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17 May 2022 No Comments Dave Boyle

How to issue community shares when you're already a Community Interest Company?

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Jubilee Pool May 20, 2022
Music Venue Properties May 20, 2022
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Pub

Jubilee Pool Penzance

Jubilee Pool Penzance

£829,000

2018

Jubilee Pool is a tidal-filled beach-side outdoor pool on the Penzance seafront in Cornwall. It was owned by the County Council but after a devastating storm in 2013, the pool closed. The Council funded structural work to underpin the structure to the rocks underneath it rather than the sand. We were commissioned to give the Council options for accessing an EU-funded grant to provide geothermally heated water, which was crucial to making the pool operate year-round, but need £1.8M of matching funding. We recommended the pre-existing 'Friends of Jubilee Pool' be reconstituted as a charitable Community Benefit Society and undertake a community share issue. We worked with the new society to amass their funding package with a mixture of grants, and loans and then helped them launch their share issue in 2018 to raise the final £500,000. They smashed through their target, raising £529,000 (which they followed up with a second share issue to rebuild their cash flow after the pandemic) from 1,400 shareholders. They cleverly used tax breaks and share interest to attract major investors, and just 24 people provided 75% of their total, with 1,000 investors paying the minimum £25 membership.

Venue

Music Venue Properties

Music Venue Properties

£2,200,000

2023

The Music Venue Trust - the trade association for small and medium-sized music venues - had long recognised the ticking timebomb affecting the sector that came from so many venues renting their premises from owners who could make the venues unworkable through rent rises or refusing to renew leases. There had been long-standing intentions to create a sector-owned body to buy the premises and be the friendly landlord who could give certainty to venue operators about the future, and help with rent holidays if future public health emergencies forced venues to close. We worked with the team at MVT to create a new charitable Community Benefit Society, Music Venue Properties, which has a bespoke governing document that guarantees that MVT nominates a majority of its Directors. MVP ran a fantastic year-long campaign to raise share capital from music fans, companies, and artists which then sought funds to buy venues and closed after raising £2.2m. They have plans to buy 7 venues and expand into debt and grant funding to create a portfolio of properties similar to way in which the National Trust owns heritage land and buildings.

Media

New Internationalist

New Internationalist

£700,000

2017

New Internationalist had been publishing its informative, critical journalism about global inequality and justice since the 1970s. As the internet started to seriously impact print-based publications, the team realised they needed a compelling new design and reimagined content to give themselves a chance of retaining and growing their audiences. We created a co-operative society which is run by the editorial staff but owned by the community of supporters and readers (modelled this on the way German daily newspaper Tageszeitung is structured). That community invested an amazing £700,000 in 2017 which provided working capital to invest and had the added benefit of promoting themselves to a whole new generation for whom their writing was fresh, vibrant and urgent. They even went back to the community and raised a further £300,000 during the pandemic when advertising revenues took a nosedive across the board.

Housing

Jubilee Pool Penzance 4

Jubilee Pool Penzance 4

£229,000

2010

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Media

Jubilee Pool Penzance 5

Jubilee Pool Penzance 5

£529,000

2017

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Service

Jubilee Pool Penzance 6

Jubilee Pool Penzance 6

£625,000

2019

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Venue

Jubilee Pool Penzance 7

Jubilee Pool Penzance 7

£825,000

2016

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