This is a copy of the latest communication to have been publicly distributed. Download a copy of the flyer by clicking here
With your support the Pheasant Inn in Ballinger can be re-opened as a community-owned pub. The pub has been closed and on the market for more than 3 years. Planning applications for change of use have been refused and a planning appeal was unsuccessful.
More and more communities are banding together to buy their local pubs to prevent permanent loss of the special amenity they offer. In the same way the Pheasant can be saved and become a community-owned pub. As long as the building is sound and it can be bought at an appropriate price the Ballinger Community Group believes the Pheasant would be a viable community pub. The Group wants:
• the Pheasant to meet the needs of the local community
• to make ownership of the Pheasant as widespread as possible within the local community
• to ensure that everybody has an equal say in the important issues regarding the future of the Pheasant
• to ensure that people who contribute to buying the building are protected from the financial risks of running the pub
• to enable those people to hand on their shares in the pub in future should they wish but without any individual or group of individuals obtaining a controlling interest for the purposes of financial speculation
Who would own the pub?
The community would. The Group has taken legal advice and decided to set up 2 companies – one company would buy and own the building and rent it to the second company that would oversee the commercial running of the pub. Everybody who chooses to invest will get shares and one vote. If you invest £2,000 or £30,000 you will still get one vote. The more you invest the bigger your share in the value of the property and the bigger your share of any future return from renting the pub to a tenant.
Should I get a return on my investment?
In the short term the emphasis will be on securing the business but going forward a modest return would be expected. The lease would be structured so that shareholders would share in the success of the venture with the tenant.
Who would run the pub?
There would be a professional publican who would either be a manger appointed to get the pub back up and running or, in the longer term, a tenant.
How will it work?
The tenancy agreement will specify what kind of pub the community wants and set out what is required while leaving the tenant free to run the business. Current feedback suggests the community is looking for a pleasant, family- friendly pub serving simple food at affordable prices. The tenant would be expected to provide what the community wants from its local – but the shareholders of the “bricks and mortar” company would not get actively involved in the day to day decisions of running the pub.
Where are we now and what’s next?
The Group has an outline Business Plan which will continue to be honed over coming weeks. An official approach has been made to the vendor’s agent and an encouraging response received. Investigations are in hand to evaluate the condition of the building. We need to find out how much financial support everyone in the community can offer to acquire the building and re-open the pub. We now need to know who wants to participate. To that end we are asking for an indication from you whether they you want to own part of the Pheasant Inn. We are not asking for money at this stage but we need a clear picture of how much money can be raised locally.
How many shares can I buy?
We want to make ownership of shares as widespread as possible but currently no limit on share ownership has been set.
Could I sell my shares if I want to in the future?
Yes. It is envisaged that the shares will be able to be sold or bequeathed but the voting rights will still be limited to one vote per shareholder.
What happens is the tenant fails?
The community would continue to own the freehold of the building through the Company and a new tenant would be appointed. If the whole venture is unsuccessful the shareholders would retain the value of the property – but we know of no community-owned pub that has failed to date.
What do I do now?
Complete the tear-off slip below and pop it into the Ballinger Village Hall Post Box or e-mail us at firstname.lastname@example.org (NB by returning this slip you are not making an irrevocable commitment – merely registering
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