£100,000 needed to save cinema

By Matthew McKew

Sunday, January 26, 2014

 

£100,000 needed to save cinema

The former Rivoli Cinema in Sandown. Picture by Robin Crossley.

MORE investors are needed as Sandown’s Rivoli Cinema project seeks to find £100,000 more to save the Isle of Wight building.

Four backers have come forward and are mulling over the business plan, potentially topping up the £35,000 already donated by members of the public.

But more investors are needed and with a deadline of next Friday before the current owner calls in developers, time is running out.

The cinema, which has a 1920s art deco facade, wants people to invest in shares of between £1,000 and £50,000.

Rivoli Picture House Ltd, headed by the director of the Isle of Wight Film Festival, Bruce Webb, appealed for people to buy shares.

Mr Webb and several other investors have put in further money and, in total, the company has received support from around 400 people.

He was pleased four people had come forward on Monday and Tuesday after he appealed for people to buy shares

Fundraising is continuing with a grand prize draw giving away Bestival tickets, Rapanui clothing and other items. Tickets can be bought from Sandown Pets Store. The draw ends next Friday, January 31.

Rivoli Picture House Ltd wants to secure a mortgage to buy the building, before next Friday, when owner, Tony Wright, will take steps towards redevelopment.

The Rivoli has not been operating as a cinema for several decades. In the 1980s, it was used as a bingo hall and until recently was a costume warehouse.

Reporter: matthewm@iwcpmail.co.uk

Comments

Log-in or register to comment on this story. See our House Rules here.

By ticking "Remember me" you agree to a cookie being stored on your computer - no personal data is shared.

Forgotten your password?

Log-in to Report

by Keven Ball

26th January 2014, at 17:37:06

@ Neil I hope the people on the island can help you raise the money needed, lol. Why not just see the cinema and/or put it elsewhere? That more than likely would save money?

Log-in to Report

by TED PARKER

26th January 2014, at 13:47:23

...a pot of paint and a brush.

Log-in to Report

by Stephen Elliott

26th January 2014, at 12:37:38

What do you get for investing?

Log-in to Report

by David Blackford

26th January 2014, at 12:28:25

If they get £100K from me they will know I've won the Euromillion Lottery!

Log-in to Report

by Keven Ball

26th January 2014, at 12:15:46

It is nice to see the general public have so far raised 35k however, if the target is 100k is the building really worth saving at such a high/great cost?

Log-in to Report

by Mike Crowe

26th January 2014, at 11:39:14

How about a link for those who want to donate?

And, has a 'Friends of the Rivoli Cinema' been formed? It would make a lot more people conscious of the idea and spread the word about a bit. Leaving it a bit late. I wonder if Tony would hold a stay of execution if a 'Group of friends' became active!!

Any views or opinions presented in the comments above are solely those of the author and do not represent those of the Isle of Wight County Press.

Facebook Icon Twitter Icon Delicious Icon

More News

1 - 2 - 3 - 4

View our Elgin Traffic & Travel Map