The interim committee presented their proposal to reopen the closed Ten Bells pub as a community-owned venture. They investigated feasibility, secured funding and support, conducted surveys, and developed a business plan. The proposal is to establish an Industrial and Provident Society to purchase the pub, conduct refurbishments in two phases, and offer a pub and food service as well as potential future services like a shop or accommodations. The committee is seeking share pledges, volunteers, and support to finalize plans and reopen the pub by Easter 2014.
2. www.tenbells.co.uk
Purpose of tonight’s meeting
1. Report back on what we’ve been doing
2. Present proposed way forward
3. Get your commitment to support the project
4. www.tenbells.co.uk
What have we been doing?
• Spoken to a wide range of advisors on community projects
• Investigated sources of funding
• Secured support from Plunkett Foundation
• Secured £10,000 Pre-Feasibility Grant from Social Investment
Business Group (SIB)
• Registered the Ten Bells as an “Asset of Community Value”
• Non-intrusive survey done
• Essential works costed
• Preliminary Architectural plans produced
• Business case developed
• Investigated forms of company structure
• Publicity and communications
6. www.tenbells.co.uk
Key findings
• The village want a pub that does food
• The Ten Bells cannot be viable as a drinking pub alone
…..but it could be viable with additional services
• We need a wider appeal
• Other sources of revenue are possible and can be profitable
• Grants are available for “Community” ventures
• Capital grants are available but very limited
• Grants are generally not for running costs
• The right company structure can help with grant funding
• This is not a new idea
7. www.tenbells.co.uk
The Business Idea
• Two phased approach
• Phase 1 - Refurbish and reopen
• Purchase from Punch Taverns
• Essential repairs and redecoration
• Improved entrance – more attractive to visitors
• Services – pub, food, coffee shop, free wi-fi, parcel drop
• Phase 2 – Develop other services
• Relocate village playground
• Community IT facility
• Shop
• Accommodation?
• Business centre?
8. www.tenbells.co.uk
Our proposal
• Establish an “Industrial and Provident Society” (IPS Bencom)
company structure and elect a Board of Directors
• Raise capital through shares
• Apply for Grant Funding as appropriate
• Buy The Ten Bells from Punch Taverns
• Recruit key staff
• Carry out essential repairs and re-open
9. www.tenbells.co.uk
The Company Structure
• Advice (from Plunkett Foundation) is to set up an Industrial &
Provident Society (IPS - Bencom)
• Each subscriber will have a single vote whatever their holding
(£50 to £20 000 maximum).
• Advantages of this structure:
• Everyone gets an equal voice
• Tax relief for investors of at least 30% will be available under The
Enterprise Investment Scheme (EIS)
• More attractive to potential grant funders
• The IPS will have a Board of Directors, responsible to the
shareholders
11. www.tenbells.co.uk
Business case
• Phase 1 – circa £400k + VAT
• Purchase costs – circa £200k + VAT
• Refurbishment costs – circa £150k + VAT
• Working capital – circa £50k
• Phase 2 – circa £70-100k
• New facilities introduced
• Raising the funding
• Combination of
• Shares
• Grants
12. www.tenbells.co.uk
The Voice of Experience
Andrew Purdy
Chairman and Managing Director
Ryburgh Community Enterprise
Community Interest Company
18. www.tenbells.co.uk
What do you need to do?
• Pledge share money
• We have to raise enough capital for Phase 1
• Volunteer for the Committee and Company as Directors
• We need new people and skills
• Answer our questions on the web page
• We need to get evidence to support the business plan
• Spread the word!
• We need everyone in the area to know that this is happening!
19. www.tenbells.co.uk
Next steps
• Finalise Business Plan i.e. test assumptions and viability using
professional advice Oct 2013
• Establish company and prepare Share Prospectus Oct 2013
• Using £10k SIB grant
• Raise share capital Nov 2013/Jan 2014
• Apply for capital grant funding – if available Jan 2014
• Purchase and refurbishment Jan 2014
• Opening of Phase 1 Easter 2014
21. www.tenbells.co.uk
Survey results
• 41 responses to date
• Understandably, all but two of the respondents were
from IP14 postcodes
• We will also need to appeal to people from outside the
immediate area
• Survey still open on www.tenbells.co.uk
