Chorlton residents set up co-op to buy toy store

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5:53 pm, July 7, 2009
Chorlton residents set up co-op to buy toy store

By Michael Fahy

A group of Chorlton residents have raised more than £32,000 to set up a co-operative which has taken over the running of a local toyshop.

The Busy Bee Toyshop, which had been trading in the town for more than 25 years, faced closure after its previous owner decided to retire. Due to the uncertain economic environment,

However, a residents’ group led by Rachel Muter and James Hillon organized a meeting to drum up support for a co-operative. More than 20 people attended, and within five weeks of registering the business as a community co-operative it had raised £32,250 from 103 investors, who had put in amounts of between £250 and £2,000. The money was used to buy the Busy Bee name, its stock and to take on a lease on the premises.

Each member has one vote regardless of the level of money they put in, and after the first two years member investors will receive a return on their investment.

“I think there’s been such support for the idea because, with so much negative news about the economy, people want something positive,” said Muter.

The group was advised by Manchester-based Co-OperativesUK, the umbrella organization set up to promote the co-operative ownership model.

“Busy Bee is a shining example of a growing trend we’re seeing across the UK – communities coming together to save shops or services and bring them into community ownership,” said the organisation’s head of projects and development. “What makes Busy Bee very special, however, is that it’s one of a small but hopefully growing number of community share issues in an urban area. It shows that a sense of community can thrive even in large cities like Manchester.”

COMMENTS? mfahy@crain.com