10 Dec 2009 - Midgley Co-op purchase completes
This is to let everyone know that
we finally concluded purchase of the old Co-op building in Towngate on Tuesday
morning after some last minute & nerve wracking problems. We are a
little behind our original estimates but the building is now safely in community
ownership.
The whole project has
been funded from five sources - South Pennines Leader, BIG
Lottery, Biffaward, Tudor Trust, and of course the community shares.
There are no onerous loan liabilities involved - although
obviously the deferred shares will be repayable.
Members are now
busily stripping the ground floor, which will host the community room and
shop, in preparation for the builders to start refurbishment work next
Monday. (Volunteers are still required, particularly for this coming
weekend if anyone is available.) Significant work to be done by the builders includes soundproofing of the
ground floor area, which was part of the planning consent requirements, and
re-flooring of most of the shop & community room spaces. The present
flooring is unsuitable for public use. Plumbing, electrics, disabled access,
ventilation, and fitting out of the shop and kitchen/bar spaces are also
other necessary works, as are some repairs to roof and ancillary
areas.
So assuming the builders
schedule goes to plan we should be in residence towards the end of
January .
It's been a long
journey started over two years ago, and the overall project will cost
in excess of 1/4 million pounds. However, because of future income
streams from both shop, community events and particularly the self contained
rentable flat on the first floor, we believe the association will be totally
self sustaining for the foreseeable future. The business model - to use the
jargon - is very sound.
We are hugely grateful for
all the support we have had - from both shareholders and
grant bodies and also volunteers who have kept things running in the midst
of a lot of uncertainty . We are incredibly fortunate to be in this position. A
big thank you to everyone - this is a wonderful achievement.
For Midgley Matters Association Ltd.
For more information please see our Co-op pages where information on all the grant organisations that made this possible are listed !
We hope to add photos of the conversion in the near future !
Chris Foster