Perseverance Works Freeholders Ltd (PWFL) is a unique company owned and operated by the shareholders and tenants. Together we make up a vibrant community of around 600 people running our businesses from the creative hub of Shoreditch.
The original PW Residents’ Association became a limited company in 1999 following the acquisition of the freehold interest. Since then we have had sole responsibility for the running of the site.
Businesses at Perseverance Works span (but are not confined to) architecture, illustration, graphic design, photography, television production and editing. The majority of head leaseholders own a share in PWFL, the owners of the freehold interest.
How we’re managed
PWFL is run by a board of directors many of whom have businesses on site, ensuring we all work towards and establish best practise for the space. The site is run for the sole benefit of all who live and work here. The Board’s ethos is best described as a commitment to ensuring effective, efficient and friendly management for all at Perseverance Works. This has enabled a strong sense of community to thrive.
The site services are managed on a not-for-profit basis, though there is a small amount of commercial activity. Service Charges are charged at cost.
Why is the site managed by shareholders?
Our approach has enormous benefits for businesses and residents alike because:
• It is self-sustaining – All money raised through the service charge is channeled into site maintenance and security, managed on a value for money basis.
• We have open channels of communication – Every shareholder is able to comment on the issues that matter to them.
• We reinvest in site development – Commercial activity is mainly in photographic location hire and a small car parking operation. All revenues are reinvested in new or improved facilities for all who work and live at PW.
What does the Board do?
The Board meets at 13.00 on the second Tuesday every other month. Shareholders and tenants are encouraged to raise any site issues for discussion at meetings via email, letter or worksnews (our site newsletter). Formal minutes are taken at each and every meeting, which are available to shareholders on a password-protected section of the website, alongside accounts, insurance documents and other company papers.
Access to password-protected sections of the site is at the discretion of the board of directors.
I have a site issue. Who do I contact?
Facilities management and administration issues are handled by Paul King, a longstanding PW tenant, on a part-time basis. Shareholders and tenants are encouraged to make contact regarding repairs and maintenance via email or entries in the Facilities Management Logbook, held at the security cabin.
How do I find out about PWFL financials?
Annual Budgets are prepared and published on our site to enable PWFL to meet the commitment to shareholders, tenants and HM Revenue and Customs. PWFL accountancy/book-keeping are handled on a part-time basis, usually carried out on a Thursday. Site suppliers are advised that electronic invoicing will facilitate prompt payment.
How can I keep up-to-date with site news?
Worksnews is our closed loop email newsletter. Everyone on site is encouraged to sign up and stay up to date on security issues, door code changes, general site information and planned events.
Shareholders and tenants are also encouraged to submit company news to WorksPost where you will find articles about the creative industries, local news and reviews.
What else is on the website?
Our website also provides information on site management, security, car-parking, upcoming courtyard events (social or maintenance), commercial activity in the courtyard, fire evacuation, refuse collection and recycling. If you would like to be part of our community, have a look at our property listings at PW.