Portland Works Second issue share offer now available
"I've read your business plan - and I like it" Hugh Facey MBE, Chairman, Gripple Limited, and Portland Works supporter.
From April to July 2013, we are offering our Second Share issue.
Our aim is to renovate and manage the building as a social enterprise (see Our Vision). Our fundraising so far has covered the purchase, in full. We are now raising an additional £100,000 this year to cover urgent repair work.
We now have around 450 individual shareholders who raised over £250,000 in community shares in 2011-13. You can join us and become a shareholder and jointly own this unique bit if Sheffield.
Shares have a fixed value of £1. The minimum holding is 100 shares, the maximum is 20,000 for any individual. However each shareholder has one vote at general meetings regardless of shareholding.
If you wish to buy shares you should read the Share Offer document. Then download and print the application form, complete it and post it to us with your cheque. The address is on the form. We are also required by the FSA to offer you the Rules of the Society. The Business Plan is also worth reading!
Download: Share Offer
Download : Application Form
Download: Portland Works IPS Rules
You may also like to read the Business Plan, which gives a great deal more detail about the project and its financial basis:
Download: Business plan (March 2013) - note this is a large file
EXISTING SHAREHOLDERS who want to 'top-up' their shareholdings, should do this using the Top-up application form
Please contact us if you have problems with the downloads.
We are working with the Architectural Heritage Fund, English Heritage, Heritage Lottery Fund and other agencies to raise further funds to renovate then bring the whole building into productive use as workshops and for educational purposes.
By investing you will be joining a social enterprise which will buy and manage this unique building and its mix of small businesses. Every shareholder is a voting member of the Portland Works Community Benefit Society. We have been advised and supported by the Cooperative movement in our financial planning.
Your stake in Portland Works will provide long term financial support which will enable us to buy the building, restore the fabric and develop further workshop space for new businesses.
This will be a long term project backed by the value of the building and developing the existing mix of tenants. We aim to provide interest at a modest rate, seeking to match inflation to protect your holding. The interset will be paid from surpluses generated by the rental income from the tenants. Our plan is to repay the entire share issue over 25 years, to those who require this. Repayments will be decided annually at the discretion of the Board, and starting five years into the project.
Costs are minimal in the project - all Board members are volunteers, all surpluses go to the project and much of our support so far has been given pro-bono.
Shares cost £1, with a minimum holding of 100 and a maximum of 20000.
Finally - if you want to
support us but don't want to buy shares,
please think about a donation or loan, large or small.
If you have never invested in a community share issue before we recommend that you read the guidance document entitled: 'Investing in Community Shares', which was compliled by Co-operatives UK and the Development Trusts Association, in order to help inform your decision to become a Portland Works shareholder. This document is available to download, along with other guidance, on the following website:
See us at The Shares Coop - a new online marketplace for Community Shares:
Portland Works is supported by South Yorks Key Fund and Architectural Heritage Fund
Chairperson, Portland Works Little Sheffield Ltd
updated 10 May 2013