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Saving the Village Local Our Story

Saving the Village Local Our Story. mbooth. Hudswell is a pretty village, 2 ½ miles from Richmond in North Yorkshire. Can be a bit rough in winter!. Close to the open moorland. Close to open moorland.

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Saving the Village Local Our Story

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  1. Saving the Village LocalOur Story mbooth Hudswell Community Pub Ltd

  2. Hudswell is a pretty village, 2 ½ miles from Richmond in North Yorkshire Hudswell Community Pub Ltd

  3. Can be a bit rough in winter! Hudswell Community Pub Ltd

  4. Close to the open moorland Close to open moorland Hudswell Community Pub Ltd

  5. 8th August 2008 the George and Dragon closed its doors and nobody wanted to buy it. Hudswell Community Pub Ltd

  6. Why did it close? • The business was doing well! • Classic credit crunch victims • Bought the pub at the height of the property boom in spring 2007 • Borrowed most of the finance at high interest rate • Economic downturn hit all business in 2008 • Could not meet repayments and went bankrupt Hudswell Community Pub Ltd

  7. Village pub closure is national phenomena • According to CAMRA • 316 pubs closed in 2006 • 1409 in 2007 • 1866 in 2008 • 2,400 in 2009 • 2,500 pubs closed in 2010   • That is one pub closure every four hours! Hudswell Community Pub Ltd

  8. After nine months • No one had bought it • The economy continued to founder • Small group got together to consider if we – the village, could buy it and re-open it? • We did not moan, or blame someone else, we did something about it! Hudswell Community Pub Ltd

  9. What we did • Formed an organisation – the Hudswell Community Pub Initiative • Did some research into how we could raise the funds to buy it • Secured offers of grant aid and other support • Called public meetings to assess the support from the village Hudswell Community Pub Ltd

  10. Hudswell Community Pub Ltd

  11. What we did • Made an offer to buy the Pub (July 09) • Worked on a Prospectus • Formed a Co-operative (an IPS for community benefit) • Sought pledges to invest • Worked on grant applications Hudswell Community Pub Ltd

  12. What happened • At first, the Bank – Commercial First, did not take us seriously – and talked about a lease • Eventually our offer to buy G and D for £209,950 accepted on the 28th October ’09 • By end of November we had pledges to invest amounting to £150,000 • IPS registered 18th December • Prospectus Launched 28th December Hudswell Community Pub Ltd

  13. The letter accepting our offer specified completion with two weeks!!! Hudswell Community Pub Ltd

  14. Launching the Prospectus Hudswell Community Pub Ltd

  15. What happened • Throughout January the funds rolled in • As deadline of 5th Feb 2010 approached, we were still £40,000 short • Key Fund Yorkshire agreed to convert £20,000 loan to £20,000 equity purchase • By the 7th Feb we had enough funds • 17th February it was ours! Hudswell Community Pub Ltd

  16. Big decisions • To appoint tenants rather than manage it ourselves • To fully refurbish and modernise the pub (altering the internal layout) before we opened it to the public Hudswell Community Pub Ltd

  17. Where the money came from • Investments from individual members £215,500 • Investment from Key Fund Yorkshire £20,000 • Rural Access to Opportunities Grant £50,000 • Cultivating Enterprise Grant (DTA) £5,000 • Rural Business Development Grant £9,200 • North Yorkshire County Council £750 • Co-op and Mutual Solutions £900 • Donations £1,700 • TOTAL £301,350 Hudswell Community Pub Ltd

  18. Costs • Freehold £209,950 • Legal and incorporation fees £6,500 • Allotments £1,500 • Furniture and Equipment £20,000 • Refurbishment £40,000 • TOTAL £277,950 Hudswell Community Pub Ltd

  19. The power of community involvement • We now have 202 member, who have now invested just over £250,000 • 82 from the village (44% of membership) • Board of 10 directors – put in a great deal of time and effort drawing on their various skills • Many other members and supporters have helped with practical tasks Hudswell Community Pub Ltd

  20. A committed and talented board Hudswell Community Pub Ltd

  21. The power of community involvement • Clearing the ½ acre of land to create 10 community allotments • Stripping and French polishing donated pub furniture • Painting and decorating the interior and exterior of the pub • Project managing the refurbishment • Fund raising and publicity Hudswell Community Pub Ltd

  22. The power of community involvement Hudswell Community Pub Ltd

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  27. Will it ever be ready? Hudswell Community Pub Ltd

  28. YES ! Hudswell Community Pub Ltd

  29. George and Dragon officially opened by the Foreign Secretary, William Hague MP (a member of HCP Ltd) on the 12th June 2010 Hudswell Community Pub Ltd

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  32. Its a great pub, with great views Hudswell Community Pub Ltd

  33. Why form a co-operative? • It symbolises the community effort • Everyone who joins has a say and one vote irrespective of the size of their investment • Surpluses are reinvested or must be used to benefit the community • Gives you legal status and limited liability • It is a structure that attracts grant aid Hudswell Community Pub Ltd

  34. Where does the membership live? Hudswell Community Pub Ltd

  35. More than a pub • A villages shop selling basic supplies bread, milk eggs and some local crafts • A small library • Internet access for pub users • Allotments that provide fruit and veg for the pub and shop • An information exchange for the village and tourists Hudswell Community Pub Ltd

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  39. The Allotments Transformed from overgrown field in only thee months Hudswell Community Pub Ltd

  40. The Challenges ahead • Developing a sustainable business • Growing the business with the bed and breakfast accommodation • Possibly developing other initiatives • Keeping the co-operative spirit alive Hudswell Community Pub Ltd

  41. Jackie and Margaret run the George and Dragon • sprit alive Hudswell Community Pub Ltd

  42. There is a waiting list for new members/investors - take a Prospectus • Walks and cycle rides from the G and D • Lots of media interest • Featured in “the Dales” broadcast in May/June 2011 Hudswell Community Pub Ltd

  43. Lots of media interest Hudswell Community Pub Ltd

  44. It’s the only co-operatively owned pub in Yorkshire – for now! We’re very proud of what we have achieved Hudswell Community Pub Ltd

  45. One year on • The pub business is thriving – with sales 50% than we anticipated • The pub atmosphere is welcoming and inclusive • The shop is fully operational and popular – hope to be able to employ a manager • The publicity and interest continues Hudswell Community Pub Ltd

  46. An excellent model to save village pubs • Shared ownership with no debt • We can set realistic rents • Landlord and tenant work to support each other • 200 members committed to using their pub and proud to bring their friends and family to it Hudswell Community Pub Ltd

  47. Others are now following in our footsteps • The Butchers Arms, Crosby Ravensworth, Cumbia, raised £230,000 from a share issue. They now own the pub and it will re-open in August Hudswell Community Pub Ltd

  48. Two more in North Yorkshire The Trvellers Rest, Skeeby Currently boarded up! Sceeby Community Pub Ltd formed in May 2010 Opposed planning applications to convert to a house Currently seeking member investment Negotiating with owner over to lease or buy You can join SCP Ltd! Hudswell Community Pub Ltd

  49. The Forester’s Arms, Coverdale • Coverdale Community Pub formed in April ’11 • Have reached agreement to buy • Have £220,000 of pledges • Now seeking investment from members Hudswell Community Pub Ltd

  50. Miner’s Arms, Ascomb, Northumberland • Not closed • Not the last pub in the village • But current owners have agreed to sell to the co-op Hudswell Community Pub Ltd

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