A crowdfunder to save Edinburgh’s Filmhouse cinema created by former employees have raised £764,000 – less than half its £2million target for a planned bid to buy the complex.
After the Filmhouse on Lothian Road suddenly shut its doors in October, a group of former senior staff came together to create a crowdfunder in an attempt to fund a buy-out bid last month. The building was put on the market in November with Wednesday December 7 midday marking the closing date for bids.
It comes after Gregory Lynn, boss of the independent Prince Charles Cinema in London, said on Monday he was “gutted” after his bid to buy the Filmhouse was rejected.
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Signed by Rod, Ginnie, David, Patti, James, Phil and Jim, the organisers of the campaign stated: "The timescale for raising funds was very short; fundraising for capital projects normally takes months or years. With various donations from generous major donors, personal trusts and individuals, as well as the amazing Crowdfunder, we raised £764,000 in three weeks from a standing start.
"This is inspiring – but unfortunately it was not enough. It’s thought that the minimum offer would have needed to be £1.5m. This is more than disappointing. Nevertheless, we cannot thank you all enough for offering your tremendous support to Filmhouse.
"As well as being a significant element in the overall financial picture, this Crowdfunder demonstrated that there truly is a groundswell of support for reviving Filmhouse as a mission-driven cultural cinema with a strong educational remit. We’d like to thank Creative Scotland and City of Edinburgh Council for their support throughout this process."
They added that they 'thought it was too soon to throw in the towel' and they don't want to close down the fundraiser just yet until all avenues have been exhausted.
Opened in 1978, the Edinburgh Filmhouse was home to the International Film Festival until the plug was pulled suddenly in October with the loss of 107 jobs.
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