Plans for Scotland's first SPL social enterprise miss target
PLANS for a ground-breaking community-led takeover of St Mirren have fallen through.
The ambitious social enterprise project would have seen a Community Interest Company (CIC) purchase the 52% shareholding put up for sale by a group of directors two years ago but, despite the takeover at one point being said to have been “99% of the way there”, the group behind it have been forced to admit defeat after months of wrangling with red tape.
The CIC, 10,000 Hours, had been created to source funding to provide the £2m required to buy out the selling consortium, with monthly contributions by supporters, as well as local businesses and organisations, then used to pay back the loans.
It is thought a problem emerged late on in getting a sign-off for the final funding source and, without that money, the CIC did not have sufficient sums to meet the seller’s current asking price.
With their original takeover proposals no longer viable, 10,000 Hours now plan to investigate alternative funding proposals – possibly along the lines of an industrial and provident society – with a view to still delivering the club into the hands of the supporters in the future.
Richard Atkinson, spokesman for 10,000 Hours, said last night:
“We still believe that the club owned and controlled by the fans, and integrated into the community, provides the best way to grow the club and secure its future for the coming generations.
Over 800 individuals, plus community and corporate organisations, indicated their support for a fan-controlled Community Interest Company to take ownership of the majority shareholding and, while it is immensely disappointing to have got so close to completing the purchase, the opportunity still exists.”
10,000 Hours, however, could face competition from at least one other would-be buyer. Ken McGeoch, a long-standing director not included in the selling consortium, is fronting another takeover bid, while it is thought a third as-yet unnamed party has also made enquiries.
Photo from Daily Record
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