The Story of October Books...Buying the Bank

A Chapter in the October Books Story

In late 2017 the old Natwest bank in Portswood came up for sale. The new team had been looking around at alternative rental premises already, as the rent at 243 Portswood Road was due to increase. The team, customers and supporters visited the old bank space and were so excited by the potential for a new community owned space that was not beholden financially to a distant and uncaring landlord. Surveys were done, votes were counted, The Society of St James came on board and the October Books campaign to Buy the Bank was launched. 

A local architect was appointed and he had a wonderful vision to create a shop and community space which was welcoming and sympathetic to the existing architecture. The team had 6 months to raise the funds to make the purchase. The community response was incredible and in total over £330,000 was raised by the community through loanstock and donations. The purchase went through in August 2018 and then the hard work of the renovations began. 

Whilst the new space was being created the team had their work cut out clearing 40 years worth of collected stuff at the old shop and cleaning and completing maintenance tasks which had been neglected for a number of years. The community came and helped out with all of this and the team were overwhelmed at the support and enthusiasm shown by our customers and supporters. We decided we wanted to make sure everyone was involved in the move in some way and, in a conversation with one of our customers, the idea of the Human Chain, to transport books from the old shop to the new, was born. It turned into a day that made history for October Books. 

We (you our members) now own the Freehold of this amazing high street space and we are slowly paying back monies that the community lent us and loans from our wonderful co-operative lenders, Co-operative and Community Finance and the Co-op Foundation. Owning the building has meant we have been much more resilient during recent challenges including the pandemic, when we were able to put government grant support to good use, rather than to pay that distant and uncaring landlord. We now want to spread the word about this incredible business model, which brings the economy back to local people.

[Image Description: Words-’Buying the Bank, October Books’
Two photos:
1) A photo of Clare Diaper stapling October Books banner to the bank with volunteer Brennan Hill holding the ladder. 2018
2) A photo in front of the bank with workers LtR Amy Brown, Jess Haynes, Jaquie Daniels, Joey Jones and Clare Diaper holding an old OB banner and celebrating. 2018]