WYCHWOOD FESTIVAL EMBRACES CROWD SOURCING APPROACH – SELLING SHARES TO FANS
It’s a tough old climate for promoters out there and one Westcountry festival has come up with a new way of ensuring the longterm success of the critically-acclaimed event. Gloucestershire’s Wychwood Festival is offering fans the chance to buy shares as part of the crown sourcing initiative, Crowd Cube.
Run by Tribe Festivals Limited, Wychwood, which usually takes place at Cheltenham Racecourse in June, has gone from strength to strength in recent years and is ploughing on with its expansion bid. It will become the first UK festival to trial this funding method. The innovative new model that invites fans and supporters of the Wychwood Festival the opportunity to become shareholders in the annual family weekender. For a one-month period, Tribe Festivals Ltd offer a number of shares via the Crowd Cube platform to up to 200 individuals.
In return for the share capital of £1,000, new investors will receive a pair of tickets for life* to Wychwood (valued at £280 each year), plus up to 12 tickets each year for friends and family that can be purchased at half price plus £50 bar credit and £50 merchandise credit. There will also be a host of additional benefits to new investors, who will also be entitled to a share of the profits. A potential investment of £1000 will buy 10 shares in Tribe Festivals Limited, out of an available 200,000 shares in the company. This will give a small return by dividend when the company starts reporting a profit.
More information on buying shares at http://www.crowdcube.com/investment/tribe-festivals-limited-12077 More info on Wychwood Festival at http://www.wychwoodfestival.com/ Read our review of Wychwood Festival 2011 here.
by 247 Magazine