A quick message to bring all our members up to date.
In August this year we announced that the future of Exchange was in doubt and launched a campaign to #SaveExchange by becoming Bristol’s first Community owned Live Music Venue. Although the venue was never under immediate threat, the three directors of Exchange decided the long term future of Exchange could not be guaranteed without investment and involvement from people outside of the current ownership group. Therefore the decision was taken for Exchange to become a Community Benefit Society and to launch a Community Share Issue to raise £250k to help secure the long term future of the venue.
From September 2018 the people of Bristol, music fans from across the world and social investors were able to buy Community shares and became co-owners of the venue. On 26th October we reached our minimum target, and five days later at the end of the campaign we had managed to hit our maximum target of £300k with over 400 people buying Community shares.
If you are interested to find out more about why we chose to run this campaign, what a Community Benefit Society is / how Community Shares work and how we plan to spend the money raised then you can still read our Share Offer Document by clicking this link.
As of 1st November 2019 membership to the Community Benefit Society is closed until such point we can consult with our members on how best to manage future membership. In the meantime you are welcome to consider becoming a Friend of Exchange.
SAVE EXCHANGE PRESS
We would like to thank everyone who invested, became a Friend of Exchange and helped promote our Community ownership campaign. We would also like to extend our gratitude to the following companies and individuals who helped assist us.
The Ethex due diligence process took a little longer than expected due a couple of input errors from our investors and some delays with the Big Society Capital. At the same time one of our directors ended up in hospital and had to have an emergency appendectomy.
The good news is that we finally received our final list of investors yesterday and formally approved them with Ethex today. We will now be emailing you all over the next couple of days to discuss your investment rewards, social investment tax relief and opportunities to get involved with the decision making process.
We will be using Mailchimp to communicate with our membership base and the emails will sent from email@example.com – Please make sure that you keep an eye out for our communication so we can best serve you as investors.
Thanks for your patience and we look forward to hearing from you all soon.