Really Local Group
Really Local Group brings independent cinema, music & culture to doorsteps across the UK.
- We have 5 operating venues; fully recovered from the pandemic
- Secured pipeline of further 6 venues all operational by 24
- Developments de-risked thru grants & capital contribution > £15m
- 2nd Seedrs campaign: raising £1m+ to develop portfolio & grow
Really Local Group (RLG)'s mission is to put the" heart put back into the high street" by operating venues with cinema, music & community at their core.
With the imminent launch of the Ealing Project (ealingproject.co.uk), Ealing's 1st cinema in 14 years, RLG has 5 operating venues (Catford Mews, Peckham Levels, Hackney Bridge & Reading Biscuit Factory), all fully recovered from the pandemic & related restrictions.
RLG has secured 7 more venues, such as Sidcup Storyhouse, Throwley Yard: Sutton, Canning Town, Bermondsey & The Gramophone (EMI vinyl factory in Hayes), all aiming to open by 2024. We have ambitions to have 30+ sites by 2027.
Our pipeline is significantly de-risked through negotiated grants and capital contributions in excess of £15m, boosting ROI.
ESG is the heart of everything we do: we retrofit existing spaces and re-use materials; we are a Living Wage employer.
Substantial accomplishments to date
Despite the headwinds created by the pandemic and the related government-enforced hospitality restrictions since RLG's 1st successful Seedrs campaign in October 2020, our business has not only survived but thrived, a substantial accomplishment in its own right...!
Additional highlights include:
May 21: Catford Mews re-opened.
Aug 21: The Reading Biscuit Factory, Reading's only independent cinema and event space launches.
Oct 21: Agrees on terms to take over the entity formally known as Makeshift, bringing Peckham Levels and Hackney Bridge into the Group.
Jan 22: Assumes day-to-day control of Peckham Levels and Hackney Bridge along with 25 employees across a number of skillsets, further boosting our team's capacity.
Feb 22: Crispin Lilly, ex-CEO of Everyman Cinema, joins as Business Development Director with day-to-day responsibilities for RLG cinema sites.
Mar 22: Announced our latest project, Throwley Yard, a collaboration with the London Borough of Sutton.
Apr 22: Held our 1st ever annual general meeting at our Ealing development, giving existing investors the chance to ask company management questions.
May 22: Agreed terms for our 1st site outside of the Southeast (to be announced this Summer).
June 22: The Ealing Project, Ealing's only combined multiscreen cinema, live music and digital art exhibition space, launches at British Land's Ealing Broadway centre.
RLG has a number of diverse revenue streams, which we believe gives our business a unique financial resilience:
• Cinema ticket revenue: our average price is £6.50-£7.50.
• Live music: By the end of 2022, we will have 4 bespoke live music venues with capacities of up to 400 people, allowing us to host concerts and other acts.
• Studios, maker spaces and co-working: over 240 businesses are based at our venues, where we charge a monthly rent.
• Food & drink: We stock a range of local goods and directly sell beer, snacks, coffee & everything in between (yes, popcorn too!) as well as offer concessions to local entrepreneurs where we take a revenue share.
• Special events: We hold a wide range of events, from late-night birthday parties to weddings and more.
• Pre-show advertising: We can earn c. £8k/quarter per cinema.
• Memberships: A range of memberships, from student to family. We have sold almost 2,500 in the past 12 months.
• Consulting: Monthly retainers to assist developers with their cultural strategies.
Use of proceeds
Your investment will be used wisely across a number of RLG venues, allowing us to unlock site-specific projects such as:
• Opening a 400-capacity state-of-the-art live music and events venue, Block C @ Hackney Bridge, later this year.
• Refurbishments and improvements to the food and bar area of Peckham Levels.
• Development of a new theatre in the disused ground floor space of Peckham Levels.
• Opening a new 400-capacity DIY live music space, The Tail @ Catford Mews.
• Finishing fit-out works at the Sidcup Storyhouse.
• Finalising The Gramophone development plans to start on site later in the year.
Any remaining funds will be used to progress our ambitious pipeline and to undertake feasibility works on future potential sites.
The company has the following outstanding loans:
- £200,000 Coronavirus Business Interruption Loan Scheme (CBILS) loan from Natwest at an interest rate of 4.2% per annum. The loan is to be repaid on 20 May 2025 or earlier.
- £500,000 loan with Architectural Heritage Fund at an interest rate of 6.5% per annum. The loan is to be repaid on or before 30 June 2023. The loan is secured by a 1st charge on the development land in Hayes.
The funds raised from this investment round will not be used to repay these loans.
Investors in this round are investing in and will become shareholders of Really Local Group Limited (11050534). This is the holding company for the group. Each site has its own SPV which is 100% owned by the parent company. A CIC, Really Local Fund, also exists and is fully owned like the other subsidiaries.
The founder of Really Local Group Limited, Preston Benson, is the founder and director of Really Local Developments Limited (12207504). The company was set up to deliver the works on the Reading Biscuit Factory, a contract requirement. The entity is no longer trading and is not intended to be used going forwards.
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