Update – Shares now available!
We are pleased to announce that the Business Plan and Share Offer Prospectus have been finalised and shares are now available to buy. Please help to save our pub by investing in shares.
Shares will be available to purchase until 7th May. 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.
Copies of the Share Prospectus and Share Application Forms are available to collect from the pub. They are also available on our website – www.ycrossinn.cymru
Whilst the shares will be available to purchase up until 7th May, there is potential to obtain tax relief on investments made before 5th April. SITR (Social Investment Tax Relief) is a scheme under which qualifying investments may be eligible for tax relief of up to 30% of the investment value subject to approval by HMRC. However, this scheme ends on 5th April so shares purchased after this date will not be eligible for tax relief.
Quick Step by Step Guide of How to Apply
- Obtain a copy of the Share Prospectus and Share Application Form from the pub or from our website – www.ycrossinn.cymru.
- Read the Share Offer Prospectus in full.
- Further information is contained within the Business Plan
- 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,
On Saturday 1st April we will be holding an Auction at the pub to raised funds and also give people the opportunity to find out more about what we are doing.
The Auction will start at 7:30pm and there is a total of 42 lots which have been kindly donated. To view the full list of items and to place bid, please visit www.ycrossinn.cymru/community-auction-1st-april