The Alloa Hub is going to use a new way of operating, never before been used in Clackmannanshire and that is as a Community Benefit Society or Ben-com. This means that the community runs the facility from the outset and invests its own money into its operation by way of community shares. Alloa Hub Limited has been established and is registered with the Financial Conduct Authority or FCS. Currently there are four founding directors who live locally or represent local organisations, Alloa First and CTSI. Once the share offer is complete, new directors from the area with the skills needed, will be able to join the board. A community benefit society aims to trade and be self sustaining in the future.

Community shares are a way of raising investment capital from communities. Local people are encouraged to buy shares in the enterprise and become part-owners. As shareholders they are more likely to do everything they can to ensure the success of the business by supporting the enterprise and in some cases by becoming volunteers. Community shares have been used to finance shops, pubs, community buildings, local food scheme, football clubs and renewable energy schemes across Scotland.

The public share offer is a time-limited opportunity for you, your family, friends, local businesses, groups and organisations and any other supporters of the Clackmannanshire area to invest in the Alloa Hub and help secure the future regeneration and economic revival of the area through its activities for the community.

Anybody is welcome to become a contributor shareholder, regardless of age or location. However, only those resident in Alloa and Clackmannanshire shall be eligible to hold Community Member Shares. At all times a majority of the members must hold Community Member Shares.

To secure the future of the operation of the venue over the longer term, for the benefit of the wider community and businesses of the area, and to ensure adequate finances to help launch the project successfully, Alloa Hub Limited needs to raise £40-50,000. There will be no ongoing support from the Council – this will be operated by the community for the community.

We are asking for a minimum investment of £20 (one share). Groups organisations and local businesses can also invest. However no one shareholder or organisation can buy more than £5,000 (250 shares).

The offer has been extended so that interested parties can view the completed build before investing. The Board reserves the right to extend the offer beyond this initial period if they believe doing so would be of benefit.

You need to be over 18 years to invest, although children can be part of a syndicate shareholder group.

Shares cost £20 each with a minimum investment of one share. You can buy as many as you want up to 250 shares (£5,000 in value). People can buy shares:

• As an individual
• As a present for someone
• As a business, organisations or other body
• As a syndicate (up to 10 people – family or group of friends)

Please note – if you are purchasing shares as a gift or as a syndicate or unincorporated organisation (sole trader) you cannot purchase shares in your own names as an individual as well.

Application forms can be downloaded here along with the Community Shares prospectus. Shares can also be purchased online at https://shop.alloafirst.co.uk/vendor/alloahub/

Community shares remain at the same level but after three years, they may start earning some interest, depending on the board’s decision. Shares are also locked in for a minimum of three years initially, so it is a great way to save for the future. Shares cannot be transferred to anyone else.