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Tuesday, March 25, 2014

Pink Lane Jazz Co-op extending its community share issue

Pink Lane Jazz Co-op is extending its community share issue to allow supporters more time to invest in its venture to buy and refurbish The Globe pub/venue in Newcastle.  The new closing date will be Monday 14 April 2014 at midnight. 
The co-op plans to use this extension to attract new investors during the Gateshead International Jazz Festival (4-6 April) which brings thousands of jazz lovers to Tyneside.  Pink Lane Jazz Co-op is running a jazz workshop at the Sage during the festival.
By midday on 24 March, the co-op had received share applications totalling £106,040, over 84% of the way to the target of £125,500.
There has been a surge in investment since 18 March when HMRC confirmed that this share issue qualified for tax relief under the Seed Enterprise Investment Scheme.  This means that people who buy shares in Pink Lane Jazz Co-op can reduce their income tax liability by up to 50% of the amount invested.  The extension of the share issue will enable investors to apply to HMRC for tax relief in the new 2014/15 tax year.
Dave Parker, one of the founder members of the co-op, said:  ‘The share issue is really gathering momentum.  Over 120 people have bought shares so far and more applications are coming in every day.  The initial deadline was set to meet the vendor’s request for a swift sale.  We knew it would be hard to raise the investment quickly.  They will just have to wait a bit longer.  We will raise the money we need soon.’
Pink Lane Jazz Co-op has already been approved for a mortgage and loan totalling £105,400 which will be released once £125,500 shares have been sold.

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