Save Our Sun: FAQs
Dent Community Pub: your questions answered
Q. How much is the sale price of the pub?
A. The owner put the pub up for sale asking for offers in the region of £500,000. Our plan was to apply for about half of that sum from the government's Community Ownership Fund. The rest of the asking price PLUS more to refurbish the place was going to be raised through a share offer.
Q. Is the share pledge binding?
A. No, people who pledge can revise the amount they want to pay for shares by more or less.
​​
Q Has a change in legislation affected plans to bid for money from a government fund?
A Yes, the window for applications to the Community Ownership Fund has been permanently closed.
​
Q What has the Community Ownership Fund been replaced with?
A The government is replacing the Community Ownership Fund with a Right To Buy scheme, giving people more powers in securing assets that are important to their communities. However, they have not replaced the funding aspect of the Fund.
Q Can we still buy the pub now the Community Ownership Fund has been closed?
A Yes. We are waiting to hear from the government if other grants will be available in the future. We are also looking at other sources of grants, such as charities, and considering ways to raise enough money through our own methods such as the share offer, crowd-funding and events.​​​​
​
Q What does a pledge mean – what am I committing?
A The pledge is NOT a legal commitment, it’s just an indication of what you think you might like to do. We hope that when we come to raise funds those people who have pledged shares will then buy real shares.
Q Can anyone buy shares? Is there any restriction on age/residence?
A Anyone over the age of 18 (or a company) can buy shares.
​​
Q Will the committee be running/managing the pub day-to-day?
A No, they will act more like a board of directors, setting overall policy and strategic direction.​
​
Q Going forward will there be a minimum/maximum number of people on the committee?
A Eleven is the maximum, three is the minimum.​
​​
Q Will the pub be open more often and for longer?
A It is planned that to maximise revenue the pub will open as often as possible, possibly with a seasonal variation. The detail of this is yet to be calculated for the business plan.
​
Q Can I buy shares as a gift for someone else?
A Yes.
​
Q Will people who own more shares have more say in decisions to be made?
A No, each shareholder has one vote.
Q Will the register of shareholders be public?
A It will only be available to the regulator, the management committee and shareholders who have the right to inspect the register, unless all the members agree to keep the register at Companies House.
​
Q Can I leave my shares in my will?
A Yes.​
​
Q What sort of return can I expect from my shares and when?
A Provisionally the return is set at 4% but only after the first three years. This gives us time to get the finances of the business onto a firm footing.
​
Q What’s the minimum and maximum one person can invest?
A £50 is the minimum, there is a maximum in law of £100,000.
Q Why do you want us to pledge now?
A The pledge shows that we have community support for our plans.
Q Why can’t we buy shares now?
A It is not necessary at the moment. All we need is pledges (promises) of support. The buying comes later.
​
Q Can I sell my shares?
A Only back to the company (the Community Benefit Society) after the first three years. The company would have to agree and have funds available. It would be at face value.​