Save The Step - Share Offer Launched

The Save The Step share offer was launched on Monday.

Since June 2022, a team of local people has spent months working with grant funders and advisors towards helping the community to buy and renovate The Step at 101 Myddleton Road.

They have received a £250,000 grant from the UK government towards buying the building, with additional funding from other organisations that support community projects to cover costs like architects and lawyers.

Over 600 local people have told them that they back the project and described what they would like to see in the space by filling out a survey. This showed people are looking for a family friendly space with a food offering, complemented by music and art, and a range of services. These include providing somewhere for hot-desking, as well as hosting classes, book clubs and support groups. 350 local people have pledged to become shareholders.

They have just launched a community share offer to raise the £250,000 required from local shareholders.

The property developer is willing to sell to them if they raise the funds by 19 March. If they are not successful, the developer aims to permanently change the use of the building to a private use, so the community won’t get this chance again.

For more info see: www.savethestep.com

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Permalink Reply by Daniel Cowan on March 9, 2023 at 8:06

Great news - Save The Step have now reached £150,000 of investment towards the £250,000 target, with the deadline of 19 March still 10 days away.

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Permalink Reply by Anna Jenkins on March 11, 2023 at 10:26

It says here the grant is £300,000

???

https://www.gov.uk/government/case-studies/300000-for-myddleton-roa...

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Permalink Reply by Daniel Cowan on March 11, 2023 at 11:19

Hi Anna,

Yes, there is £250,00 match funding grant towards capital costs and up to an additional £50,000 for start up costs such as lawyers, architects etc.

The funding requirements and grants etc are set out in the share offer document:

MRCBS share offer - 16 Feb 2023.docx (savethestep.com)

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Permalink Reply by Anna Jenkins on March 11, 2023 at 15:58

ok, I see.

Please don't let it be turned into another "money washing" cafe that are all over the High Road

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Permalink Reply by Daniel Cowan on March 19, 2023 at 11:25

£240,000 of the £250,000 investment target has now been reached, with one day to go.

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Permalink Reply by Annie Power on March 19, 2023 at 14:21

Daniel, Can you answer Anna's query about the £300,000 grant please. I too am interested in why you say the grant is £250,000. What was the £50,000 earmarked for?

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Permalink Reply by Anna Jenkins on March 19, 2023 at 15:08

1.jpg

£120,000 refurb costs?

£50,000 startup costs?

Mmm.. I hope there is some transparency and/or a breakdown given about these costs

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Permalink Reply by Daniel Cowan on March 23, 2023 at 17:33

Hi Annie & Anna,

Sure. Sometimes it is difficult to see all the responses, especially on a mobile, so I have copied my previous response to Anna here:

Yes, there is £250,00 match funding grant towards capital costs and up to an additional £50,000 for start up costs such as lawyers, architects etc.

The funding requirements and grants etc are set out in the share offer document:

MRCBS share offer - 16 Feb 2023.docx (savethestep.com)

Many of the costs, such as for the building works are only estimates at the moment, so will need to evolve. The Save The Step team will provide regular updates on progress. If you have any specific questions now I suggest that you get in touch with them at hello@savethestep.com

Daniel

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Permalink Reply by Daniel Cowan on May 31, 2023 at 7:56

Fantastic news - Save The Step have just bought 101 Myddleton Road. The purchase completed on Thursday and it is finally in community ownership. With price negotiations behind them, they can now reveal that the share offer smashed its target and raised over £285k! A huge thank you to everyone!