Futures Forum: Sidbury Community Enterprises to buy Red Lion, Sidbury
Sidbury pub to become East Devon community first - News - Sidmouth Herald
... shares are now being offered in the business:
East Devon village launches share scheme for locals to buy its pub | Exeter Express and Echo
SIDMOUTH: Village pub campaign launches share offer
15th April 2014 By Jack Dixon.
Sidbury residents were this week given the first opportunity to buy shares in a community enterprise set to take over the running of the Red Lion pub.
It was announced last month that the pub’s current owners, Punch Taverns, had agreed to sell the Red Lion to Sidbury Community Enterprises for £190,000, and it could soon become the first community-run pub in East Devon.
But the success of the bid will depend on whether enough members of the local community purchase shares in the company, and organisers behind the Save the Red Lion campaign this week launched a community share offer in an effort to attract investment.
Campaigners need to raise at least £200,000 within five weeks to move ahead with the purchase of the pub, refurbish the building and cover start-up costs.
Sidbury Community Enterprises Chairman Fred Burnett said: “We have a vision that a future Red Lion business will be more than just a successful village pub. Since the outset of the campaign to retain the Red Lion, the objective has been to retain it as a community asset. Our vision shows that we want the pub to be at the heart of the community. We want to support and work with local community groups and events. We also want to use the pub as a base from which new services can be provided to the community. Being a community centred pub is key to our ethos and future success.”
Punch Taverns put the Red Lion up for sale in April 2013, but due to its status as an Asset of Community Value, local people were given the first opportunity to purchase it.
The legislation enables a building to be marked as having particular importance to local communities and if the asset is put up for sale, the local community has six months to prepare a bid, during which time the property cannot be put on the open market.
Over the last year, Sidbury residents have rallied to save the pub and established the company, enabling them to make the offer.
Share offer prospectuses were delivered to residents in Sidbury yesterday (Monday) and the offer period lasts until May 25th.
Shares can be bought in £50 denominations up to a maximum of £20,000 per person.
To promote the share offer, the campaign group will be holding open days at Sidbury Village Hall on Friday, April 25th and Saturday, May 3rd between 10am and 4pm, during which residents can find out more about the offer and what the company intends to do with the pub.
PICTURE: Village pub campaigners launch share scheme.
View From Online - News from West Dorset, East Devon & South Somerset
The Pub In The Village : No Expenses Spared Launch Of Share Offer!
Right to bid
The most recent takeovers have utilised the Community Right to Bid, which allows residents to nominate pubs as Assets of Community Value (ACV).
These included the Red Lion in Sidbury, which Punch Taverns last week agreed to sell to Sidbury Community Enterprises (SCE). Punch put the pub up for sale last April, and SCE successfully campaigned to have it listed as an ACV in August. The Red Lion is the only pub in a village of 800 people.
Organisers say the money will have to be raised in the next two months for the group to buy the pub. Under the share offer, individuals will be able to buy shares at £50 each, up to a value of £20,000.
More than 50 pubs across the UK now being run by the community
The Pub In The Village
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Sidbury residents were this week given the first opportunity to buy shares in a community enterprise set to take over the running of the Red Lion pub.
It was announced last month that the pub’s current owners, Punch Taverns, had agreed to sell the Red Lion to Sidbury Community Enterprises for £190,000, and it could soon become the first community-run pub in East Devon.
But the success of the bid will depend on whether enough members of the local community purchase shares in the company, and organisers behind the Save the Red Lion campaign this week launched a community share offer in an effort to attract investment.
Campaigners need to raise at least £200,000 within five weeks to move ahead with the purchase of the pub, refurbish the building and cover start-up costs.
Sidbury Community Enterprises Chairman Fred Burnett said: “We have a vision that a future Red Lion business will be more than just a successful village pub. Since the outset of the campaign to retain the Red Lion, the objective has been to retain it as a community asset. Our vision shows that we want the pub to be at the heart of the community. We want to support and work with local community groups and events. We also want to use the pub as a base from which new services can be provided to the community. Being a community centred pub is key to our ethos and future success.”
Punch Taverns put the Red Lion up for sale in April 2013, but due to its status as an Asset of Community Value, local people were given the first opportunity to purchase it.
The legislation enables a building to be marked as having particular importance to local communities and if the asset is put up for sale, the local community has six months to prepare a bid, during which time the property cannot be put on the open market.
Over the last year, Sidbury residents have rallied to save the pub and established the company, enabling them to make the offer.
Share offer prospectuses were delivered to residents in Sidbury yesterday (Monday) and the offer period lasts until May 25th.
Shares can be bought in £50 denominations up to a maximum of £20,000 per person.
To promote the share offer, the campaign group will be holding open days at Sidbury Village Hall on Friday, April 25th and Saturday, May 3rd between 10am and 4pm, during which residents can find out more about the offer and what the company intends to do with the pub.
PICTURE: Village pub campaigners launch share scheme.
View From Online - News from West Dorset, East Devon & South Somerset
The Pub In The Village : No Expenses Spared Launch Of Share Offer!
Right to bid
The most recent takeovers have utilised the Community Right to Bid, which allows residents to nominate pubs as Assets of Community Value (ACV).
These included the Red Lion in Sidbury, which Punch Taverns last week agreed to sell to Sidbury Community Enterprises (SCE). Punch put the pub up for sale last April, and SCE successfully campaigned to have it listed as an ACV in August. The Red Lion is the only pub in a village of 800 people.
Organisers say the money will have to be raised in the next two months for the group to buy the pub. Under the share offer, individuals will be able to buy shares at £50 each, up to a value of £20,000.
More than 50 pubs across the UK now being run by the community
Sidbury Community Enterprises shares to fund the community purchase of the Red Lion can be bought securely online at –
No money will be debited from your bank account until the share offer has successfully reached its target figure.
You can also send a cheque made payable to “Sidbury Community Enterprises Limited” to – The Treasurer, Sidbury Community Enterprises, West Barn, Northcombe Farm, Salcombe Regis, EX1- 0JQ. Your cheque will not be cashed until the share offer has successfully reached its target figure.
Don’t delay, invest today!
Help to give the Red Lion back its roar!
Monday, 14 April 2014
Today - Share Offer Launched To Buy Red Lion
Sidbury Community Enterprises Launches Community Share Offer! £200,000 Share Offer Target
Sidbury Community Enterprises has set a share offer target which it needs to hit within 5 weeks in order to purchase the Red Lion Inn, in picturesque Sidbury village in East Devon. If it achieves its target Sidbury Community Enterprises will be the first community owned pub within East Devon which under the 2012 Localism Act has been listed as an Asset of Community Value.
Sidbury Community Enterprises has today launched a £200,000 community share offer that closes on 23 May, and has also published its community share offer prospectus http://sites.google.com/site/thepubinthevillage/SCELShareProspectus.pdf.
Sidbury Community Enterprises is determined to give the Red Lion back its roar!
Sidbury Community Enterprises has set a share offer target which it needs to hit within 5 weeks in order to purchase the Red Lion Inn, in picturesque Sidbury village in East Devon. If it achieves its target Sidbury Community Enterprises will be the first community owned pub within East Devon which under the 2012 Localism Act has been listed as an Asset of Community Value.
Sidbury Community Enterprises has today launched a £200,000 community share offer that closes on 23 May, and has also published its community share offer prospectus http://sites.google.com/site/thepubinthevillage/SCELShareProspectus.pdf.
Sidbury Community Enterprises is determined to give the Red Lion back its roar!
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