Wellington Orbit cinema offers public community shares

The Wellington Orbit hopes for £1.4m of Levelling Up Funding to expand into a new arts centre

An independent cinema is trying to raise £143,000 to secure its future and create an arts centre.

The Wellington Orbit, in Telford, has already raised £114,000 to help with its expansion plans.

The cinema has bid for recent Levelling Up funding of £1.4m, to acquire the freehold of the building and develop the upper floors into a multi-use arts centre.

Members of the public are now being invited to buy community shares.

Ray Hughes, finance director, said buying shares in the cinema, which they are calling social investment, was different to buying shares in a company.

"Firstly, shares attract no dividend payments which company shares may do. This ensures money is kept in and for Wellington," Mr Hughes said.

He added regardless of how many shares an individual owned, one member got one vote to help "protect the organisation and the cinema from who may have their own agenda".

The community hub, situated in the former HSBC bank, often screens blockbuster films as well as independent films.

Mr Hughes said even if members of the public wanted to invest just £10, "it is a personal declaration that you support our aim of making Wellington a better place for the whole community".