News Update 11th June 2018
We thought that as we are just about half way through the Share Offer campaign we would give you a bit of an update of progress so far.
We have had a steady flow of investors, with the average investment per investor higher than expected which is encouraging. However, it would be really helpful for administrative and planning purposes that if you are thinking of investing, then please do so now rather than wait until the last week. The process for grant and loan applications can be quite lengthy, so we need to know as soon as possible how much Share Investment we have or are likely to get.
Even if we don’t reach the minimum amount we would like to raise from shares, we can still apply for other funding to help fill the gap, so if you want to help keep the pub, please invest what you can now- don’t leave it until it’s too late!
As we have said in the Share Offer Document, this is a unique opportunity which aims to create a Win- Win-Win situation for us all, by securing the Chequers pub as the heart of the community for generations to come, and that’s quite a legacy.
Having a pub in the village is good not just for your social life and wellbeing (fact) it’s good for your pocket too when it comes to the value of your home (fact)
So if you are thinking of investing, or making a donation, then please do so sooner rather than later!
Many thanks to all of you who have already invested, and remember, if we don’t manage to buy the pub, you will get your money back.
The Chequers Share Offer is now live
This is a once in a lifetime opportunity to purchase The Chequers, Elston and secure its long term future, not just as a pub, but as a vital social hub and heart for the community.
Elston Community Pub Limited successfully launched it’s Community Share Offer on Tuesday 8th May in Elston Village Hall, and will run until 30th June .
Around 60 interested residents attended the Launch and presentation which outlined details of the Share Offer, how to apply to purchase shares, how it works and what the funds will pay for. There were some in depth questions, which we felt we answered as well as we could, due to the sensitivity of the ongoing purchasing process. The Chair of the Society, David Pearson thanked the many volunteers who had given an enormous amount of time and energy to get us this far, and the meeting ended on a high note, with very positive comments.
So now it’s down to the community to do your bit and through purchasing Community Shares, or making a donation is the chance to help secure the future of this vital heart of our community for now and many years to come.
The minimum target we need to raise is £330,000 to purchase the pub, pay legal and professional fees and carry out initial repairs and improvements. The higher maximum target of £380,000 will allow for more extensive improvements. This Share Offer runs until 30th June, so time is short !
We aim to raise as much as possible through the Share Offer, but in the event of any shortfall, we may also apply to the ‘More than a Pub’ grant and loan scheme, as well as other grants or loans.
Details about the Share Proposal, what it aims to do, how much we need to raise, how to apply for Shares, and details about Elston Community Pub Limited can all be found in the Share Offer Document, Share Application, Business Plan and Model Rules of the Society which are all available to download from the website www.elstoncommunity.co.uk .
Hard copies of the Share Document and Application form are available from Elston Village Shop, or you can ask any member of the Elston Community Pub Management Committee.
If you want further details, or have a query, then you can also send an email through the Contact tab on the website.
Please note that it is essential to read the Share Offer Document and Business Plan, before you decide to invest. By investing, you become a member of the Society, and will be able to have your say about how you would like to see the pub run.
If you do not want to buy community shares then we welcome donations of any amount to help reach the target. Donation forms are available to download from the website, from Elston Community Shop, or a member of the Management Committee.
We do hope that the community of Elston , surrounding villages, and anyone who really cares about securing our precious heritage and vibrancy of the local community will make sure that we will indeed ‘Save the Chequers.’
Linda Fitzgerald, Secretary, Elston Community Pub Limited
Brits are happiest down the pub.
More than a quarter (27%) of Brits are happiest when they are in the pub, a new study for St Austell Brewery’s Tribute ale has revealed. But we could say the same for the community of Elston too.
Launch of the Community Share Offer.
Your chance to help Save the Chequers !
- 8 May 2018
- Elston Village Hall, Licensed bar
If unable to come to the launch evening, the Share Prospectus, Business Plan and Application Form are here available for download. Or you can pop into Elston Village Shop and get hard copies from there.
Here are the downloads:
Update – 21 April 2018
Our recent Octave article:
We are now registered as a Community Benefit Society with the FCA reg. no 7709 and have also now got our bank account up and running, recently receiving our first donation!
The Bursary from Plunkett has also been received, to enable us to pay off a few bills, and further anticipated start-up costs.
A few members of the Management Committee had a day study visit to a very successful and award winning community owned pub The Abingdon Arms, near Oxford. www.theabingdonarms.co.uk
We met up with the Chair and Treasurer of the Beckley Community Benefit Society, which owns the pub, and gained valuable advice on how they work with their Tenant, Aimee to make sure the pub runs well, but also engages with their community in lots of ways. We met Aimee too, who gave us lots of advice about the business side of the pub, and ideas to meet the community needs.
Following advice from a number of experienced sources in the pub trade, the committee have decided that we would let the pub to a professional tenant, rather than appoint a manager and try to run the pub ourselves as volunteers. There are financial, practical and experience advantages in following this option.
The committee want you to know that we are working very hard on all the legal documentation required for launching the Share Offer, to enable you to buy shares to secure the future of The Chequers for the community. Of course, if you don’t want to buy shares, we welcome your donations, just send us an email via contact us tab on the website, or speak to any member of the committee- details also on the website.
At the same time we are in negotiations with the agents selling the Chequers, and although we have not yet had an offer accepted, we have decided that it would be prudent to start fundraising, to show that the community means business in wanting to buy the pub. Of course, should we not be successful in buying the pub, then all monies will be returned.
We anticipate the Share Offer Launch will be imminent, possibly the beginning of May, so keep a look out for posters and flyers announcing this, and of course have a look on our website www.elstoncommunity.co.uk
Linda Fitzgerald, Secretary, Elston Community Pub Limited.
Word format: Article for the May Octave
News Update – 22 March 2018
A questionnaire was circulated to all households in Elston and nearby villages following the public meeting, to gather information about how residents would like to become involved, find out what services and activities residents would like The Chequers to offer, and gauge interest in raising funds through investing in Community Shares.
So far 111 responses have been received. Results indicate overwhelming support to keep and use the Chequers, with over 60 households willing to invest, 13 to donate, and over 70 offers of help. There have been lots of interest in weekday meals and a café offering during the day, as well as many suggestions for social activities. Many thanks to everyone who has responded so far.
The Elston Community Pub steering group is now driving forward the plan to enable the community to buy the pub, and has registered with the FCA (Financial Conduct Authority) as a Community Benefit Society.
A professional valuation has been carried out, and a full report was submitted to the steering group to help inform and develop a feasibility study and business plan which are currently being developed. A time limited Community Share issue will be launched shortly to start raising funds, and in addition, grant and loan funding will be applied for, along with fundraising within the community.
There is a great deal to do but, by the community coming together, we can ensure that The Chequers will remain as the social heart of our community for generations to come. More than 90 pubs around the UK are co-operatively owned with 100% success rate, and if successful The Chequers, owned by Elston Community Pub Ltd, will be the first in Nottinghamshire!
- 18 January 2018
- Elston Village Hall
Do you care about the future of The Chequers in Elston?
Interested in being part of preserving this important village asset?
Then come along to this meeting …
If you would like to know more or get involved feel free to contact us.