Our Community Share Offer is now live. It runs from 8 May to 30 June 2018.
The Society aims to raise funds for the purchase of The Chequers, carry out initial repairs and improvements, and appoint a tenant. We aim to do this by enabling anyone to purchase Community Shares, make donations, and by applying to the government Key Fund Grant and Loan scheme and other top up loans if needed. The aim is to raise as much money as possible through our Community Share Offer and donations, so reducing the cost of loans.
What are community shares?
A community share offer provides an opportunity for local people and businesses to buy into the community where the motivation and payback is more social than financial. It helps to ensure a truly local enterprise, accountable to the community whilst serving and benefitting it.
The shares you buy will make you a member of the Society, with an equal vote regardless of your shareholding. Your involvement thereafter can be as much or as little as you wish. You can vote at Annual Members Meetings, stand for election to the Management Committee, volunteer your skills or just give The Chequers your custom.
We would, however, like to encourage as many members of the community as possible to volunteer their time now and in the future to make this a truly community venture.
We’ve already got lots of ideas, but if you become a shareholder it will be your pub too and you can help us decide how it’s developed and run.
What’s in it for me?
This is not just about buying a pub – it is about helping to sustain the community. There will be limited financial reward – this is about investing in the future of the community and ensuring The Chequers is run for the good of Elston and nearby villages, for us now and for future generations.
In addition you may earn interest and your liability will be limited. What you won’t get is windfall profits, any increase in share value, or government backed guarantees.
The social return
The main point of the exercise is to create a thriving and sustainable community pub and to provide the additional community benefits described above.
This is not an exercise to generate large profits for the members. It is all about putting The Chequers on a viable, long-term, sustainable footing and securing its future. The primary return on your investment will therefore be the existence of a convivial welcoming village pub.
The Society’s Rules include a legally binding asset lock. This ensures that any surplus earnings remaining after it has paid interest to its shareholders and repaid any capital which is withdrawn must either be reinvested in the business or used for the benefit of the local community or for another charitable or community cause. Directors and members will not benefit in any other way from the activities of the Society.
To purchase Community Shares/Donations go to our Download page for all the relevant documentation.
Should you not wish to purchase Community Shares, you can still contribute towards reaching our minimum Fundraising Target of £330,000 by making a Donation.
You can make a donation of any amount, by completing the Donation form which can be downloaded from the website, or a copy can be obtained from Elston Village Shop.
Please note that making a donation does not confer membership of the Society, only buying shares does that. However, we aim to listen to everyone in the local community, so your views will still count.
If you wish to make an anonymous donation then that is fine, but we won’t be able to acknowledge receipt or refund your donation if we cannot proceed with the purchase of the pub.
Donations can be made by Cheque, made payable to Elston Community Pub Limited, or by direct bank transfer to Lloyds Bank, sort code 30-98-97 acc. No. 58627768. (Please make sure you put your name as reference please!). The Donation form should be returned, with your Cheque or Bank Transfer details to the registered office which is: Millview Cottage, Mill Road, Elston, Notts NG23 5NR
Please be assured that should we not be able to proceed with the purchase, then any monies remaining after share or donation refunds and other liabilities have been paid, will go towards any other local community projects in Elston or surrounding villages. So the local community still benefits.
Of course, you can buy Community Shares and make a donation if you wish- the more we raise the better chance we have of ‘Saving the Chequers’ for now and future generations.