Capital Programme

We set out to save mint lane

The long term security and sustainability of the centre was at risk, due to the short term nature of the lease it held on the building, due to expire in 2022.

The solution devised was to acquire ownership of its freehold, which would ensure longevity and security of tenure, enabling investment to be secured in improvements and a reduction in revenue costs as there would be no rent to pay.

With the County Council as a willing seller of the property, a capital programme has been pursued, with major contributions coming from

  • Community Share Offer - see the details on the share offer page.  This raised over £62k in 3 months from 98 investors.
  • A matching equity investment of £50k was secured from the Community Shares Booster programme, a scheme delivered by Co-operative Uk and Locality on behalf of Power To Change.
  • The National Lottery Community Fund is providing a capital grant of £105k towards the building purchase and urgent refurbishment costs.
  • The Key Fund have offered a blended finance package grants and loans totalling £56k.

This total secured is sufficient to purchase the centre and undertake an important range of repairs and improvements.  

All the major sources of financial and other assistance in the establishment running and development of the centre are listed on our Acknowledgement Wall

what next

The legal process of property purchase is underway and specifications and pricing of the refurbishment work are being prepared.