Goldfinch Books in Alton needs at least £250,000 in community shares by 31 December to buy and fit out a bigger High Street home. Shares start at £100.
Goldfinch Books, the bookshop, cafe and bar at 24 High Street in Alton, is asking the town to help it buy a building of its own. It opened a community share offer on 23 October, and the offer closes on 31 December 2026.
The shop needs at least £250,000 for the plan to go ahead. Its aim is £300,000, and it will accept up to £655,000. The figures are in the share offer document published on its website.
Alton is about ten miles north of Petersfield.
Why a bookshop wants to own its building
Goldfinch opened on 1 November 2022, so it turns four on Sunday. In those four years it has hosted nearly 850 organised events, from author talks and live music to book clubs, poetry and gaming nights. That figure comes from its business plan.
The same plan says rent and rates take between 15% and 20% of its turnover. A typical high street shop would hope for 5% to 10%. It says the shop has survived on unpaid hours from the family who run it, all of whom have day jobs, and on a growing team of volunteers.
The business has already converted from a limited company into a community benefit society, Goldfinch Community Limited. It is registered with the Financial Conduct Authority under number 9817. The document calls that “a permanent and irreversible step”: the society’s assets must be used for the community and cannot be taken out for private profit.
What the money would buy
The building is a High Street property that Goldfinch says it cannot name yet. The purchase is under negotiation, and the shop hopes to announce it before the offer closes.
The plans for the new premises include:
- a bigger bookshop than the current one
- a cafe, bar and events space seating 110, open all day and into the evening
- a garden with a firepit, benches and an outdoor community kitchen
- a work area for people who work from home
- rooms for meetings, study or sound recording, still being worked out
The total budget is £655,820. Of that, £380,995 is the freehold and its associated costs and £274,825 is refurbishment.
The document says the freehold will be bought “in the coming weeks”, before the share money comes in. A short-term bridging loan from a local business and a £125,000 loan from Gary Clark, one of the shop’s owners, will cover it. The share capital would then repay the bridging loan within a year. Mr Clark’s loan carries no interest or fees.
None of the grant money is secured. Goldfinch says it has applied, or is applying, to Arts Council England, the Ministry of Housing, Communities and Local Government, Historic England and the Architectural Heritage Fund. It says funders would not discuss detail until it owns the building.
How the shares work
Community shares are not like shares in a company. You cannot sell them or pass them on, and they never rise in value. The offer document sets out these terms:
| Term | Detail |
|---|---|
| Minimum investment | £100, or £25 for students and people not in paid work |
| Maximum investment | £30,000, or 10% of the total raised if that is more |
| Interest | planned at up to 5% a year from the third year, paid as extra shares |
| Getting money back | withdrawals from year four, first come first served, if the board can afford them |
| Voting | one member, one vote, however much you put in |
| Tax | HMRC has given advance assurance that the shares qualify for EIS relief of 30% |
Anyone aged 16 or over can invest, and so can charities and other organisations. Investments go through Crowdfunder, which takes a 5% fee. We could not read the Crowdfunder page today, so we cannot say how much has been pledged so far.
If the offer misses its £250,000 minimum, Goldfinch says it would hold the money for up to 12 months while it looks at other options. If it still cannot find a way forward, the money goes back to investors, less fees. The board can extend the offer by up to 12 weeks.
The document gives the risk plainly: you could lose some or all of your money. Community shares are not covered by the Financial Services Compensation Scheme, and there is no right to complain to the Financial Ombudsman Service.
Several authors have already invested as early “Pathfinder” supporters. They include Claire Fuller, Suzanne Goldring, Guy Morpuss and BA Paris. “As a local author, I’m delighted to support Goldfinch in this exciting new venture, which will benefit the whole community,” BA Paris says in the document.
What it means for you
- If you want to invest, the offer runs until 31 December. Read the share offer document first, and only put in money you can afford to lose. Goldfinch suggests independent financial advice for larger sums.
- If you would rather give than invest, Goldfinch says it accepts donations outside Crowdfunder. Contact the shop at team@goldfinch-books.com.
- The current shop stays open at 24 High Street while the offer runs. Its community project page answers common questions.
For more Alton news, see the M&S Simply Food closure and the King’s Pond consultation, which opens on 2 November.
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