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www.tenbells.co.uk
Report back on the Ten Bells
By the Interim Committee
24th September 2013
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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
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www.tenbells.co.uk
• Interim Committee brief from June 6th
“Investigate feasibility of reopening The Ten Bells as a community venture”
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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
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www.tenbells.co.uk
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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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
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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?
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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
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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
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www.tenbells.co.uk
Architect’s drawings
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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
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www.tenbells.co.uk
The Voice of Experience
Andrew Purdy
Chairman and Managing DirectorRyburgh Community EnterpriseCommunity Interest Company
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www.tenbells.co.uk
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www.tenbells.co.uk
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www.tenbells.co.uk
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www.tenbells.co.uk
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www.tenbells.co.uk
Do you want to go ahead?
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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!
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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
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www.tenbells.co.uk
Thank you!
Questions?
Please complete your share pledge form before leaving
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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
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www.tenbells.co.uk
Clear support for a village pub
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www.tenbells.co.uk
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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www.tenbells.co.uk
The responses suggest local support for a traditional village pub with food
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www.tenbells.co.uk
Local people are looking for a mix of restaurant and bar food
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www.tenbells.co.uk
......during the week as well as at weekends
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www.tenbells.co.uk
Thank you the for clicking the “yes” button. You could be on the Board in the near future.
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www.tenbells.co.uk
Thank you for your supportYour pledge to buy shares is very important