CASE STUDY: Joseph Banks Ltd

Joseph Banks Ltd is the lead partner in an initiative to launch a new social business based in uphill Lincoln. They successfully applied to The Hive to get an experienced peer mentor on board to advise them in establishing a new social business.

The primary purpose of this new business is to build and open a new Conservatory and hot house. Together with a surrounding botanic garden, it will be a major tourist attraction for the areas as well as an education and research centre.

The group applied to The Hive for support and advice to help find a suitable legal status for the organisation. In addition to this, they want to help in understanding what's involved in launching a share offer for a new business, as well as other opportunities for accessing funding. 

As a result of these needs, they have been matched up with one of our experienced peer mentors, Green Fox Community Energy Co-operative.

Paul Scott from Joseph Banks Ltd says:

"The support we are receiving from The Hive means that we will be able to offer our community shareholders a prospectus that is based upon other successful projects and therefore much more likely to succeed. Our business plan will reflect this best practise and we fully intend to work towards achieving the Community Shares Standard Mark for our offer."

"The Conservatory and Botanic gardens will feature plants from all over the world but will particularly focus on those collected by Joseph Banks on his voyage around the World with Captain James Cook on the Endeavour. There will also be UK/Lincolnshire collections on display and it is envisaged that the conservatory and gardens will become a horticultural and educational centre of excellence." 

"Our mentor [Green Fox Community Energy Co-operative] will guide us through the development of our prospectus and share offer, we will also use this to further enhance our business plan. We also hope that we will be able to share the knowledge gained during our mentoring with other Lincolnshire groups who may wish to consider this type of financing thereby helping to spread the co-operative model."

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Groups and co-operatives can apply throughout the year, with support being awarded on a monthly basis. Find out more and apply today at: www.thehive.coop/apply

See our infographic of successful applicants receiving advice and support through The Hive.

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Written by Leila O'Sullivan
Updated: 21/09/2016