FAQs

The pub will remain closed while we carry out essential repairs and improvements. During this period we will also start recruiting to find a new tenant. The chosen tenant will decide when they reopen the pub. We hope this will be the second half of 2024.

Admiral has taken the strategic decision to sell the freehold of the pub. They have said they will sell it to the highest acceptable bidder. This could be either a pub operator or a residential developer. The future of the pub will be decided by the new owner. Admiral have received no offers from a pub operator since it was put on the market in February 2023. The longer the pub trades below its fair maintainable trade, or remains closed, the more ammunition a speculative developer may have to apply for a “change in use” to develop the site.

We will only know these once we receive a successful grant offer. We expect that any grant offer would be contingent on completing the purchase of the pub. It is also likely to be repayable if the pub is sold by EHCBS within a set period of time.

If, despite all the best efforts of any tenants and EHCBS, it is not possible to run a viable pub then the decision for what else is done with the site will rest with the members of the EHCBS. Alternative uses that would benefit the community could be considered. Otherwise the freehold site could be sold. Any proceeds received would first repay outstanding obligations and refundable grants and then repay members share capital. Any excess proceeds after that cannot be distributed to members due to the “asset lock” contained in our rules. Instead that excess would be retained by EHCBS and could be used for other projects that benefit the community.

The Society is a limited liability entity. This means that the most a Member can lose is the amount originally invested. Members would not be liable for any activities of the tenant.

The Society adheres to the principles of the Data Protection Act, even though it is exempt from registration with the Information Commissioner as a not-for-profit organisation, and will use and process personal data only for the purposes of the Society. We will keep personal information that we hold secure and up to date and will only use it for the purposes for which it was gathered, and not keep it longer than necessary.

Personal data will be used solely for the purpose of maintaining a register of members and potential members as required by the rules of the Society, and for communication about members’ meetings and AGMs. Members need to opt-in to receive information about new share issues, pub events etc.

We will not share any members’ personal information (names, addresses, phone numbers, etc) with third parties. Members’ financial information, such as amounts invested, and interest paid will be treated as strictly confidential and will only be shared within the Management Committee as necessary for managing the Society.

The current building has not been maintained properly and is in poor condition. This project will fund essential repairs making it more attractive to customers. 

Improving the tenant’s accommodation upstairs will help to attract a tenant who wishes to move permanently into our community. This will increase their flexibility to devote time and effort into promoting their business.

The village survey identified significant latent demand from people who have used the pub more in the past but are doing so less now. We anticipate this project will recover that trade. 

The vision of EHCBS is to encourage the tenant to cater for more diverse groups in the community which will increase footfall throughout the week. For instance elderly luncheon clubs, parent/toddler coffee mornings, early family-friendly happy hours, self-employed business hub. 

It is hoped that the extra press coverage arising from the share offer and the community buying their local pub will boost the opportunity for the tenant to market the pub more widely to attract visitors from Bristol, Bath and Wells.

It is hoped that the ‘loyalty effect’ of the wider community owning shares in their local and benefiting from increasing the turnover will encourage more frequent use.

Over time there are plans to convert the derelict stable block into letting rooms to create extra income sources and customers for the pub.

More favourable, freehouse lease terms should allow an entrepreneurial tenant to be more creative with running their business and benefit financially from their efforts.

No. There is a very clear delineation of responsibility with the shareholders electing the Management Committee and the Management Committee being responsible for appointing the tenant. The Management Committee will set the culture and strategic direction of the business but the tenant is responsible for the day-to-day running of the pub.

It is anticipated the Management Committee will have a supportive hands-off relationship with the tenant, stepping in to help organise community events and resolve problems.

All members are eligible to stand to join the Management Committee. Please contact the secretary to confirm your interest. You could be co-opted to fill a vacancy during the interim period leading up to the acquisition of the Waldy. Otherwise, you will become a candidate for election at the society’s first extraordinary meeting expected in 2024.

No an ACV simply means that Admiral cannot sell the Pub to a 3rd Party before the end of the ACV Period. After the end of the 6 month ACV period Admiral can sell the Pub to whomever they like at whatever price they like.

We can still buy the Pub once the ACV has expired if Admiral wishes to sell it to us.

It protects the Pub from being sold to anyone else in the six-month period and is no guarantee that we will be able to purchase the pub.

The more money we raise the more we will be able to do in terms of refurbishment or /and extensions. We have set the maximum amount to be raised from the current share offer at £550,000. This would give us a reserve of £150,000 to make a great start on capital improvements to the Waldy beyond just essential repairs. We have set a maximum because the advice received from our independent valuer is not to over-invest in the pub before establishing a sustainable level of trade. This does not stop us launching new share offers in future to raise more money if and when the time is right. If we reach our maximum for this share offer we will close the offer and applications will be honoured on a first come first served basis.

If we are just short: 

1. We could extend the period of the share offer;

2. We could access other funding streams – for example the Community Shares Booster (run by Power to Change and Co-operatives UK) which may contribute towards our target through an investment in shares that will be held by Co-ops UK on the same terms as all other investors’ shares. 

3. We will consider a commercial Loan package (up to £80,000) to bridge any gap. However, we would prefer not to take out a loan because of the burden of repayments over seven years

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If we are still short we will close the share offer and then the project will not proceed. Grants may need to be repaid and share issue monies will be returned net of any unavoidable up-front costs not covered by non-refundable grants or donations. The management committee will do everything they can to try to minimise such costs and, even in the worst case, these should amount to no more than 3% of the monies raised

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We have not built in any such Shareholder/Member benefits at this share offer stage but will discuss scope for  such shareholder advantages when recruiting a tenant. Ultimately, the cost of any member privileges will be borne by the tenant so it will be their commercial decision whether to offer them, subject to any terms we agree in their lease.