Our aim is to enable the local community to buy the Cross Inn, Hayscastle Cross to ensure it remains vibrant and commercially viable in challenging market conditions and run the pub as a community led and focussed cooperative.
The Society will be governed by a Management Committee, elected by a membership vote each year.
This share oﬀer will open on Monday 27th of March 2023, and shall run until end of Sunday 7th of May 2023. The Society reserves the right to extend this opening period to the 21st of May should it be considered necessary to achieve the target share capital.
Buying shares will make you a Member of the Society and will give you a say in how it is run. Each member has one vote, no matter how many shares they buy. Shares will cost £50 each. The minimum shareholding is £250 (5 shares) and the maximum is £25,000 (500 shares).
The aim of the share offer is to raise a minimum of £200,000 with an optimum target of £250,000 and a maximum of £300,000. The minimum has been chosen because it is the lowest value at which the project remains viable although it is highly contingent on achieving grant funding to reach the overall target.
The optimum target of £250k represents a solid figure which we think is achievable and which mitigates our dependence on grant funding and improves the available capital reserve.
The maximum of £300k would enable us to purchase the pub outright with grant funding required only for the upgrade scope and first year working capital.
The total cost of the project, including the cost of purchasing the property along with redevelopment, is estimated to be in the region of £468,475.
QUICK STEP BY STEP GUIDE OF HOW TO APPLY
- Read the Share Offer Prospectus in full.
- Further information is contained within the Business Plan and Financial Forecast documents.
- Take independent financial advice.
- Please only invest what you can afford.
- Complete the Share Application Form.
Send your completed, signed and dated application in a sealed envelope addressed to;
Y Cross Cas-lai Community Benefit Society Ltd.,
c/o The Cross Inn,
You can send your application electronically to firstname.lastname@example.org. Please note, you must provide your actual wet signature.