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.