Wychwood Festival has opened up the option for loyal fans to buy shares in the event, as a financial safeguard following a summer of failed festivals.
Rights holders of the family event Tribe Festivals Ltd and joint owners of the Cheltenham Comedy Festival, are trialing crowdsourcing as a potential capital stream for a UK festival.
For a one-month period, Tribe Festivals Ltd offer a number of shares of £1000 via the Crowd Cube platform for up to 200 individuals.
New investors will receive a pair of tickets for life to Wychwood (valued at £280 each year), plus £840 of savings in tickets for friends and family, £50 of bar credit and £50 of merchandise.
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.
New investors will be able to take advantage of EIS relief and free at any time to sell on their shares under current market rules.
Graeme Merifield, co-founder and festival director of Wychwood Festival said; “Just after the 2011 Wychwood Festival we had a big rethink about where we want to take the festival and our other projects.
“I’m very pleased to say that we have a new and exciting team on our board and we want to expand our Tribe business into a number of other events, so it seems only fitting that we invite those who have been loyal to our current festival portfolio over the last eight years, to come and join our Tribe”.