COMMUNITY SHARE OFFER OPENING: 10am 16th December 2016 CLOSING: 6pm 3rd March 2017 Fundraising Target : £250,000 Minimum Required : £150,000 Minimum Investment : £250 Maximum Investment : £30,000 The Kings Arms, located in the urban village of Heaton, Bradford is up for sale. We have the opportunity to purchase this much loved pub for community benefit. You are invited to purchase community shares in The Kings Arms to ensure its future as a tradional pub and to develop it for the many communies that could use it. Your investment will give you a stake in a professionally managed pub and community facility that will create employment opportunies and provide space for the arts. AN INVESTMENT FOR GOOD! HELP SAVE THIS HISTORIC PUB AND DEVELOP IT FOR COMMUNITY USE The Kings Arms is the trading name of The Kings Arms Heaton Friends Limited, a Community Benefit Society incorporated under the Co-operative And Community Benefit Societies Act 2014. Registered with the Financial Conduct Authority. Registered no: 7452 Due care has been taken in preparing this document which has been overseen and approved by the Directors who can vouch that the information it contains is in accordance with the facts and that there are no omissions likely to affect its import. Registered Office: The Kings Arms, 325 Toller Lane, Bradford, BD9 5BS
11
Embed
OMMUNITY SHARE OFFER - Kings Arms, Heatonkingsarms-heaton.co.uk/.../share_offer_v11_web.pdf · Share In The Kings Arms This Share Offer Document: Provides you with details of the
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
COMMUNITY SHARE OFFER
OPENING: 10am 16th December 2016
CLOSING: 6pm 3rd March 2017
Fundraising Target : £250,000
Minimum Required : £150,000
Minimum Investment : £250
Maximum Investment : £30,000
The Kings Arms, located in the urban village of Heaton, Bradford is up for sale. We
have the opportunity to purchase this much loved pub for community benefit.
You are invited to purchase community shares in The Kings Arms to ensure its
future as a traditional pub and to develop it for the many communities that could
use it.
Your investment will give you a stake in a professionally managed pub and
community facility that will create employment opportunities and provide space for
the arts.
AN INVESTMENT FOR GOOD!
HELP SAVE THIS HISTORIC PUB AND DEVELOP IT FOR COMMUNITY USE
The Kings Arms is the trading name of The Kings Arms Heaton Friends Limited, a Community Benefit Society
incorporated under the Co-operative And Community Benefit Societies Act 2014. Registered with the Financial Conduct Authority. Registered no: 7452
Due care has been taken in preparing this document which has been overseen and approved by the Directors who can vouch that the information it contains is in accordance with the facts and that there are no omissions likely to
This Share Offer Document: Provides you with details of the Save The Kings Arms project and its benefits for the
community Explains what a Community Share Offer is Gives you information about The Kings Arms Heaton Friends Limited Community
Benefit Society Invites you to become a member of the Society, by buying community shares and
explains the rights and liabilities of membership
The History The Kings Arms has been part of the heart of Heaton for nearly 200 years. Apart from serving the local
community, it has had a particularly good reputation for live music, drawing people from the locality and
further afield.
In recent years it has been owned by a large national pub company. Whilst a string of landlords struggled
to keep the business alive as a tenanted house with high costs, local residents organised music, quizzes
and pub games in the Kings Arms. This community spirit will continue to ensure the community business
thrives.
Following recent trends by large pub companies to rationalise their portfolio, it was closed in May 2016
and is currently for sale. Before its closure a group of local residents were successful in getting the busi-
ness listed as an Asset Of Community Value under the Localism Act 2011. This provision enforces a six
month moratorium on the sale of the pub, giving communities time to get into position to make an offer
to buy. The moratorium for the Kings Arms ended on 25th November 2016 and the owners are now free
to sell the property.
A public meeting held in the pub before its closure led to a “Save the Kings Arms” steering group being
formed to explore the possibility of purchasing the Kings Arms on behalf of the community. Subsequent
public meetings have reinforced the determination of the community to save the pub.
This is not a new concept and has been successfully achieved by over 50 communities across the country
to save their local pub by taking it into community ownership by which a large number of local people
(and supporters from further afield) buy shares and together raise the necessary finance. Community
pubs succeed because they are owned by and value their customers.
How we will do this…
We have registered a Community Benefit Society to raise capital by a community share offer, supported
by grants and business loans if needed, to enable us to buy, refurbish and re-open the pub as soon as
possible.
The target to be raised is £250,000. The Management Committee believes that this amount will give
sufficient capital for purchase and refurbishment, cover all necessary costs and leave enough to be held in
a management contingency to meet any unforeseen costs. Please note that the Management Committee
work is voluntary and unpaid.
The Kings Arms will be a free house with much reduced costs, serving quality alcoholic and non-alcoholic
drinks and providing function room space in a comfortable, friendly environment. It will be a community
asset and help build social cohesion in our multi-cultural urban village.
Please use the application form to buy shares in The Kings Arms Heaton Friends Limited, Community
Benefit Society. You may also download an application form at www.kingsarms-heaton.co.uk
Our Vision for the Kings Arms
Our vision is to have a community focussed pub at the heart of Heaton that will benefit the village
through greater social cohesion. We believe the pub will provide a comfortable and welcoming place for
people of different ethnicities, generations and life experiences to meet and undertake a range of
activities together that will generate increasing tolerance, understanding and a sense of community.
Our consultation has shown that the desired community uses of the pub include:
An attractive drinks offer including cask ales and craft beers, wines and spirits Non-alcoholic drinks, coffee and tea A regular live music venue for a variety of genres—pub rock, jazz, folk etc. Activities running in conjunction with existing community groups including book clubs and The
Allotment Society etc. Regular day and evening events e.g. pub games, quizzes, mocktail evenings, seasonal markets,
sporting events, film showings, speciality food evenings and beer festivals An information hub including access to computers, WiFi, and printers Space for local artists to display and sell their work Private room hire (with separate access) for parties and other events
Physical changes requested include: Refurbishment of toilets Refurbishment of kitchen General redecoration Beer garden and patio made more inviting for families Improved access for people with restricted mobility Business Management
We have looked at a number of different models for community pubs and have decided that the best business model for us is to grant a lease to an experienced tenant to run the pub as their business, supported by the Management Committee. We will offer a good but fair market rate rent and the tenant will be able to buy beer, goods and services on the open market. Tenanted free houses like this are sustainable businesses. Using this model, our cash flow planning shows acceptable profits for the Society which will be reinvested in the Society or other local community services as decided by the Members.