This from the Vinyl Vault in Holt (posted on their Facebook page):
THE PRESSING OFFICE
According to research firm Deloitte, total vinyl record sales in 2017 will hit 40 million worldwide, which would represent the twelfth straight year of consistent upswing, following the complete mothballing of this beloved format at the start of this century. It’s pretty clear – even to a notoriously risk-averse music industry – that the vinyl format is here to stay, after the mother and father of all comebacks. And it’s even clearer that 40 million discs is an awful lot for the few dozen up-and-running – or rather, creaking – plants and couple of hundred or so working presses worldwide to continue to supply without considerable further investment.
So, do you want to be part of the solution to this problem, and to be at the forefront of the vinyl renaissance in this, our music-loving Brexitannia? We first posed that question a month ago on this Holt Vinyl Vault page, when announcing our plans for a purpose-built vinyl pressing plant, using the latest technology, up here in the wilds of Holt. At the time we were blown away by the level of support expressed for the idea of us further morphing from Post Office to Punk Office to Pressing Office. We promised to keep those of you who wish to assist our small but determined group of vinyl devotees that is driving this project forward properly informed as to its progress.
The purpose of this post, then, is to give a bit more information on the background to the proposition that is The Pressing Office, ahead of the launch of a website in the near future, where people across the country will be able to register their interest in investing in this unique proposition, and turn it from dream to reality. It’s an opportunity for those of you who are used to communicating with us directly to ask further questions, express doubts or seek clarifications ahead of the project launch. For once it’s a genuine pre-sale, then!
The Vault began investing in new vinyl a couple of years ago, as the vinyl comeback had already reached the point that people were less willing to part with their old collections, leading to a shortage of vintage copies of classic titles. We’ve been impressed at the quality of this product, and the public enthusiasm for spending anything between 15 and 30 quid on brand new pressings of either classic or new titles, with or without that accompanying download voucher. What has become ever more apparent, though, is the struggle within the industry to continue to keep up with public demand. Titles by classic artists are continuously going out of print, and in the case of new artists, independent labels are finding it impossible to synchronise vinyl and CD releases, especially in the first three months of the year, ahead of the worldwide phenomenon that is Record Store Day in April, and in the final three months of the year, when pressing plants are tied down by the majors ahead of the Christmas consumer surge.
In the absence of transformative investment by the majors, most of the new vinyl on sale in the UK originates from surviving pressing plants in the likes of Germany, the Czech Republic and Russia, using 50-year-old kit with little remaining shelf life, yet working 24/7 in an unsuccessful attempt to keep up with demand. Turnaround times have inevitably lengthened, independent labels are squeezed and new unsigned talent has to pay through the nose to get records pressed to sell at their gigs. Brexit – whether soft or hard – will, of course, only make this worse.
In addition to nurturing new talent, it seems absurd that so much of the UK’s established music heritage has now to be imported to its place of origin, racking up millions of air miles in the process. Why should it not be manufactured here in the UK, for the continuing benefit of UK consumers, artists and independent labels? It’s what we do so well in this country, and it’s time we did more of it here.
This is where The Pressing Office comes in. By investing up to £500,000 in the latest technology, it is our aim to install two brand new pressing machines in our plant up here in Holt. These would have the capacity to press over a million records a year, using the same manufacturing process as the old pressing machines, but wrapped inside digitally-driven kit which is capable of producing each record within 20 seconds, and without manual handling. Rather than having to use online brokerages to book a production slot in Eastern Europe, and to face a minimum twelve-week turnaround, we would be able to turn pressing jobs around within a matter of days rather than weeks, providing the perfect solution for independent labels and distributors, and for artists looking to distribute their own product.
There’ll be opportunities for people who share our vision – both locally, and across the country – to help realise it through crowd-funding. We envisage issuing fixed-period bonds in multiples of, say, £500 as a major part of our funding mix. This will give you a stake in The Pressing Office, provide you with a fixed-term return, and make you part of a sustainable, ethical – and yes, quirky – venture that will give the UK music scene a much-needed shot in the arm.
The Pressing Office website will be open soon for registrations of interest. Lots of work has gone on over the past month to take the project forward. This is a further opportunity to ask questions about the project and to ensure that you’re alerted to that website when it’s launched, since we expect a high level of interest from potential bond-holders, and we’ll be looking to move quickly, for wild winds are blowing…
Bartleby says
Quite a few FCA rules on financial promotions being broken there…
dai says
Like what? Is it a scam?
Bartleby says
No idea, but you have to be an ‘authorised person’ to make a financial promotion, the contents of any offer or inducement have to be approved by an authorised person and finally, after a century and more of huckster investments, there are fairly robust rules about the audience for financial investment schemes, which, last time I looked, was limited to ‘sophisticated investors’.
Bartleby says
Communicating an invitation or inducement to engage in investment activity in breach of the financial promotion restriction in s. 21 FSMA – 2 years imprisonment and/or a fine on indictment.
Carrying on (or purporting to carry on) a regulated activity without authorisation or exemption in breach of the general prohibition in s. 19 FSMA – 2 years imprisonment and/or a fine on indictment.
fentonsteve says
Might be worth dropping them a line. I would but I’d be well out of my depth.
Bartleby says
If this gets shared any further, I suspect it’ll be the FCA that drops them a line.
minibreakfast says
Maybe somewhere like Kickstarter would be a better place for them to do their business from. Then of course they could share the KS page to their Facebook followers and on other social media.
Bartleby says
They’d be wise to modify the language used (to remove any element of offer, enticement or solicitation) and sign up with an FCA regulated Crowd Funding Platform.
fortuneight says
Not trying to be a smart arse here and I’m no expert but to me it reads as if they are just asking for people to register interest? I could see that might be construed as an invitation, but there’s nothing you can actually buy at the moment. I’m tempted to register assuming that some kid of FCA approved prospectus emerges at some point.
Bartleby says
Not trying to be a smart-arse either F, but it’s what I did for a living for the best part of 25 years as an “authorised person”, with some mind-bogglingly dull FCA qualifications and a fair few fundraises to my name. There is a risk that what they’ve written is an invitation or inducement to engage in investment activity, irrespective of how that activity is ultimately conducted. The widespread resultant consideration of this as a potential investment on behalf of exactly the sort of investors the FCA was established to protect would tend to support that view.
fortuneight says
Thanks – I appreciate the clarification (I can’t reply to last comment as there’s no button). I’ve had a punt on one or two ventures somewhat akin to this despite being nothing approaching “sophisticated” in the conventional sense, but allowed to self certify via Kickstarter or Crowd Cube.
Bartleby says
Kickstarter, Crowd Cube and others are all regulated Crowd Funding Platforms. The FCA has been somewhat swept up in their growth and success. But if losses on investments continue at the current rate, we might anticipate greater regulation and punter checking.
Vulpes Vulpes says
Saying “We envisage issuing fixed-period bonds in multiples of, say, £500” sounds like a fairly vague statement of a potential business plan to me, rather than an “invitation or inducement to engage in investment activity” per se.
So there’s a “risk that what they’ve written” is indeed that. Who decides? I can’t see how the FCA rules above have any bearing upon that judgement; they don’t come into play until it’s been decided that the risk is in fact an issue.
Bartleby says
Yes I’m sure your read of the quote beats my whole career’s experience and qualifications hands down.
Vulpes Vulpes says
Simple question: who decides that the risk you claim exists is in fact an issue?
fentonsteve says
I’ve dropped them a line, they were very appreciative of your advice. Forewarned is forearmed and all that.
[Edit] @Bartleby: They’ve edited their original post and send you their thanks for the advice.
Bartleby says
Very cool. Thanks for doing that @fentonsteve – I didn’t think it was my place, but it was a bit egregious.
Abbers01 says
It is legit.
This store used to be the Holt post office. When the Post Office was relocated to the local Budgens (another story, another rant) the postmaster remained and converted the shop into ‘the Punk office’.
It is frequented by Tim Burgess, was packed out for RSD and is a fine venture, please visit if you are in the area (Holt, Norfolk).
details and photos are on their facebook page
https://www.facebook.com/search/top/?q=holt%20vinyl%20vault
GCU Grey Area says
We went to Holt a month ago, on the Sunday of our holiday. It was mostly shut.
Moose the Mooche says
Without looking, I dread to think what the Punk Post Office did with stamps. And going in there to cash your Giro* would be appropriate I guess.
* what century is this again?
minibreakfast says
I always meant to visit Holt Post Office, just to check out the postmaster’s sideline of selling records, but sadly never got round to it before it closed. I hear good things about the new shop, though.
Ralph says
Generally crowdfunding schemes are quite sound and only progress if the full criteria are met. The initial hurdle of premises seems to be in place already.
Moose the Mooche says
Hurdle of Premises – TMFTL
Sniffity says
Wonder how they’d go 3D printing records?
minibreakfast says
I would have thought that ‘new’ vinyl is close to peaking now (if it hasn’t already), so probably not the best investment of your hard-earned wedge.
fentonsteve says
Call me selfish, but I’d rather “invest” £500 in buying new records.
minibreakfast says
Or old ones!
Moose the Mooche says
What’s that, about a thousand records?
fentonsteve says
Or you could put 20% towards the forthcoming 9 x 180g LP ‘Complete Boney M’ box (only £100). Just imagine owning that rarest of rarities, ‘Nightflight to Venus’, on vinyl.
minibreakfast says
Mmm… and gloriously remastered too…
*squeak-squeak-squeak*
Beany says
Rare you say? I have 3 copies, even after sending 2 to a Prog magazine editor.
Mike_H says
Sounds like what they may be talking about is setting up a couple of these Warm Tone Record Press jobbies from Viryltech in Toronto. $195,000 a pop. Not sure if thats USD or CdnD.
www,viryltech.com