Save The Step
Save The Step awarded Community Ownership Fund grant!
We have some exciting news to share. We have been awarded a £250,000 grant from the government’s Community Ownership Fund towards purchasing The Step! They have also awarded us up to £50,000 towards our initial operating costs.
By pledging support and answering our survey, the community has shown the government and other funders the importance of The Step to the local community and it has been key in getting us this far, so a big thank you to everyone!
We have the grants – next comes the share offer
Now we have been awarded the grant, we need to raise our half of the funds. As a reminder, the £250,000 grant is conditional on us raising the other £250,000 towards the total cost of buying and renovating the building. Some can be a loan but the majority will need to come from our pledges.
We will be launching the community share offer in January (exact dates TBC) when shares can be purchased. We will publish a business plan and share offer document in advance so everyone is clear on our plans.
To raise our £250,000 we currently have community share offer pledges of £177,000, with many people who are yet to confirm an amount. We need to make sure everybody locally who might support us knows about Save The Step. Please tell your friends and neighbours, and ask them to sign up for our mailing list to stay up to date on our share offer.
Sign up to our mailing list
£177,000 pledged of £250,000 goal
from 266 investors
The ground floor of 101 Myddleton Road (site of ‘The Step’) is now up for sale. It’s been declared an ‘Asset of Community Value’. This means that we can make a bid for it before it goes on the market.
We want to turn The Step into a community-owned space with community spirit at its heart. A café, bar and meeting place, in the heart of Bowes Park. We have set up a Community Benefit Society that local people will become shareholders of, which will buy and refurbish the building, and then getting an experienced business to run it.
We need your help to make this happen.
We need to raise £250,000 from the local community. We estimate we will need a total of £500,000 to buy the ground floor of the building and refurbish it. We have received a grant for the other £250,000. There is a possibility to top up our local contributions with a loan if necessary to reach £250,000.
We’re looking for the community to become shareholders in the Community Benefit Society we have created. This means that you’ll essentially become a part-owner of the property.
We need you to answer our survey to:
- get your thoughts on what you would like to see in The Step
- tell us any skills/expertise you could bring
- let us know if you’d be interested in investing
We don’t want your money now, and there is no commitment at all.
What’s in it for you?
- You’ll own shares in the business
- Discounts on food and drink
- Shares would be withdrawable, meaning you can request your money back later on
- Surplus profits would be put exclusively into benefits to the community
To start with, we need to show strong evidence of community support and financial backing, so please fill in our survey to help us make this a reality!
To help out, or for more information, email firstname.lastname@example.org
This project is a work in progress and the Frequently Asked Questions are a response to what people ask, so there will be more detail and news as the project moves forward.