It’s Official: Komedia Bath is Now Community Owned!

Thought to be the biggest conversion of its sort, the high profile mid scale venue that operates from a Grade II listed former cinema in Bath yesterday became a fully-fledged community owned asset.

The Komedia Bath venue founders set out on the path to disperse the ownership and control of the business on a community share basis in 2017. They laid out their vision for the future in a detailed five year plan and with advice from Dave Boyle, Community Shares and Coops UK helping them define the structure of the society.

Over a 69 day campaign run on Crowdfunder.co.uk they gained with 304 investors and backing from Big Society Capital, as well as exceeding the investment target of £350k raising £379k. This will be used recapitalise the business and invest in its long term future. Since the campaign concluded, the FCA and venue bankers Triodos, carried out detailed due diligence on the conversion, culminating with the FCA yesterday converting the business into a society that will be run on cooperative rules. The share offer laid out plans for the existing management team to continue to run the business in the Komedia venue model, extending the offer to add further community strands and benefits to the operation.

The board of the new society, called the Beau Nash CBS, but trading as Komedia, will be strengthened in the first instance with the addition of Adrian Boreham as the venue manager, and Chris Borkett, a member and advocate for community ownership with vast business experience. The venue's partnership with Bath Spa University will also be strengthened with Pro-Vice Chancellor Dr Andy Salmon also set to join the board.

Many pubs smaller scale venues have taken this step but Komedia's scale with the whole process being driven by the existing shareholders has made Komedia's step a unique one within the industry. Venue Founder Richard Daws states:

'Since we set off down the path to community ownership, the reasons for doing so have just grown stronger. With are already more embedded in the city and region than we ever have been and I can now envisage the venue we dreamed of setting up in 2007 still being around and thriving in 2107'.

The initiative gained great backing in the entertainment industry with masses of artists, including Katherine Ryan, Daliso Chaponda, The Hooisers and Mel Giedroyc offering video messages of support. Some campaign highlights and a nod to all the supporters that rallied behind Komedia Bath's successful Community Share Offer can be seen at: https://vimeo.com/247569655