Ongoing financial and resource concerns, coupled with lower than anticipated audiences mean that the orchestra will cease trading.
A statement from the board said: “ Despite the application of different business models this company is not resilient and it cannot deliver a sustainable future for professional classical music in Milton Keynes and the local region.”
The 2019 concerts planned for April 12, May 10 and June 23 will take place. The orchestra has the funds to complete its current programme and to pay musicians, staff and stakeholders.
MKCO chair Marian Livingstone said: “It is devasting to close a cultural organisation with a 44-year history but there have been financial and resource concerns over many years.
“Over the last six years there has been a pro-active fundraising and creative reorganisation to bring greater quality to performance and education work. However, audiences have not grown significantly and there is not sustainable support for regular classical music performance in Milton Keynes.”
The orchestra had hoped that the latest restructuring and the appointment of a chief executive in Nick Fielding would move the business forward, she added.
“The failure of that business model has left the organisation out of time with current funding to survive beyond the end of the season.”
Mrs Livingstone paid tribute to the orchestra’s supporters, patrons, philanthropists, corporate supporters and Milton Keynes Council.
“Everyone will know how difficult this decision has been,” she said.
