How it all works
The Exchange is currently operated by Bristol Live Arts, a Community Interest Company. The people behind Bristol Live Arts also own the building through a separate company.
Exchange Bristol Community Benefit Society (“the Society”) is the new membership society set up to raise money by selling community shares, and using the money raised to take over and invest in Exchange.If you buy shares, you’ll become a member of the Society.
If the share issue is a success, then the Society will be granted a new long term lease, protected under the Landlord and Tenant Act.
The Society will be given the first option to buy the building if at any point it were to come up for sale, and these clauses will be incumbent on whomever owns the building.
After a successful share issue, the Society will take over the assets and debts of Bristol live Arts at a cost of £100,000. Once everything has been transferred and the money paid over, Bristol Live Arts will cease to exist and the rest of the share issue funds will be used to develop the venue to increase the revenue it generates.
Exchange aiming for this to come into effect and for the Society to take on the the running of Exchange on January 2nd (the Exchange team did think about making ths January 1st, but thought we might all benefit from an easy day on January 1st).