It was hoped to attract 400,000 visitors a year. After seven months, there had been 104,000 visitors, and on 18 October 1999 the building's owners, Music Heritage Ltd, called in
PricewaterhouseCoopers to administer its day-to-day running. The company was to be liquidated in that November if administration was not successful. It was saved in the interim although £1.1 million was owed to 200 creditors. The estimate of visitors per year was reduced to 150,000. Martin King, the chief executive who took over from Stuart Rogers, resigned in January 2000. Just prior to closure,
BBC Radio 2 held an event hosted by
Billy Bragg and attended by around 75 prizewinners, to see
Madness perform live with support from
Paul Carrack. ==Subsequent use==