A radical, neighbourhood co-operative bookshop in Southampton has launched a crowdfunder to help secure its long-term future.
October Books, which currently rents a space on Portswood Road, is looking to buy the old Natwest building in Portswood, which is large enough for both its retail space and a large, accessible space for events, meetings and community activities.
The co-operative was founded in 1977, and now sells general popular fiction, non-fiction and children’s books, alongside a range of specialised radical books and magazines – and organic and Fairtrade foods and green household items.
In March, it announced that its proposal to buy the bank building been accepted in principle. The co-op now needs to raise a £510,000 by 31 May to buy and fit out the new premises.
“We are doing this to secure the long-term future of the shop by establishing a permanent base, where we are not paying rent to a distant landlord,” said a statement from the organisation. “We also want to really connect to our local community and so the space we are buying is large enough to house a community hub.”
October books is raising this money in three ways: through a £150,000 loan from a specialist co-operative lender; by offering repayable Loanstock for sale to the value of £340,000; and by asking supporters for non-repayable donations to the value of £20,000.
“Loanstock is a way that co-operatives raise finance and is an investment in the shop and Community Hub,” said the co-op, which is already over 50% of the way to its Loanstock target. “You invest a sum of your choosing for a period of one, five or 10 years, and then when the Loanstock matures, you receive the money back with optional 1.5% interest.”
The non-repayable donations can be made here through the co-operative’s Crowdfunder site or you can donate by cash, card or cheque in the shop, by bank transfer, or via Paypal.
“Donations will help towards building plans, design and renovations in the new space so we will keep you updated with pictures and stories of how the space is developing,” added the co-op.
“It’s an exciting time for a bookshop which has been serving our community for over 40 years. If you would like to help out you can always volunteer with us or if you would like to be more involved in decision making you can become a member of the co-operative, too. Together, we can do this.”
