BECOME A MEMBER
Before you buy shares in Sister Midnight, we recommend that you read our Share Offer, Business Plan, and Society Rules, so that you understand the terms & condition.
FAQ's
What is the money I’ve invested going to be used for?
The share capital we’ve raised from our community is ringfenced for our venue renovation, including professional fees, direct construction costs, and equipment. We won’t spend the share capital on core costs because complex renovation projects are susceptible to delays, and we don’t want ongoing overheads to deplete our budget.
Why take on a building that needs such significant investment, especially when it’s going to be redeveloped eventually?
The building needs a lot of work to bring it back into use, but we’re being offered a 16 year lease with an 11 year rent free period which will offset the cost of renovations. We have considered other sites for our venue, but all of these came with a high rental cost and still required renovation & fit out works, so overall we believe we have found the most cost effective option for delivering our venue. It also means we can give the disused building a new lease of life, instead of letting it sit empty and be of no use to anyone!
Will trading surpluses be put aside to fund the purchase of a permanent space?
Our long-term goal is still to own a building freehold so that we have a permanent home for our venue. We’re exploring a number of different ways we can continue to work towards this, and the benefit of our rent free lease is that we should be able to build up significant reserves so that at the end of our lease we are in a strong position to look at purchasing a permanent space for Sister Midnight.
What is the value of my share secured against?
The value of your shares will be secured against the assets of the Society; the Society won’t own a building, but we will have tangible assets, trading surpluses (all being well), and the value of the business we build. Although this might seem to come with slightly less security than property-backed investment, we won’t be burdened with the debt of a substantial mortgage, nor will we have to pay any rent, which means more of our trading profits are freed up to pay interest to our shareholders, facilitate withdrawals and provide security against the share capital we hold.
Can I invest in more shares?
If you’ve already invested in shares, then you can invest more if you want to! We’d greatly appreciate any further investment from those who can afford to support our next steps.
Who can apply for an affordable share?
Anyone who feels they can’t afford a £100 share can choose to buy an affordable share instead, starting from £25. There is no income-based criteria for this because we understand that everyone's circumstances are different, and we trust our community to be honest about what they can afford. It’s important to us to have more members involved in shaping our work, and especially important that our membership isn’t only comprised of people who have money to spare. We know that a £25 share might still be unaffordable to some in our community, so we’re looking at implementing a pay-it-forward scheme soon so that membership is accessible to everyone in our community.