Thursday, November 05, 2009
We wrote about the launch of MYO Bar back in August last year. The concept is summed up in this press clipping:
It's a crowd sourced bar with communual ownership. Here's the spiel:
"A lifetime membership with MYO London will cost £175 (which includes a £25 administration fee) and the funds raised by this investment will be directed back into the society and into the creation of the very first MYO Bar.
We are looking at a minimum of 2,000 members of £175. A figure that gives us the minimum capital required to begin the process and purchase a lease on an existing licensed premises in Central London.
There is no maximum number of investors. Extra capital will mean a higher profile location, extra facilities or even a second or third venue."
Members get the chance to influence the "venue name, interior design, drinks and brands, staffing, music and art" with decisions being made by a vote. They have grand plans to expand to Sydney and New York depending on what the members want to do. Members will be able vote on how to distribute the profits each year, just like you would with a proper company - surplus money can either be ploughed back into the company or drawn as a dividend.
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