Busy Bee Toys in Chorlton has been taken over by a community-owned co-op
'Busy Bee shows that a sense of community can thrive even in large cities like Manchester'
Helen Seymour, head of projects and development at Co-operatives UK
Residents of a south Manchester suburb have raised more than £32,000 to save a much-loved local toy shop.
Busy Bee Toys in Chorlton, whose owner is retiring after 25 years in business, will be taken over by a community-owned co-operative.
Following an initial meeting, it took just five weeks to launch a community share issue and raise the finance for the venture.
'I think there's been such support for the idea because with so much negative news about the economy, people want something positive,' said local resident Rachel Muter, who organised the meeting.
Just over 100 people invested between £250 and £2,000 each. After the first two years the investors will be eligible to receive a return on their investment. Their investment also gives them membership of the co-operative with one vote, regardless of the size of their investment.
The finance raised will enable the co-operative to take on the name of the businesses, secure the lease of the premises and purchase the remaining stock.
Muter explained that the co-operative model had brought a range of skills to the table.
'We've got people on the committee with business experience, a couple who specialise in marketing and another with a great financial brain,' she said.
The shop is due to re-open this month. 'Busy Bee already has loyal customers, so we want to keep the existing range of stock but expand in certain areas,' Muter said.
Helen Seymour, head of projects and development at Co-operatives UK, said: 'Busy Bee is a shining example of a growing trend we're seeing across the UK - communities coming together to save shops or services and bring them into community ownership.
'What makes Busy Bee very special, however, is that it's one of a small but hopefully growing number of community share issues in an urban area. It shows that a sense of community can thrive even in large cities like Manchester.'
According to a government-funded research programme, Community Shares, there are now more than 80 instances of community share issues set up to own and manage ventures including shops, renewable energy plants and local buildings.
For more information about community share issues visit www.communityshares.org.uk.
The current issue of Social Enterprise takes a look at the community pub, as well as five years of CICs, lunch with a dragon and top business advice on how to plan for holidays, mergers and organising that unforgettable event.
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