News / Exchange
How you can buy part of the Exchange to help secure its future
Sitting on a picnic table outside the Exchange, Matt Otridge makes the most of the September sunshine. Matt has worked in the music industry in some capacity or another for more than half of his life, which means that he experiences more dark rooms at night than sunny daytimes.
Getting some regular Vitamin D, however, is a small challenge compared to the one that Matt and his fellow directors at the Exchange have recently launched: to become the first dedicated music venue in England to go into community ownership.
The community share offer is now live, with the campaign needing to raise £250,000 by selling shares worth £250 each, making every investor a co-owner of the Old Market venue.
is needed now More than ever
Matt is confident that the target will be hit, following a formula that has already been successful at Komedia in Bath and The Public Space in Newport.
The Exchange has been a community interest company for a year and a half, and is already much more than just a live music venue; with the ground floor cafe open all day, a record shop upstairs and the main room used not just for evening gigs but also as a rehearsal space, conference venue or photo shoot location.
The Exchange is one of Bristol’s most-loved music venues
“It’s exciting to be part of something that brings so much joy and excitement to people’s lives, and creates communities and friendships that will last a lifetime,” says Matt.
“The reaction so far has been amazing. It has been really reassuring. It takes something like this to make you realise how important it is what we do.”
Matt says that “if there’s a city in which this is going to work well in, it’s Bristol. There are few places in the UK that this could work better.”
The share offer closes on October 31, with a minimum of £250,000 needing to be raised in order for it to succeed. In just two days, almost £26,000 has already been raised.
Investors can expect to be paid three per cent gross interest yearly on their shares from 2021, with Matt saying that the hundreds of new owners of the Exchange will also be given some exclusive perks.
The Exchange is looking to raise at least £250,000 from a community share offer
Sitting back on the picnic table, Matt envisages the Exchange being a model for other music venues across the UK who may be struggling financially to survive.
“It’s quite clear we are not the only ones having this issue. Running a music venue is often a labour of love, with people willing to give up their time for free.
“We are stronger as a big community of people who see the place as an asset and want to help ensure its long-term future.”
To find out more about the Exchange’s community share offer, visit www.ethex.org.uk/ExchangeBristol
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