Countdown To Launch
Foxlowe Arts Centre is on the verge of being a reality at long last. The application to register the Foxlowe Arts Centre as a limited company by guarantee with charitable objects has been approved by Companies House.
Now that has been accepted we will be in a position to contact all those people who have pledged to donate £2 a week for the community purchase of the Foxlowe. We have already received two definite pledges for donations of £10,000 and £2,000 respectively.
The initial phase of the purchase process is to lease the property for the first year. This is simply because at the moment we have no assets lined up other than the two very generous pledges above and the 250 pledges for £2 per week. The lease allows us to commence the purchase process before the expiry of the twelve months lease once we have secured £150,000 for the deposit and we are confident that our income generates a monthly surplus of £8,000, that is roughly £2,000 per week.
This may seem an enourmous amount but if we double the number of pledges to 500 that would yield £1,000 weekly. Once the centre opens we are sure more people will give their support when they see the talking has stopped and activities are taking place. Exhibitions and a range of entertainments will surely attract people from out of town and contribute to Leek’s tourist attraction.