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Portland Works: Sheffield’s first community share issue

Portland Works: Sheffield’s first community share issue. Nikky Wilson & Steve Connelly Town Funder, Sheffield City Hall 1 st April 2014. What is “Portland Works”?. built as a cutlery factory in 1879 (grade II* listed) the birthplace of stainless steel cutlery manufacturing in 1914

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Portland Works: Sheffield’s first community share issue

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  1. Portland Works: Sheffield’s first community share issue Nikky Wilson & Steve ConnellyTown Funder, Sheffield City Hall1st April 2014

  2. What is “Portland Works”? • built as a cutlery factory in 1879 (grade II* listed) • the birthplace of stainless steel cutlery manufacturing in 1914 • in continuous use by metalworkers • a going concern: nearly thirty small businesses, paying £50k rent • a community of ‘makers’ – manufacturing, art, music in small-scale, affordable workshop space

  3. Portland Works under threat • planning application in 2009 • 66 flats • no industrial use allowed  businesses move or close • application withdrawn in March 2011 after our campaign

  4. Saving Portland Works: organising • from campaign against to action for • tenants and local volunteers working together • research and debate • set up ‘Industrial & Provident Society’/‘Community Benefit Society’ to buy and manage the Works

  5. Why we chose the community share route • we needed lots of money to buy the building! (£4-500,000) • limited grant funding available • the cooperative model • involving tenants and volunteers • our democratic ethos • broad community support through membership • always open to new members and investment

  6. Major decisions • share price and target numbers of shareholders • how big and how long? • profit or not for profit? • what if it doesn't work out? • alternatives and complementary funding • when to give up

  7. Shareholders at purchase • £259,195 total • 486 individuals made 519 investments (in 2 share issues, and ‘top-ups’)

  8. How we did it • lots of people • wide pool of skills • always open to new people • clear and shared aims • administration: time, competence! • advice – financial, legal • getting ourselves known – targeting a wide range of interest groups

  9. How we did it • publicity • written material • launch event • open days • talks to local groups • press/radio/TV • social media • website • all very ‘professional’ • a good business plan • internal communication – email, Dropbox, meetings, more meetings

  10. How we did it Sharrow Community Forum • Architectural Heritage Fund • Heritage Lottery Fund • Local trusts etc. • Key Fund • Unity Trust Bank • Sheffield City Council • Paul Blomfield MP & Councillors • University of Sheffield • local press • hundreds of supporters and volunteers

  11. Tips • learn from what others have done locally and elsewhere • don’t be afraid to develop your own approach • be prepared for ‘the long haul’ • enthuse as many people as you can – don’t rely on a tiny core of dedicated people • find multiple reasons for people to be interested in the project in order to develop resilience • make the project fun

  12. Tips • make yourselves credible • design a good website right at the beginning • make yourself as widely known as possible • get some tough guys/girls in to help you negotiate • try to attract small investors as well as big  • keep supporters and investors informed and feeling valued

  13. Contact us... www.portlandworks.co.uk • info@portlandworks.co.uk • nikky@portlandworks.co.uk • steve@portlandworks.co.uk

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