1:05pm Tuesday 9th February 2010
By Alexandra Barham
THE deadline to raise £1 million to buy the Odeon in London Road and restore it to a working cinema has passed.
However, cinema entrepreneur James Hannaway has vowed to continue raising money as he has not heard from developers Wattsdown.
Mr Hannaway must find £480,000 to complete a deal with the developer.
Yesterday the amount raised stood at approximately £520,000.
Mr Hannaway, who successfully restored the Rex Cinema in Berkhamsted, originally had until Monday February 8 to raise the cash. A request to extend the deadline by a week was not honoured by the site owners.
But Mr Hannaway said: "We are going to keep going.
“We received over £100,000 on Friday of last week.
“Taking the total before the weekend to around £350,000 in four weeks.
“This shows both phenomenal trust alongside extraordinary leaps of faith, beyond all expectation.
“The startling thing, and a true indication of your hope and determination, is that we can raise that £1million to buy the site – if all the pledges come in without needing professional investors outside St Albans.
“We may well need them and banks to help fund the next stage (£2.5m) for restoration, but that’s the next bridge.
"The ‘have yet to pay’ lines are taken from your tick-boxes on the early forms produced after the public meeting on November 29. Many cheques have already come in since the bank account was opened on January 5. If the rest come in now – we will own the site.”
Marian Hammant of St Albans Civic Society said: “If money is received by next Monday we’re in with a chance."
So how can you help?
n For £285, sign up for first year membership of the Advanced Booking List at the restored Odeon – possible name Alpha, after the original cinema to operate on this site.
n For £1,000, sponsor a chair with your name recorded in perpetuity.
n For undying gratitude, give a donation – of any size.
n For even more gratitude, offer a loan of £2,500 upwards. Read more about this on the websites, or contact James Hannaway direct at The Rex on 01442 877999.
Make your cheque payable to The Alpha Cinema Ltd/The Alpha St Albans Ltd, and send, giving name, address, telephone nunmber and email, making clear the appropriate category, to The Alpha St Albans, The Rex Cinema, Three Close Lane, High Street, Berkhamsted HP4 2FG.
© Copyright 2001-2012 Newsquest Media Group
http://www.stalbansreview.co.uk/trade_directory/