In 2017, a crowdfunding campaign led by the council received massive support from residents, philanthropists and businesses raising just over £460,000 towards restoration of the Terrace.
The original idea for crowdfunding was put forward by residents following unsuccessful bids by the council for government and National Lottery Heritage funding. The crowdfunding aim was to raise enough money to restore three arches to showcase how the fully restored terrace could look and perhaps attract further funding for the project.
When the set up and restoration costs were estimated it became clear that ‘economies of scale’ were needed to make any restoration efforts worthwhile for all involved.
A great success
The crowdfunding campaign attracted widespread support across the city. 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 members of the community through the Save Madeira Terraces Raffle Group Facebook Page received more than 600 prize donations from local businesses. The first raffle contributed just over £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 £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 and will be put towards physical work to restore the Terrace.
The restoration will achieve better economies of scale by delivering a larger number of restored arches & associated staircases at any one time. This is because one-off fixed costs do not change, but individual arch restoration costs could reduce considerably if more work is done at one time.
Therefore, the aim of the first phase of restoration is to restore a minimum of 30 arches if possible.