Community ownership bid hits its target

Komedia Bath has hit its target to become a community-owned venue.

The comedy and music club is to get 273 new owners, after hitting its £350,000 target with 24 hours to spare.

Crowdfunding its new set-up continues until 10pm tonight here, with any extra backers helping to ‘put the venue in the strongest possible position’

Komedia’s head of development, Eleanor Household said: ‘This confirms what we thought we already knew; that there is a real appetite in our city and the surrounding area for a strong creative offer.  We thought it was worth fighting to keep and it seems our community agrees.  We are all over the moon with the outcome.’

Founder Richard Daws added: ‘This remarkable show of support demonstrates a new way to build permanence into the arts.’

He currently owns the venue with Colin Granger, Marina Kobler  - but it will now become a Community Benefit Society, with the owners writing off some of the £1million they have put into the business.

The new set-up is  frequently used to save venues at risk of closure, but Daws always insisted that was not the case here, but a way of injecting more investment into the building, as well as forming stronger links with the community.

He added: ‘We hope this exciting development launches a blueprint that works nationally for other mid-scale venues facing similar challenges.’

The new shareholders will each have an equal say in the running of the new business regardless of how large their stake, and it is hoped they will be able to receive a three per cent annual return on their investments. However, they cannot easily withdraw their stake, but can only sell it to other members of the community society.

Published: 13 Dec 2017