The main income of the Society will be from sales of tickets and admissions for events and programmed activity at the venue. A significant part of total income will come from the bar/ food concession revenue share agreement with CI (WV) Ltd. As part of its management of the day to day bar and food operations of the venue CI (WV) Ltd will collect the monies taken through the tills. The Society will receive 30% of the turnover as its revenue share with a ‘floor’ revenue share of £100,000 pa which the Society will receive as a minimum. The more successful the Society and CI (WV) Ltd make The Hive, the more income both will receive.
In 2017 and 2018 de bees turned over approx £350K whilst opening just Friday and Sat nights giving a revenue share of £105K It has been agreed that the minimum revenue share will be £100K. Cornerstone Inns will pay the revenue share to the Society no later than the 7th day of the month following a month’s end.
Both partners have agreed on a revenue share as the most transparent means of revenue sharing. As CI (WV) Ltd uses electronic tills it is easy to be certain what has gone through the tills.