Update: 17.05.2019 - Project Update
Below is a copy of a letter from the The Hive Live team, updating on the share offer and an extension.
Update to The Hive Live Share Offer
Thanks to everyone who has subscribed to The Hive live community share offer, July 1st was the agreed deadline for completion with de bees owners EI Group which we failed to meet. The good news is that The Hive committee has since presented a strong case to EI Group for an extension based upon the significant progress made by our community in less than 4 months and they have agreed!
EI Group will allow us until the end of the month to raise the additional funds required to complete the purchase so upwards and onwards.
Key Fund are still looking to support the project subject to us raising the required level of community share finance. The overall capital need to take de bees in to community ownership is £450,000 of which Key Fund offered £100,000 in loan finance and £50,000 in grant finance. Whilst we could take up to £450,000 in share capital, our optimum target for community shares is £300,000 which will now be reflected in our running total.
We are calling on all supporters to help us get over the line, with match funding we would only need about £53K to reach the target to buy the building and be furnished with the necessary working capital, if you have any friends or family who might be interested please feel free to share the opportunity with them, thank you!
Thanks for your support
The Hive Committee