MEMBERS
Thank you to all our members, over 1,200 individuals who invested in the Own Our Venues campaign to help raise over £2.3 million. This was a remarkable achievement demonstrating the belief that the music community has in the importance of these vital spaces.
On 31 March 2023, the Music Venue Properties Board met to consider the outcome of the Own Our Venues campaign and voted unanimously to move ahead with modelling the purchase of the first set of GMVs.
By subscribing for shares issued by the society in this share offer those that have invested become a member of the society and a co-owner of the society and its assets. Our rules and other supporting documents and frequently asked questions are below.
Frequently Asked Questions
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How do I invest?
Via our Crowdfunder page, please make sure to read all of the text on the Crowdfunder page as well as the document that are linked at the bottom of this. If you are looking to invest a large amount or are uncomfortable using Crowdfunder, then please email info@musicvenueproperties.co.uk as it is also possible to invest via a direct Bank Transfer.
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How will I keep updated about my investment?
We send out monthly updates to all members via the email you registered the investment with – please check your spam filters. If you haven’t received one, please email info@musicvenueproperties.com with your name and investor details.
Is it possible to see the financial projections for the share offer?
These are available to download below.
Can I sell my shares?
Withdrawable Shares cannot be sold to third parties. They can be left to others as part of a will. Withdrawable share capital can be redeemed by the Society at the request of members. Such requests will only be met at the discretion of Directors after considering their affordability. Members were advised in the Share Offer Document that no withdrawals would be considered for the first 5 years of investment (April 2028) after which time up to 10% of the total share capital might be made available to meet withdrawal requests.
Please note also that as the society is not deemed by HMRC to be engaged in business for profit, shares bequeathed in the event of your death will not be eligible for business relief from Inheritance Tax.
Can shares increase in value?
Shares cannot rise in value, so there will never be a capital gain. They may be reduced in value if our auditors instruct us to do so if they believe that the value of our assets has fallen.
Will I get a share certificate?
Everyone who invests will receive a community share certificate. These should be issued to members by the end of September 2023.
What will you do with my personal information?
Your personal details, as submitted on the application form, will be held by the society and used in accordance with the provisions of the rules and of the 2014 Co-operative and Community Benefit Societies Act.
Only members can inspect the members’ register and view members’ names and addresses (but not how much they have invested) but the society will not share, sell or provide your details to any other individual or organisation and will ensure compliance with the GDPR regulation in accordance with its responsibility as a data controller.
What happens if I don’t get all of my investment back?
Although we are registered as a society with the Financial Conduct Authority (FCA), the sale of withdrawable shares in the society is not regulated by the FCA. Like many investments, these community shares are at risk, and you could lose some or all of the money you invest.
Unlike deposits with high-street banks, community shares are not covered by the Financial Services Compensation Scheme, nor is there any right of complaint to the Financial Ombudsman Service.
If you are considering investing a significant amount, then you may wish to seek independent financial advice before doing so.