9 October: sorry about the jargon!
A quick explanation (more on the legal page): a CIC is a Community Interest Company, which we set up because it was easy, but the difficulty was that it could not issue shares. An IPS is an Industrial and Provident Society, more commonly known as a co-operative. It is more strongly regulated, and it can issue shares. It is possible to make the conversion provided the IPS is benefit of the community.