Portswood’s independent community bookshop October Books, which is raising funds and seeking investors so it can buy the old NatWest bank building, says it’s already over half way towards its £360,000 target.
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It says it already has over £180,000 (literally) ‘in the bank’.
October Books collective member Clare Diaper said: “We've been blown away by how much money has already been committed by our local community in support of this project.
“We have issued an incredible £173,000 worth of loanstock already and we've also received £8,400 in donations. The loanstock will go towards the purchase of the building and renovations and the donations towards some of the moving expenses.
“This demonstrates how much support there is for independent bookshops and a real desire for community spaces in our city.”
One investor, ‘PW’, said: “I have been involved in ethical investing for about 15 years but up to now it's always been via third parties. Here, at last is an opportunity to put my money where I think it will do most good - into a local, community-based co-operative with a proven track record - and this time it's a direct investment with no-one else taking a cut of the profits."
October Books is offering a 1.5% annual interest payment on investment in loanstock, which they stress is better than some bank savings accounts.
The co-operative has until the end of June to raise the rest of the funds, with completion on the sale needed by the end of July.
Creating a community hub
As well as a new base for the bookshop, the building could create a new space for community groups, social enterprises and health & wellbeing services, becoming a “true community hub”.
If you’d like to support the project, you can either donate via cash, card or cheque in the shop, by bank transfer, via Paypal or Crowdfunder: https://www.crowdfunder.co.uk/radical-bookshop-buys-the-bank or you can invest in repayable loanstock over one, five or 10 years: http://www.octoberbooks.org/loan-stock/
Members of the October Books team outside the former NatWest bank in Portswood