It is with great sadness that I have to announce the closure of Indieworx Collective.
The coworking space has been a fantastic project and a really effective business hub, bringing together businesses from across the region and across sectors. We’ve had some awesome successes with helping businesses; whether timely advice on a quote leading to a six figure contract, facilitating some great conversations around innovation and future workplaces, or just hopefully introducing friends to one another for the first time.
However, we always started on the back foot financially. The planning application took more than twice as long as expected which cost around £10,000. On top of that, we also didn’t get a grant we were expecting and when we tried to raise money through a crowdfunder to make up the shortfall, we only raised 8% of our target.
I’ve tried everything to get it going and we have been incredibly close to success. In December we broke even; a remarkable feat in month two. However, January and February weren’t so good and without the additional buffer of grant money, it’s left us in a vulnerable position. I’ve also tried to get additional funds but failed.
Brexit isn’t making the market easy. People are afraid to spend any money without any certainties and we’re not getting them from government. Add onto that a hostile councillor in the local authority and our chances of success were probably diminished from the off.
I leave Indieworx Collective feeling pretty bruised and with £20k in debt of my own. However, I’m also really optimistic about the whole thing, weirdly. I’ve got a job which I don’t think I’d have got without the space, and £20k is about the cost of a degree – I’ve definitely absorbed a degree’s worth of knowledge over the past couple of years going from initial idea to actual business.
Facing the uncertainty of the future, I was hoping that Indieworx would be a lighthouse in the dark times, or a bulwark against the storms but unfortunately, this wasn’t to be.
I wish everyone the best of luck in the future. We’re going to be closing our doors for the last time on the 4th March.