In 2017, we ran a crowdfunding campaign with the initial aim of raising £440,000 to restore three of the 151 arches.
The original idea for crowdfunding was put forward by residents following our unsuccessful bid for government funding. The idea was to raise enough money to restore three arches, which would showcase how the fully restored terrace would look and attract further funding for the project.
A great success
The crowdfunding campaign attracted widespread support from local residents and businesses. We also had backing from celebrities including local superstar DJ FatBoy Slim, Chris Evans, Eddie Izzard, Steve Coogan, Charley Boorman and Damon Hill.
Local business support created generous and notable donations, some as high as £50,000, from a range of local businesses, charity and heritage organisations.
A raffle set up by Jax Atkins, Derek Wright and fellow members of the community through the ‘Save Madeira Terraces Raffle Group’ Facebook Page received more than 600 prize donations from local businesses ranging from free flights to free dinners at local restaurants. The first raffle contributed more than £16,000 to the crowdfunding campaign.
crowdfunders backed the campaign
raised in total
How the crowdfunding money will be used
The campaign raised over £460,000 in donations, which after the costs of the campaign and hosting left us with £440,000 to be spent on the first phase of the restoration project.
All money raised from the crowdfunding campaign - along with donations made to the restoration fund - are in a secure reserve fund account earning interest and any spend of the crowd funds will be made towards the physical work to restore three arches.
The restoration will achieve better economies of scale by delivering a larger proportion of the arches at any one time. The work and costs involved to restore 10 arches could be almost the same as those needed to restore 30 arches. This is because one-off fixed costs do not change, but individual arch unit cost reduces considerably if more work is done at one time.
Therefore, the plan for the first phase of restoration is to work towards restoring 30 arches, including the three arches funded by the crowdfunding campaign.