report back on the ten bells for 24 september v4

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Report back on the Ten Bells

By the Interim Committee

24th September 2013

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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

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• Interim Committee brief from June 6th

“Investigate feasibility of reopening The Ten Bells as a community venture”

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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

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Publicity and communications

• Community magazine, Six Village news, Web site, Facebook, Twitter

• www.tenbells.co.uk including questionnaire

• East Anglian and Bury Free Press

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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

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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?

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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

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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

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Architect’s drawings

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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

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The Voice of Experience

Andrew Purdy

Chairman and Managing DirectorRyburgh Community EnterpriseCommunity Interest Company

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Do you want to go ahead?

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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!

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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

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Thank you!

Questions?

Please complete your share pledge form before leaving

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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

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Clear support for a village pub

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Whilst there is a good level of use promised, we need to make the Ten Bells more attractive to “Occasional” users

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The responses suggest local support for a traditional village pub with food

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Local people are looking for a mix of restaurant and bar food

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......during the week as well as at weekends

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Thank you the for clicking the “yes” button. You could be on the Board in the near future.

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Thank you for your supportYour pledge to buy shares is very important