The pub is many things not just great local food and drink, but also the heart of the village and Dale with other activities it serves - dominos, darts, walkers, campers, village activities, refreshing drinks before the fish ‘n ‘ chippy van arrives (Thursdays 7pm!), meeting place, relaxing place, fun place, possible local shop ( as Hudswell’s ). Who knows we could reintroduce many other games -- Aunt Sally/Bar billiards/ Devil among the tailors/Pitch penny/Ringing the bull/Shove ha'penny/Toad in the hole and the very popular Yard of ale!
Since the meeting a group of willing volunteers have formed a management committee, chaired by Raymond Brown and we are now seeking to make everyone in the Dale aware of what we intend to do and to make it clear how you, as part of the community, can help and join in.
Ensuring the long term security of the pub is best achieved by the community and supporters of The Foresters Arms owning the building so that we would have the ultimate say in what happens to it in the future.
How can we come together as a community to buy the pub?
We have taken advice from Hudswell community pub who purchased their pub in 2010 and re-opened which is now restored as a centre of social life for the village and a thriving business. From Hudswell’s experience of saving their pub we believe that the best approach for us is to set up a co-operative through which we can all purchase shares in the pub, whilst the co-operative, as a charity, would also be eligible for grant aid.
We do not all want to be publicans and run a full time business and therefore once we own the pub we would lease it to a tenant who would run the licensed business selling food and drink and paying rent to the co-operative at a level that will reflect the profitability of the business. It will be a profitable business and will represent a fair investment opportunity that we expect will offer modest returns to the members of the co-operative.
Pledging to buy shares, what would they cost?
We are not asking you to buy shares, yet. What we do need soon, however, is an understanding of how much money we might be able to raise through the issue of shares. Therefore, if you would like to be involved in this community endeavour all that we would ask is that you indicate to us the amount that you may be able to invest.
Shares will be £1 each and the minimum investment anyone can make will be £500. Under the rules of the co-operative the legal maximum investment will be £20,000. Whatever level of investment is invested, a maximum of one vote is available, but obviously the ROI will depend on the level invested.
Once we know that enough people are interested then our next move will be make an offer to buy the pub. We will keep you informed of the progress we are making through further newsletters and also through our website http://www.coverdalecommunitypub.co.uk. We will also provide you with a prospectus in the coming weeks that will describe in detail the final proposal and answer all of your questions. We will then ask you to make an investment based on the prospectus.
Together, we have a great opportunity to take control of and resurrect the Foresters Arms, securing it as a local amenity for the future. We hope that our website has given you enough information to understand what we are planning to do together with your help. Please take time to consider what we are proposing. We hope that it makes sense, enough for you to pledge to make an investment.
We hope that you will not only be able to join us in this endeavour, but will also let your family, and friends know and anyone else you know or that you think may be interested, that they too could own a share in the Coverdale Community Pub!
Please note any information provided about the size of a pledge will be held in the strictest of confidence by the Management Committee and not communicated to any third party.
Coverdale Community Pub