Bramley Baths: £350k needed for repair job at Leeds landmark as bosses sell shares to raise cash
A repair job at a Grade II listed bathhouse in Leeds is expected to cost in the region of £350,000 - and bosses are offering shares in the building to raise cash.
Bramley Baths, which first opened its doors back in 1904, is the last remaining Edwardian bathhouse in the city.
The 120-year-old building was threatened with closure in 2011, but was saved by campaigners and has been run as a community benefit society ever since.
That means that any profits that are made go back into preserving the Broad Lane attraction, which offers swimming and gym classes.
However, a series of repairs were recently identified by the team who look after the building, including a full replacement of the roof, which is expected to cost £350,000.
They have launched a ‘Community Share Offer’, which will allow people to purchase a part of Leeds history with shares on offer for as little as £50.
As well as receiving part ownership of the facility, investors will receive a regular newsletter, a vote at the organisation’s AGM, and will even be entitled to interest on their investment once finances allow.
CEO David Wilford said: “We have chosen to fundraise through our first Community Share Offer, which allows us to go beyond not only being community led, but part community owned.
“We are thrilled to have support already from Co-operatives UK’s Community Shares Booster Fund and we welcome all members of community to be part of our ownership model.
“We know that having this investment will contribute to our highly successful social enterprise and allow our community to come with us on our journey into a new chapter of the Bramley Baths story.”
To date, Bramley Baths has received around £42,000 from community investors, as well as £40,000 from a booster fund.
The team are also awaiting confirmation on share match funding through an energy efficiency grant, administered by Crowdfunder, working with Co-operatives UK and funded by Access.
A spokesperson for the Co-operatives UK said: “We are excited to offer an investment of £40,000 from our Community Shares Booster Fund.
“To unlock this investment, Bramley Baths need to raise £310,000 matched investment from community investors. We're investing as we were impressed with plans to future proofing the building, while reducing running costs and increasing accessibility for the local community.”