Professional Documents
Culture Documents
INVESTMENT OPPORTUNITY!
FOR THE COMMUNITY PURCHASE OF THE WHITE SWAN
SHARE LAUNCH 19th April 2014 CLOSING DATE 31st July 2014
OUR TARGET IN EXCESS OF 200,000
Minimum investment of 200
CONTACT: Linda Tindall or Carol Mather Phone: 07985 538 833 Email: saveourswan@yahoo.com
THE WHITE SWAN HUNMANBY COMMUNITY PUB LTD An Industrial Provident Society for the Benefit of the Community:
Society Registration No.32195R
www.whiteswanhunmanbycp.com
SHARE ISSUE
The White Swan has been part of the history of Hunmanby for almost 200 years. Unless we act NOW this historic Coaching Inn, a landmark in the village of Hunmanby, may be lost forever.
AND INTRODUCE:
A Community & Tourist Information Centre which would provide contact information and leaflets on benefits, pensions etc. Details of local attractions and events in the area will also be available for visitors and tourists who will bring economic advantages to the village.
OUR AIMS
This Prospectus provides an opportunity for those interested in saving The White Swan to become members of The White Swan Hunmanby Community Pub Limited (WSHCP), an Industrial Provident Society for the Benefit of the Community. Our aim is to raise in excess of 200,000 to purchase the freehold of the White Swan and to begin refurbishment. The final outcome will be a Community Pub, owned by its members, which will have a secure future and be in a better position to serve the Community. By purchasing shares and contributing your skills YOU can help make this happen.
2
SOCIAL:
Meeting place, as now, for groups, Bridge, Pigeon Club, Pool, Darts etc.
EVENTS:
Regular events will be introduced, Bingo, Quiz Nights, Raffles.
PLUS: anything else, YOU, the members would like, itll be your Pub so... YOU DECIDE!!
SERVICES
Parcel and Book Collection/Drop Off Point
No more waiting in all day for the delivery of that parcel or missing the fortnightly visit of the SuperMobile Library!
Public Toilets
The Pub would allow public use of its toilets, the only ones in the village now that the original toilet block has been converted into a shop.
WiFi
FREE internet access.
The Restaurant
The upstairs Restaurant will be refurbished and, once again, provide good quality, reasonably priced meals. Produce will be sourced locally where possible, e.g Meat from our own Hunmanby butcher. Speciality food evenings would be introduced such as Pudding & Pie nights, Italian, Indian, French nights etc. The restaurant would also be available for private parties and receptions subject to availability.
Letting Bedrooms
The letting rooms will be refurbished to a high standard providing 21st century facilities whilst retaining the character and charm of an 18th century Coaching Inn. Speciality weekend breaks will be offered as well as Special rate breaks e.g three nights for the price of two.
If you pay tax and can invest 200 in shares you could get 30% tax relief on your investment through the Governments ENTERPRISE INVESTMENT SCHEME (EIS) (see page 6 for details) Just tick the box on the application form (on page 8) and well send you a form.
In its rules is embedded the principle that if a Society has a surplus, this will be made available for distribution to other community or charitable projects, although interest can be paid to Shareholders, providing trading surpluses allow. The WSHCP Rules are available on request by contacting us and on our website.
either directly or indirectly. The success of the venture will provide a richer environment in which to live by reinstating services and events currently unavailable in the village. It will attract more visitors which will assist the village economy as a whole.
business to succeed because they are based on the feedback we have received from the Community.
scrutinised by professionals and has been approved as a sound plan. The business plan is available on request by contacting us and is also on our website. However, for the sake of transparency we have also identified the following risk factors.
Until purchase negotiations are concluded with Enterprise Inns, all subscription monies will be held in an account operated by our Accountants.
In the event that insufficient funds are raised or the project cannot proceed for any other reason (eg another prospective buyer outbids us), ALL subscription monies will be refunded in full.
RISK FACTORS: 1. What if not enough people use the White Swan for the Business to be a success?
We believe that the Services and activities which will be on offer at the revitalised White Swan, will provide a sound basis for the
We believe that the plans outlined will ensure that the project is a success. However in the event that the business were to fail, all the business assets, including the freehold of the building, would be sold.
Shareholders would be repaid their investment (up to the value of their shares) from proceeds of the sale, AFTER repayment of any debts (eg loans, creditors, fees etc). Therefore, although we cannot guarantee that shareholders would be repaid their investment in full, as WSHCP confers limited liability, the most you could lose due to business failure would be your original investment. It is important to remember that the value of your shares cannot increase and may decrease in the event that the business fails. Unlike a conventional limited company, any surplus would have to be paid to a charitable or community body, in line with the Rules of the Society and would not be distributed amongst shareholders.
The Board members will have the same opportunities to invest as anyone else and will receive no payment for sitting on the Board. Currently, the project is being steered by ten local people (the Steering Group), all of whom believe passionately in Saving Our Swan. Following completion of the Community Share Issue, an AGM will be held at which everyone on the Steering Group will stand down and the shareholders will elect the Board. Further information about the Steering Groups members and the groups formation can be found in our Business Plan.
except on death or bankruptcy. Members cannot sell their shares but can apply to withdraw them after giving three months notice. However, in order to allow the business to become established, members will be unable to withdraw shares until after the end of the second year of trading. In addition, and in accordance with the Rules, the Board has the right of refusal to any withdrawal request should it be judged detrimental to the business at a particular point in time.
buy shares.
Q Who can apply for Shares? A Anyone over 16 years of age can Q What are my Rights as a Shareholder? A All Shareholders have a right to
A reminder that our Business Plan is available on request from saveourswan@yahoo.com and is also available to view on our Save Our Swan website.
the investors and all investors will be shareholders and members of the Society.
Q What does the Board gain and who are they? A The Board will be elected by
vote at the AGM. Each member has one vote irrespective of the number of shares held. One share costs 100 and the minimum investment is 200. In accordance with IPS Rules, the legal maximum value of shares allowed per member is 20,000.
interest will be paid to members, however, this will not be paid until the end of the second year of trading to allow the business to establish and will always be at the discretion of the Board and dependent upon funds available. The payment of interest and rate will be agreed with the members at the AGM. Interest can never be higher than 2% above the current Bank of England base rate.
PLUS
A SPECIAL BIG THANKS TO THE PEOPLE OF HUNMANBY AND EVERYONE WHO HAS SUPPORTED AND CONTINUES TO SUPPORT THE PROJECT.
5
TAX RELIEF
IMPORTANT INFORMATION
It is essential you read this before applying for shares. Independent Financial advice should be sought, if necessary, before investing in the project. Above all this is an investment in the COMMUNITY intended to help make Hunmanby a vibrant and thriving place to live. It is NOT a financial investment providing the usual expected direct financial returns. Full details can be found in the Rules of the Society in the Business Plan on our website or available on request. 1. The minimum share investment is 2 shares or 200, the maximum allowable is 20,000. Members must be 16 or over and shares must be fully paid up on application (application form attached and on the website). 2. Shares are not transferable (except on death or bankruptcy). Shares cannot be sold, except back to the Society itself for their original value, i.e 100 per share (see page 5 for exceptions). 3. The value of shares cannot increase beyond their nominal value of 100 and may reduce if the business fails. 4. Members liability is restricted to the value of shares held; you have no further liability should the business fail. 5. Interest will be paid on shares following the second year of operations providing trading surpluses allow. 6. Withdrawal of shares, which require three months notice, is at the Boards discretion, and cannot be made until the end of the second year and must be funded by trading surpluses or new share capital. The Board may specify a 10% limit on withdrawals for each financial year. All share payments will be held in a deposit account with our Accountants until sufficient funds to continue with the Project have been achieved. If insufficient funds are raised and the Project cannot go ahead ALL monies will be refunded in full. 7. The White Swan Hunmanby Community Pub Ltd is registered with the Financial Conduct Authority (FCA). However, as community share investments are considered as investments for social return and not financial gain, the sale of such shares is not regulated by the FCA; there is, therefore, no right of complaint or recourse to an Ombudsman.
This share offer closes on 31st July 2014. If the Project proceeds, shares should be issued by 31st August 2014.
7
PAPER APPLICATIONS:
Please complete this form or a copy of it (nb. you must be 16 years of age or over to be eligible for membership). Each individual must complete a separate form. Shares are available at 100 each (minimum two shares). You may buy as many as you like up to a maximum value of 20,000 (two hundred shares). I wish to purchase______ _ shares (minimum 2, max 200) at 100 each to a value of _________________ Name:_____________________________________________________________________________________ Address:___________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ ____________________________________________________ Post Code:____________________________ Tel no:______________________________ Email:__________________________________________________ I confirm that I have read the Community Share Offer document, including the IMPORTANT INFORMATION section on page 7. Signature:_______________________________________________________________ Date:_____________ Please complete this form and return it with your cheque made payable to Save Our Swan Group to our Accountant, Jon Morley:
Save Our Swan, c/o Jon Morley, JW Smith & Co Ltd, 34-35 Queen St, Bridlington, YO15 2SP
Should you have any queries, please contact: Linda Tindall or Carol Mather Phone: 07985 538 833 or Email: saveourswan@yahoo.com I wish to notify the Society that I intend to take up the opportunity of seeking tax relief and request the Society send me an SE1S 3 form in due course (please tick if appropriate).
Please note that as a member of WSHCP all details submitted will be held on the Societys Database to be used ONLY for maintaining a register of members and for posting notices regarding WSHCP. This information will not be passed to third parties.
8