The goal of Stage 2 is to establish what you want from a community pub and undertake detailed feasibility work with Plunkett UK, e.g. completing property assessments and building appropriate business plans. The initiative must be financially viable to consider progressing to Stage 3.
At this point, The Punch Bowl Community Benefit Society (CBS) has been formed and will be registered with the Financial Conduct Authority (FCA). A formal Share Prospectus will be developed to inform and enable us to raise funds from shareholders within the village and beyond, as well as to secure Grants and Loans from sources such as the Government’s Community Ownership Fund.
CBS shares could pay interest (upto 5% maximum – dependent on the business plan) and could be redeemed after a settling-in period (e.g 2 – 3 years) and subject to sufficient reserves. All details are subject to the formal Share Prospectus.
We are indebted to the Burton Community Workforce through B4RN monies in providing significant base funding to allow us to get to this stage. However, as we progress from Stage 2 to Stage 3 with Plunkett UK, we need to have a firm sense of the shareholder investment potentially available. To underpin the sense of “it’s ours” the pub will ideally have a broad base of shareholders with varying scales of investments from small to large. The most successful community owned pubs have a large number of shareholders at all levels – not a small number of large investors. All shareholders, irrespective of size of investment, will have one vote. You get to have your say in how your pub operates.
NO MONEY OR FINANCIAL COMMITMENT IS NECESSARY UNTIL STAGE 3
