FAQs
Here are some of the frequently asked questions about our community bid to buy The Sun Inn.
Q How has the change in Government affected the Community Ownership Fund (the grant)?
A The applications were put on hold during the period of the General Election and we are awaiting an announcement from the renamed Dep't of Ministry of Housing, Communities and Local Government.
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Q Will we have to pay any part of the grant back at any point?
A Yes if the building were to be sold. Also our performance against agreed milestones will be monitored and if we do not deliver then some of the grant may be clawed back.
Q Can we still buy the pub if we don’t get the grant that’s being applied for?
A We can, but we would have to raise enough money through our own methods such as the share offer, crowd-funding and other fundraising events.
Q When will we find out if we have got the grant?
A The timescale was July/August but has been postponed during the period of the general election.
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Q Will people who own more shares have more say in decisions to be made?
A No, each shareholder has one vote.
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.
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Q Can I buy shares as a gift for someone else?
A Yes
Q Will the register of shareholders be public?
A It will only be available to the regulator, the management committee and other shareholders who have the right to inspect the register, unless all the members agree to keep the register at Companies House.
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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.
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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 is part of the grant application, showing the Government (and the working group) that we have community support.
Q Why can’t we buy shares now?
A It is not necessary atthe current time. All we need is pledges (promises) of support. The buying will come later.
Q What does a pledge mean – what am I committing to?
A The pledge is NOT a legal commitment, it’s just an indication of what you think you might like to do. The pledge is part of the grant application, showing the Government (and the working group) that we have community support. 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.
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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.
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Q Will the pub be serving food in the future?
A It is planned that to maximise revenue the pub will provide food. The detail of this is yet to be calculated for the business plan. The business plan will be part of the grant application.
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. The business plan will be part of the grant application.
Q Will you be keeping the existing staff?
A The existing staff are employed by the current owner and it is hoped they will be employed if the buy-out is successful. The buying of stock and the seamless transition of staff depends on a deal we arrive at with the current owner. When we move to seven-day-a-week opening with food service more staff will be employed.
Q What changes should we expect to see in the pub once we have bought it?
A There will be nothing drastic at first. Changes will come, depending on the revenue stream. It is hoped that the opening hours will be extended and food will be provided. In time, we expect to improve the letting accommodation.
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Q What sort of decisions would the shareholders vote on?
A The election of the management committee and the general direction of the business as it develops.
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 Are there going to be other fundraising activities?
A Almost certainly, yes.