5 July 2018
Open letter to all investors and supporters of Elston Community Pub Ltd
As you will be aware, the Community Benefit Society has now been running a campaign for some time now to raise funds to purchase the Chequers in Elston. The community share offer has now closed and I now write to you to provide you with the results of the share offer and next steps.
We had a great deal of vocal support and interest throughout Elston and nearby villages, which translated into 120 applications for shares with a total amount raised of £90,000.
The Committee Members met last evening and decided that this was sadly not sufficient to allow the Society to make a serious offer for the purchase of the pub. We are therefore now starting the process to return all the funds raised to the individuals who subscribed for shares. Monies will be returned, in full, to the payee from whom the funds originated.
If you would like your funds to be donated to another village community organisation then please let us know, in writing, as soon as possible.
The Committee will continue to work hard on your behalf to explore alternative routes to securing a pub in the village and we shall keep you informed of progress as and when anything develops.
In the first instance, the Committee came together to stop the Chequers from being designated as a residential dwelling and we have achieved this by registering the property as an Asset of Community Benefit. We have given the village the opportunity to subscribe for shares to make a realistic bid for the pub. Whilst it is clear that people do want, and would support, a pub in the village most people are not in a position to commit sufficient funds to the cause to make it a viable option. The number of individual subscribers is, though, a positive message for any other potential operators of the pub.
On your behalf, may I take this opportunity to thank each and every one of my colleagues on the Committee who have worked tirelessly over the past year – if we don’t try to do things, we will never succeed. Thanks also to all our individual subscribers for your support, and also to those who have been very supportive but not able to make a financial contribution.
Yours in hope
Chair, Elston Community Pub Ltd
We all have an opportunity to help save The Chequers Pub, Elston.
Here’s our Application Pack. Please be sure to read both the Prospectus and the Business Plan and then use the Application form to apply for shares. Remember the Deadline is 30 June 2018:
For hard copies just pop into Elston Village Shop.
The aim of Elston Community Pub Limited is to purchase The Chequers Pub, Elston, Nottinghamshire, for the benefit of the local community and the surrounding villages.
As a Community Benefit Society we intend to safeguard the long-term future of The Chequers as a sustainable community hub, by ensuring it provides a welcome, enjoyable and accessible venue for all.
Community Benefit Society
Elston Community Pub Limited is registered, (Reg. no. 7709), with the Financial Conduct Authority (FCA) as a Community Benefit Society under the Co-operative and Community Benefit Societies Act 2014.
The registered address is Millview Cottage, Mill Road, Elston, Newark, Notts NG23 5NR
The Society is a democratic organisation that operates on the principle of one member one vote regardless of the amount each member has invested.
It sees itself as part of the Elston and area community, and it will be run in a way that listens to the wishes and concerns of local people whether or not they are shareholders.
The purpose of a community benefit society is to serve the broader interests of the community. The 2014 Act requires a community benefit society to “carry on a business, industry or trade” that is “being, or intended to be, conducted for the benefit of the community”. This will provide a platform to enable the development of a community share offer and arrange other fundraising.
To read more click this link http://communityshares.org.uk/resources/handbook/community-benefit-societies
Elston Community Pub Limited is supported by the Plunkett Foundation which helps communities to take control of their challenges and overcome them through co-operation. They support people, predominantly in rural areas, to set up and run life-changing community co-operatives; enterprises that are owned and run democratically by large numbers of people in their community. They help people to tackle a range of issues such as isolation, loneliness and poverty, and come in many forms including shops, cafes, pubs and land-based initiatives, and anything in between. For more information on this organisation please click here.