A COMMUNITY group has launched a month-long share scheme to raise £100,000 to help turn a former chapel into a village shop, cafe and heritage centre.
The Cotherstone Old Chapel project, now a community benefit society (CBS), is hoping residents will buy into the project to lease, renovate and run the former Methodist church as a community venture.
Helen Rowell, from the management group, said: “We are aiming to raise £250,000 for our project, with £100,000 through the issue of community shares in our Community Benefit Society (CBS).
“Share capital will be supplemented by grants and donations to ensure we reach our target.
“The money will be used to convert and fit out the old chapel, creating a sustainable business venture. Many in our community have already pledged an amazing £60,000, but we still need more.”
The share issue opened on Monday, September 13, and will run until Monday, November 8. Shares are £10 each with a minimum investment of £50 and a maximum of £10,000.
The offer is open to people over 16 years, as well as groups, organisations and businesses. People will be able to buy shares online or through the post.
Ms Rowell added: “The vision is of a community-owned space to enrich the lives of the whole community by offering not just groceries and household goods, but a vibrant cafe venue to socialise in and keep our village alive.
“The Old Chapel will also be a valuable amenity for visitors and provide an additional attraction for holiday makers, supporting the other tourist businesses in the local area.
“We believe this will not only be a valuable community asset but will be a viable business venture and we can capitalise on the growing tourism in the dale and use the spending power of visitors to boost our area.”
Leaflets have been delivered to about 250 homes in and around Cotherstone.
The group has also created a website – theoldchapel.info – with details of the aims of the project along with a downloadable prospectuses and fully-costed business plan.
The group aims to reinvest any surplus profits made by the shop and cafe back into community projects but there would also be a financial return for shareholders.
The Cotherstone Old Chapel project team shared details of the ambitious scheme at Eggleston Show, with members on hand to answer questions and queries.
For more information on the project or to request a prospectus visit www.theoldchapel.info or ring Chris Tarpey on 01833 650087 or Ms Rowell on 07961 044230.
