Fletcher in Rye CIC Project Summary 3.2

7/28/2019 Fletcher in Rye CIC Project Summary 3.2

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V 3.2! PAGE 1

An exciting opportunity to help breathe life intothe centre of Rye and make a return on your funds

WHO ARE WE?

FLETCHER IN RYE CIC

A group of local residents with

experience in Business, Banking

and the Entertainment industry,who came together originally to

try to establish a theatre in Rye.

One of the aims was to promote

the name of John Fletcher -

Jacobean playwright, and

colleague of Shakespeare’s, who

was born in Rye.

The group’s focus switched to

Lion Street when the site was

threatened with redevelopment.

In taking on part of the Lion Street

site we can help preserve Rye’s

heritage by establishing a creative

and sustainable use for this

historic but potentially redundant

building

For more information, go to

www.fletcherinrye.co.uk

FLETCHER IN RYE CIC - PROJECT SUMMARY JUNE 2013

WHAT IS A CIC?

A CIC is a Community Interest Company - it can trade like a conventional business, but its assets have to be

“locked-in” to a local charity - in this case The Rye Fund - part of Sussex Community Foundation

In March 2010 - it became clear that part of the Library site in Lion

Street, Rye was threatened with demolition. Furthermore this much-

loved building was to be lost to the people of Rye and would become

unaffordable housing.

After a public campaign, a Community Interest Company - Fletcher in

Rye CIC - was set up to work with St Mary’s Church to buy the wholesite and then to turn some of the Victorian buildings into the

entertainment hub of the town. In July 2012, after 2 years of

negotiation and thanks to the generosity of the people of Rye,

Fletcher in Rye CIC (FIR) acquired the freehold of the old Library.

FIR has set-up a subsidiary company - Fletcher Centre Properties - to

manage the development of the site into a 2-screen cinema and

restaurant complex with established and proven local cinema

operator Kino Digital under a long-term tenancy agreement.

A memorandum of understanding has been signed between FIR andKino and financial projections are included within this summary.

Planning Permission, Listed Building Consent and an Alcohol License

have been granted and Archeological and Structural Surveys have

been conducted.

Fletcher Centre Properties is now looking for funders

to bring this project to reality

http://www.fletcherinrye.co.uk/






V 3.2! PAGE 2

Contents

!! Page 1! ! ! ! Headlines

! Page 2! ! ! ! Contents

! Page 2! ! ! ! The Concept

! Page 3! ! ! ! Business Structure

! Page 4! ! ! ! Estimated Construction Cost

! Page 5! ! ! ! Kino Digital - Financial Summary and Business Case

! Page 6! ! ! ! Fletcher Centre Properties - Financial Summary and Business Case

! Page 7! ! ! ! How can you get involved?

! Page 8! ! ! ! Appendix i - Summary of Kino (Hawkhurst) Performance 2009-11

! Page 9! ! ! ! Appendix ii - Profit and Loss summary for Kino Digital Limited (Rye)

! Page 10! ! ! Appendix iii - Cash Flow Summary for Fletcher Centre Properties Limited

! Page 11! ! ! Appendix iv -Plan of development

! Page 12! ! ! Appendix v - Plan of development - Cinema in detail

! Page 13! ! ! Environmental Policy Statement

The Concept

The essence of the project is to convert the existing buildings into a two screen

venue with a large front-of-house space comprising lounge, box-office and bar.

The land and buildings owned by FIR are indicated on the plans in Appendices iv

and v.

The larger auditorium will have a capacity of 102 seats - the smaller one will hold

up to 49 people. Both auditoria will be suitable for live performances and will be

available for private hire as well as screening alternative digital content such as

live and recorded by-satellite broadcasts.

Kino Digital - www.kinodigital.co.uk - has been approached to operate the venue

as they have a proven track-record in delivering a high-quality and imaginative

experience.

The relationship between Fletcher Centre Properties Limited (FCP), and Kino

Digital is illustrated on page 3.








V 3.2! PAGE 5

Kino Digital successfully built up the Hawkhurst operation and gained much

experience in the marketing and operation of “Concept Cinemas” as shown in

Appendix i on Page 8. The company was therefore ready to expand to new sites

and the Fletcher Centre development in Rye was a very clear opportunity to kick-

start their growth and build on their reputation.

The Rye facility will provide much more scope for revenue development as it will

have significantly larger front of house facilities as well as 2 screens giving a 70%

increase in maximum capacity compared with Kino Hawkhurst.

Kino Digital has shown commitment to bringing this to reality by agreeing to invest

some £550,000 in the fitting-out of the facility. The detailed Profit and Loss and

Cashflow projections for Kino Rye (Appendix ii - Page 9) are based on the figures

achieved by Kino in Hawkhurst. It shows that Kino Digital will be in a strong

financial position to pay its rent and royalty to FCP.

Kino Digital - Financial Summary and Business Case

It is the intention of Kino Digital to fund its investment in Rye by raising new equity

(£100,000), a term loan and asset financing.

The operating assumptions behind the Kino (Rye) projections as well as the CVs of

the Directors are available on request.




V 3.2! PAGE 6

c! Cashflow Summary

The projected Cashflow Summary of FCP is in Appendix iii. It is illustrative, based

on the following assumptions:

a! Income

Kino Digital will sign a 25 year lease agreement and will pay rent to FCP and

royalties to FIR which will be assigned to FCP until the mortgage is redeemed.

The projected amounts are included within the detailed Profit and Loss

Accounts for Kino Digital (Rye), shown in Appendix ii

FCP - Financial Summary and Business Case

b! Financing structure

It is currently envisaged that the financing structure for the £900,000 required by FCP

to undertake its part of the conversion will be as follows

Commercial Loans - Financial Institutions £400,000

Private Loans £350,000

Equity, Donations and Grants £150,000

Clearly if the capital from private sources can exceed the above expectation, that would

be welcomed as the portion sought from commercial lenders would be reduced.

• FCP takes out a commercial loan, structured as a 15 year repayment

mortgage

• Interest on all Private Loans is paid annually (being one of the options

proposed)

• the resulting surplus funds are shown in the column “Cash balance”. These

surplus funds are available to repay Private Loans when scheduled, to pay

dividends to equity-holders when approved by the Board and to pay for other

objectives of FIR and FCP.




V 3.2! PAGE 7

How can you get involved?

Fletcher Centre Properties is seeking to raise £900,000 as has been outlined in theearlier pages.

Although we welcome donations and grants, our cash flows and projections are

based on providing funders with a financial return as well as playing a part in

bringing this really important new facility to Rye. The options available are as

follows.

1. LONG TERM COMMERCIAL LOAN/MORTGAGE

Fletcher Centre Properties is seeking £400,000 with a 15 year term with

capital repayment commencing in Year 2 with a fixed interest rate and a first

charge on the assets of the Fletcher Centre

2. PRIVATE LOANS

Fletcher Centre Properties is seeking £350,000 of Loans with a maturity of

5 and 10 years with interest rates payable of:

5 year loans!! Interest Payable Annually - 4% pa! ! ! Interest paid on maturity - 5% pa compounded

10 year loans! Interest payable annually - 5% pa! ! ! Interest paid on maturity - 6% pa compounded! ! ! Loans over @ £100,000 - 7% pa

Those lending more than £5,000 will be able to purchase one B Share, at

par, for every £1,000 lent. If lending for 10 years, two shares at par will be

available for each £1,000 lent.

For more information email [email protected] or phone

Michael Eve ! ! - ! Chair! ! ! ! ! 01797 225026 or! ! ! ! ! ! ! ! ! 07714 329136

Stuart Harland! -! Director! ! ! ! 01797 222410 or! ! ! ! ! ! ! ! ! 07818 402450

Hugh Kermode! -! Creative Director! ! ! 01797 280393 or! ! ! ! ! ! ! ! ! 07961 367462


mailto:[email protected]

mailto:[email protected]



V 3.2! PAGE 8

Appendix i - Summary of Kino (Hawkhurst) Performance 2009 - 11

Source: Management Accounts

Revenue Mix

Membership and Email Subscribers

(current)

• approx 1,200 paid members

• over 8,000 email subcribers

Kino Digital Ltd

Advertising

2%Private Hire

2%

Café-bar27%

Membership4%

Cinema

65%

2011 55,000 +19%

2010 46,000 -5%

2009 49,000 +26%

2011 £650k +29%

2010 £503k -0.4%

2009 £505k +41%

Gross EBITDA* Net

2011 33%

£213k

20%

£134k

8%

£51k

2010 25%

£124k

13%

£68k

-1%

£(7k)

2009 26%

£133k

15%

£75k

-1%

£(6k)

Cinema Tickets

Sales

Margin

* Earnings Before Interest, Tax, Depreciation and Amortization

NB 2010 figures were adversely affected by severe winter

weather at the end of the year




V 3.2! PAGE 9

Appendix ii - Profit and Loss summary for Kino Digital Limited (Rye)

K i

o D i g i t a l L t d

R

e P r o f i t & L o

s s A c c o u n t - S u m m a r y

2 0 1 3

2 0 1 4

2 0 1 5

2 0 1 6

2 0 1 7

2 0 1 8

2 0 1 9

2 0 2 0

2 0 2 1

2 0 2 2

2 0 2 3

v 3 6

T o t a l

T o t a l

T o t a l

T o t a l

T o t a l

T o t a l

T o t a l

T o t a l

T o t a l

T o t a l

T o t a l

I N

O M E

C i n e m a

1 3 2 , 3

6 2

5 3 7 , 7

3 0

5 9 6 , 4

6 7

6 1 4 , 3

6 1

6 3 2 , 7

9 2

6 5 1 , 7

7 5

6 7 1 , 3

2 9

6 9 1 , 4

6 8

7 1 2 , 2

1 2

7 3 3 , 5

7 9

7 5 5 , 5

8 6

C a f e - B a r

6 6 , 1

8 1

2 6 8 , 8

6 5

2 9 8 , 2

3 3

3 0 7 , 1

8 0

3 1 6 , 3

9 6

3 2 5 , 8

8 8

3 3 5 , 6

6 4

3 4 5 , 7

3 4

3 5 6 , 1

0 6

3 6 6 , 7

8 9

3 7 7 , 7

9 3

M e m b e r s h i p

5 , 1

2 8

2 0 , 8

3 3

2 1 , 4

5 8

2 2 , 1

0 2

2 2 , 7

6 5

2 3 , 4

4 8

2 4 , 1

5 2

2 4 , 8

7 6

2 5 , 6

2 2

2 6 , 3

9 1

2 7 , 1

8 3

R e t a i l

2 0 5

8 3 3

8 5 8

8 8 4

9 1 1

9 3 8

9 6 6

9 9 5

1 , 0

2 5

1 , 0

5 6

1 , 0

8 7

P r i v a t e H i r e

1 , 6

4 1

6 , 6

6 7

6 , 8

6 7

7 , 0

7 3

7 , 2

8 5

7 , 5

0 3

7 , 7

2 8

7 , 9

6 0

8 , 1

9 9

8 , 4

4 5

8 , 6

9 8

A d v e r t i s i n g

4 , 1

0 3

1 6 , 6

6 7

1 7 , 1

6 7

1 7 , 6

8 2

1 8 , 2

1 2

1 8 , 7

5 8

1 9 , 3

2 1

1 9 , 9

0 1

2 0 , 4

9 8

2 1 , 1

1 3

2 1 , 7

4 6

T o t a l

2 0 9 , 6 2 0

8 5 1 , 5 9 5

9 4 1 , 0 5 0

9 6 9 , 2 8 2

9 9 8 , 3 6 0

1 , 0 2 8 , 3 1 1

1 , 0 5 9 , 1 6 0

1 , 0 9 0 , 9 3 5

1 , 1 2 3 , 6 6 3

1 , 1 5 7 , 3 7 3

1 , 1 9 2 , 0 9 4

E X P E N D I T U R E

S i t

e - r e l a t e d C o s t o f S a l e s

T o t a l

( 1 6 4 , 6

6 7 )

( 4 9 3 , 8

0 9 )

( 5 3 4 , 3

1 4 )

( 5 4 9 , 6

0 0 )

( 5 6 5 , 3

2 6 )

( 5 8 1 , 5

0 5 )

( 5 9 8 , 1

5 0 )

( 6 1 5 , 2

7 4 )

( 6 3 2 , 8

9 2 )

( 6 5 1 , 0

1 7 )

( 6 6 9 , 6

6 4 )

G r o s s M a r g i n

4 4 , 9 5 3

3 5 7 , 7 8 6

4 0 6 , 7 3 7

4 1 9 , 6 8 2

4 3 3 , 0 3 4

4 4 6 , 8 0 6

4 6 1 , 0 1 0

4 7 5 , 6 6 1

4 9 0 , 7 7 1

5 0 6 , 3 5 6

5 2 2 , 4 3 0

S i t

e - r e l a t e d O v e r h e a d s

R e n t & R o y a l t i e s

( 2 8 , 9

7 9 )

( 7 9 , 6

5 8 )

( 8 6 , 7

1 6 )

( 8 8 , 4

7 9 )

( 8 9 , 6

3 3 )

( 9 0 , 8

2 3 )

( 9 7 , 0

4 7 )

( 9 8 , 3

0 9 )

( 9 9 , 6

0 8 )

( 1 0 0 , 9

4 6 )

( 1 0 2 , 3

2 4 )

O t h e r

( 6 9 , 8

1 9 . 0

)

( 1 2 6 , 3

9 2 . 0

)

( 1 2 9 , 1

9 4 . 0

)

( 1 3 2 , 0

8 0 . 1

)

( 1 2 5 , 6

8 3 . 7

)

( 1 2 5 , 6

2 2 . 5

)

( 1 2 9 , 8

0 1 . 2

)

( 1 3 3 , 0

4 9 . 5

)

( 1 3 6 , 3

9 5 . 2

)

( 1 3 9 , 8

4 1 . 3 )

( 1 4 3 , 3

9 0 . 8

)

T o t a l

( 9 8 , 7

9 8 )

( 2 0 6 , 0

5 0 )

( 2 1 5 , 9

1 0 )

( 2 2 0 , 5

5 9 )

( 2 1 5 , 3

1 7 )

( 2 1 6 , 4

4 5 )

( 2 2 6 , 8

4 8 )

( 2 3 1 , 3

5 8 )

( 2 3 6 , 0

0 3 )

( 2 4 0 , 7

8 7 )

( 2 4 5 , 7

1 5 )

E B I T D A *

( 5 3 , 8 4 5 )

1 5 1 , 7 3 6

1 9 0 , 8 2 6

1 9 9 , 1 2 3

2 1 7 , 7 1 7

2 3 0 , 3 6 1

2 3 4 , 1 6 2

2 4 4 , 3 0 3

2 5 4 , 7 6 8

2 6 5 , 5 6 9

2 7 6 , 7 1 5

- 2 6 %

1 8 %

2 0 %

2 1 %

2 2 %

2 2 %

2 2 %

2 2 %

2 3 %

2 3 %

2 3 %

F i

a n c e C o s t s

T o t a l

( 3 5 , 9

3 0 )

( 6 1 , 4

5 0 )

( 5 4 , 0

1 4 )

( 4 8 , 4

3 8 )

( 2 6 , 7

5 0 )

( 9 , 4

0 0 )

( 9 , 4

0 0 )

( 9 , 4

0 0 )

( 9 , 4

0 0 )

( 9 , 4

0 0 )

( 9 , 4

0 0 )

P r o f i t B e f o r e C

o n t r i b u t i o n t o C e n t r a l O v e r h e a d s

( 8 9 , 7 7 5 )

9 0 , 2 8 6

1 3 6 , 8 1 2

1 5 0 , 6 8 5

1 9 0 , 9 6 7

2 2 0 , 9 6 1

2 2 4 , 7 6 2

2 3 4 , 9 0 3

2 4 5 , 3 6 8

2 5 6 , 1 6 9

2 6 7 , 3 1 5

C o n t r i b u t i o n t o

C e n t r a l O v e r h e a d s

0

( 6 7 , 0 0 0 )

( 7 6 , 0 0 0 )

( 7 6 , 0 0 0 )

( 7 6 , 0 0 0 )

( 7 6 , 0 0 0 )

( 7 6 , 0 0 0 )

( 7 6 , 0 0 0 )

( 7 6 , 0 0 0 )

( 7 6 , 0 0 0 )

( 7 6 , 0 0 0 )

P r o f i t A f t e r C o n t r i b u t i o n t o C e n t r a l O v e r h e a d s

( 8 9 , 7 7 5 )

2 3 , 2 8 6

6 0 , 8 1 2

7 4 , 6 8 5

1 1 4 , 9 6 7

1 4 4 , 9 6 1

1 4 8 , 7 6 2

1 5 8 , 9 0 3

1 6 9 , 3 6 8

1 8 0 , 1 6 9

1 9 1 , 3 1 5

2 . 7

3 %

6 . 4

6 %

7 . 7

1 %

1 1 . 5

2 %

1 4 . 1

0 %

1 4 . 0

5 %

1 4 . 5

7 %

1 5 . 0

7 %

1 5 . 5

7 %

1 6 . 0

5 %

* E a r n i n g s B e

f o r e I n t e r e s t , T a x ,

D e p r e c i a t i o

n

a n d A m o r t i

a

t i o n




V 3.2! PAGE 10

Appendix iii - Cash Flow Summary for Fletcher Centre Properties Limited


A S S U M

P T I O N S

a n d C A

H F L O W

U M M A

Y

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P r o

j e c t c

o s

t :

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0 0 l e s s E S C C g r

a n t o f £ 1 0 0 , 0

0 0

I n c o m e :

I n a c c o r d a n c

e w i t h M e m o r a

n d u m o

f U n d

e r s t a n d i n g

R e n t r e v i e w

- y e a r l y - i n c r e

a s e o f 1 0 %

T a x :

C u r r e n t r a t e s

N o C a p i t a l A l

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T a x a l l o w a b l

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I n t e r e s

t r a t e

p a :

T e r m :

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£ 1 0 0 , 0

0 0

0 %

N o r e p a y m e

t

L o c a l b o n d

£ 3 5 0 , 0

0 0

6 . 0

0 %

S u b j e c t t o r e

- f i n a n c i n g

M o r t g a g e

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0 0

7 . 0

0 %

1 5 y e a r s , e q

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t

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h f l o w

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b a

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2 0

1 3

- 2 6 6 , 6

6 7

0

5 0 , 0 0 0

0

0

- 4 3 , 3

3 3

0

- 2 6 0 , 0

0 0

- 3 5 0 , 0

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0

9 0 , 0

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-

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3 3

- 3 , 0

0 0

1 2 , 5 0 0

- 1 , 2

5 0

- 3 8 , 1

7 5

4 5 , 5

8 3

0

- 5 1 7 , 6

7 5

- 3 5 0 , 0

0 0

- 3 9 6 , 1

7 9

- 3 1 , 4

9 6

-

7 7 7 , 6

7 5

2 0

1 5

- 3 , 0

0 0

8 4 , 0 6 4

- 8 , 4

0 6

- 5 0 , 0

4 6

1 , 5

8 6

0

2 4 , 1

9 8

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0 0

- 3 8 0 , 2

1 3

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6 4

-

7 5 3 , 4

7 7

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1 6

- 3 , 0

0 0

8 7 , 6 4 2

- 8 , 7

6 4

- 4 8 , 3

8 3

1 6 7

0

2 7 , 6

6 2

- 3 5 0 , 0

0 0

- 3 6 3 , 1

0 0

- 1 2 , 7

1 5

-

7 2 5 , 8

1 5

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1 7

- 3 , 0

0 0

8 8 , 7 7 1

- 8 , 8

7 7

- 4 6 , 4

8 7

5 3

0

3 0 , 4

6 0

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0 0

- 3 4 4 , 7

5 7

- 5 9 8

-

6 9 5 , 3

5 5

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0 0

8 9 , 9 3 4

- 8 , 9

9 3

- 4 4 , 5

9 5

5 4

- 3 , 8

5 9

2 9 , 5

4 1

- 3 5 0 , 0

0 0

- 3 2 5 , 0

9 6

9 , 2

8 1

-

6 6 5 , 8

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9 6 , 1 3 2

- 9 , 6

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- 4 3 , 0

5 2

2 8 1

- 6 , 7

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3 4 , 0

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0 0

- 3 0 4 , 0

2 2

2 2 , 2

1 0

-

6 3 1 , 8

1 1

2 0

2 0

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0 0

9 7 , 3 6 6

- 9 , 7

3 7

- 4 1 , 4

0 6

5 7

- 8 , 1

7 4

3 5 , 1

0 8

- 3 5 0 , 0

0 0

- 2 8 1 , 4

3 3

3 4 , 7

3 0

-

5 9 6 , 7

0 3

2 0

2 1

- 3 , 0

0 0

9 8 , 6 3 7

- 9 , 8

6 4

- 3 9 , 6

5 2

5 9

- 8 , 7

3 0

3 7 , 4

5 0

- 3 5 0 , 0

0 0

- 2 5 7 , 2

2 2

4 7 , 9

6 9

-

5 5 9 , 2

5 3

2 0

2 2

- 3 , 0

0 0

9 9 , 9 4 7

- 9 , 9

9 5

- 3 5 , 8

9 6

6 1

- 9 , 3

1 6

4 1 , 8

0 2

- 3 0 0 , 0

0 0

- 2 3 1 , 2

7 1

1 3 , 8

2 0

-

5 1 7 , 4

5 1

2 0

2 3

- 3 , 0

0 0

1 0 1 , 2 9 5

- 1 0 , 1

2 9

- 3 3 , 2

3 7

6 3

- 1 0 , 4

3 5

4 4 , 5

5 6

- 3 0 0 , 0

0 0

- 2 0 3 , 4

5 5

3 0 , 5

6 0

-

4 7 2 , 8

9 5

2 0

2 4

- 3 , 0

0 0

1 0 8 , 1 8 4

- 1 0 , 8

1 8

- 3 0 , 4

2 0

3 1 2

- 1 1 , 0

9 1

5 3 , 1

6 6

- 2 5 0 , 0

0 0

- 1 7 3 , 6

4 0

3 , 9

1 1

-

4 1 9 , 7

2 9

2 0

2 5

- 3 , 0

0 0

1 0 8 , 1 8 4

- 1 0 , 8

1 8

- 2 6 , 1

6 1

0

- 1 3 , 0

3 0

5 5 , 1

7 4

- 2 5 0 , 0

0 0

- 1 4 1 , 6

8 3

2 7 , 1

2 8

-

3 6 4 , 5

5 5

2 0

2 6

- 3 , 0

0 0

1 0 8 , 1 8 4

- 1 0 , 8

1 8

- 2 3 , 6

3 2

0

- 1 3 , 7

6 4

5 6 , 9

6 9

- 2 5 0 , 0

0 0

- 1 0 7 , 4

2 9

4 9 , 8

4 3

-

3 0 7 , 5

8 5

2 0

2 7

- 3 , 0

0 0

1 0 8 , 1 8 4

- 1 0 , 8

1 8

- 1 9 , 0

6 2

0

- 1 4 , 2

7 8

6 1 , 0

2 5

- 2 0 0 , 0

0 0

- 7 0 , 7

1 4

2 4 , 1

5 3

-

2 4 6 , 5

6 0

2 0

2 8

- 3 , 0

0 0

1 0 8 , 1 8 4

- 1 0 , 8

1 8

- 1 5 , 5

5 0

0

- 1 5 , 3

2 6

6 3 , 4

8 9

- 2 0 0 , 0

0 0

- 3 1 , 3

6 0

4 8 , 2

8 8

-

1 8 3 , 0

7 2

2 0

2 9

- 3 , 0

0 0

1 0 8 , 1 8 4

- 1 0 , 8

1 8

- 1 0 , 6

0 1

0

- 1 5 , 9

1 3

6 7 , 8

5 2

- 1 5 0 , 0

0 0

0

3 4 , 7

8 0

-

1 1 5 , 2

2 0



V 3.2! PAGE 11

Appendix iv - Plan of Development




V 3.2! PAGE 12

Appendix v - Plan of Development - Cinemas in detail




V 3.2! PAGE 13

Environmental Policy Statement


Fletcher in Rye CIC and Fletcher Centre Properties Ltd believe thatresponsible businesses should achieve good environmental practice andoperate in a sustainable manner.

We are therefore committed to reducing our environmental impact and toimprove our environmental performance as an integral and fundamental partof our business strategy and operating methods.

A detailed environmental policy statement will be formulated with key partners

during the development process.


The printed version of this Project Summary has been produced with a

reduction of 50% of paper and removal of all plastics compared with the

previous version.

An electronic version can be downloaded at www.fletcherinrye.co.uk

This is a QR (Quick Response) Code - if you have

a smartphone with a QR reader, scanning this

code will take you straight to the Fletcher in Rye

website. QR readers are free from your App

Store and work across all smartphone platforms





V 3 2 PAGE 14

Documents

Fletcher in Rye CIC Project Summary 3.2