A group of local residents has today launched a share offer asking the public to invest in a community pub on Myddleton Road in Bowes Park, North London.
Looking to save a much-loved venue which served as the beating heart of the neighbourhood, the campaign represents the last chance to save The Step from redevelopment.
Over the next four weeks, members of the public can purchase community shares, a unique form of investment designed specifically for bringing communities together to run local projects.
Of the £250,000 target, £51,000 has already been committed by the Booster Fund, run by Co-operatives UK. The group is now looking to raise the remaining £199,000, every pound of which will be matched by the Government’s Community Ownership Fund grant, which was awarded to the project in December 2022.
Should the money be raised by the 19th March deadline, the funds will be used to buy the building and bring it back into the community’s hands. It will be refurbished andrestored as a central meeting point for locals and visitors alike on Myddleton Road, Haringey’s best preserved Victorian high street.
Everyone who invests becomes a shareholder in the newly created Myddleton Road Community Benefit Society. Once reserves are built up from tenant rental income, shareholders can request withdrawal of their investment. They may also receive small interest payments and can vote on using surplus towards community events and initiatives.
“We are thrilled to formally open our share offer and invite the public to invest in this very special project,” said Dan Jones, chair of Save The Step. £Since launching this campaign last summer, we have been overwhelmed by the support from the local community, as well as the investment from the government, Architectural Heritage Fund, and Co-operative UK’s Booster Fund.
“We are now so close to making this a reality, but we only have four weeks, so would urge anyone who wants to be part of this exciting opportunity to act now. For those keen to learn more, please head to our website, get in touch with any questions, or come along to one of our events over the coming weeks, details of which are listed online.”
Myddleton Road, a once bustling high street, fell into disrepair in the 1990s, but has witnessed substantial regeneration in the last ten years, primarily led by local residents keen to see it become a bustling local high street once more. It now hosts a monthly market, is home to a community garden, independent coffee shops, delis, bakeries, and restaurants, and was awarded London High Street of The Year in 2016.
