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Could revenue-linked finance help support the cultural sector?
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Could revenue-linked finance help support the cultural sector?
Take part in our short survey as we explore the potential of a new repayable finance option. Win a £250 donation to a charity of your choice.
Communal Studio Images courtesy Studio Voltaire Photo FRENCH+TYE
The leading not-for-profit arts and education organisation approached Figurative for an investment to support its operations following a major capital development project.
Region
London
Discipline
Visual Arts
Investment size
£150,000
Studio Voltaire is one of the UK’s leading not-for-profit arts and education organisations. Founded in 1994 by a collective of artists, it began in a disused tram shed on Voltaire Road, Clapham to provide affordable workspace and host exhibitions, symposiums, events, open studios and parties. In 1999, the collective moved to its current location on Nelsons Row in Clapham, a larger site just off Clapham High Street, enabling the group to expand provision of affordable artist studios, host a dedicated gallery space and increase community partnerships.
Since the early 2000s, the organisation has evolved from a local artist-run collective to an internationally known arts organisation supported by Arts Council England as a National Portfolio Organisation.
Studio Voltaire’s programmes champion emerging and underrepresented practices. Placing great emphasis on risk-taking, experimentation and support for artists, the organisation’s pioneering exhibitions, collaborative projects, artist development, live events and offsite commissions have an important local and international reach. Programme strands:
In 2010 Studio Voltaire launched House of Voltaire, commissioning and selling unique artworks, limited edition prints and specially-commissioned homewares, clothing and accessories by artists and designers of local and world notoriety. All purchases support Studio Voltaire’s artistic and public programmes.
In October 2021 Studio Voltaire completed a £2.8 million capital project to expand and redevelop their site and programmes, the most ambitious transition in the organisation’s history.
The project offered an unprecedented opportunity to transform and expand Studio Voltaire’s support of artists, as well as its cultural offering to local and international audiences. This transformative development has:
The capital project was funded by public funders, including The Mayor of London’s Strategic Investment Fund, Arts Council England and Stride, backed by the London Boroughs of Lambeth, Lewisham, Southwark and Wandsworth, alongside grants from trusts and foundations, individual donations and sales of unique artworks.
Studio Voltaire approached the Arts & Culture Impact Fund for a £150,000 investment as a safety net to support its cash flow during a transitional period. Doing so would ensure Studio Voltaire could appropriately resource the organisation during a key moment of organisational change, which would be repaid from the increased income-generating opportunities brought about by the enhanced, larger venue. Due diligence focused primarily on several assumptions underpinning future projections and the associated risks with the loan, split into two tranches of £70k and £80k.
The ACIF investment provided an important safety net to support its cash flow during a transitional period, as the organisation established a new operating model emerging from its transformative capital project. Ultimately, only the first tranche was utilised, and paid back early.
Artist Kitchen Images courtesy Studio Voltaire Photo FRENCH+TYE