Frequently Asked Questions

You can find the Rules for our Society or download a copy of the full business plan from this website. Any member of the Steering Group will also be happy to answer questions you may have.

Your investment is vital in helping us purchase the Kings Arms, Cleeve Prior. Without sufficient investment from the community, we will be unable to purchase the freehold of the premises and establish a trading business. The more money we can raise from the community the less reliant we are on commercial loans.

The residents of Cleeve Prior and the surrounding village communities will benefit directly by preserving this vital village pub. By making an investment you will be ensuring that the Kings Arms re-establishes itself as the hub of the village helping to provide essential services and building a vibrant community facility which can be enjoyed by both current and future generations. Even if you didn't frequent the Kings Arms previously our aim is to add additional services that might be of interest such as post office, café, coffee shop, parcel drop off point, drop in point for those living alone or those working from home and would like to have company and network over a cup of coffee and lunch.

We expect and will require the business to be a profitable venture. We have carefully evaluated its strengths and weaknesses and our projections show we can establish it as a successful business. It is well proven that communities that work together to set up such an enterprise will support it in the future. You can download a copy of the full business plan from the website.

You can be assured that we will negotiate to achieve the lowest possible price and one that meets the assumptions in our business plan.

The Steering Group consists of a group of local residents who care passionately about saving the Kings Arms from potential future residential development and ensuring its position as the community hub of Cleeve Prior. They have voluntarily contributed a large amount of time to the project. They will have no personal financial interest in the project above and beyond their own investment in community shares or charges made by their businesses which will have to be approved by the Steering Group and the individual will have to declare their interest in the business concerned prior to any approval. Their personal profiles are outlined here

The Steering Group has taken advice and received support from multiple sources including Plunkett Foundation, Pub is the Hub, professional advisers from many disciplines, other community pubs, CAMRA and of course the community itself.

We intend to recruit a professional Manager or tenant to run the day to day business. The Management Committee will oversee the performance of the business and ensure it meets the targets set down in the business plan.

Only Members (ie. shareholders in Cleeve Prior Community Pub Limited) may be elected to serve on the Management Committee. Members of the Management Committee elected by the Members shall hold office (unless vacated beforehand) for a maximum of 3 years. The Management Committee is elected each year by and from the Members at the AGM.

The initial Management Committee will comprise members of the campaign Steering Group plus three additional individuals with appropriate skills to be appointed as soon as the pub purchase has been completed. All members of the initial Management Committee will retire at the first AGM in accordance with the Society's Rules (but may offer themselves for re-election). Thereafter, members of the Management Committee will retire in a phased way over the following three years in accordance with the Rules of the Society.

You can choose one of two options to purchase shares:

• Paper application form with payment by BACS or cheque
• By filling in an application form online and transferring funds into a nominated escrow account administered on behalf of the Society by an independent solicitor

The share application form plus details of payment methods can be found on our website or is available from any of the steering committee.

Funds will only be drawn down if the acquisition proceeds and it is only at this time that share certificates will be produced. It is important that funds are not drawn down or banked in advance as the rules of the Society prevent share withdrawal for the first 3 years.

If you have already made a pledge to invest we will need to convert your pledge into community shares under the terms of this Share Offer. The application form can be found within this offer.

A relatively low minimum investment level of £200 was set to give as many individuals as possible the opportunity to invest whilst being high enough to limit the ongoing member administration workload for the Society.

Yes, this is a democratic structure based on one member one vote, regardless of the size of your investment.

You will not be able to withdraw your money during the first three years. After that, you will need to give at least three months' notice. You cannot sell or transfer your shares, and withdrawals must be funded from surpluses or new capital raised from members. The Management Committee may suspend withdrawals depending on the long-term interests of the Society, the need to maintain adequate reserves, and the commitment to the community.

No, unless you die, when they become part of your estate, or become bankrupt.

If the pub fails all the business' assets, including the freehold of the building, would be sold and the proceeds of the sale (after paying any loans) divided between the shareholders up to the value of their shares. You might receive the full value of your share back or you might receive less than this.

Your liability does not exceed the price of your shares.

The share offer is exempt from the Financial Services and Markets Act 2000 or subsidiary regulations, which means there is no right of complaint to the Financial Ombudsman, nor can you apply to the FSCS.

We aim to pay interest on the shares but this will be subject to the provisions and limits specified within the society's Rules and will reflect the performance of the business. However during the early years of community ownership we believe it is not prudent to commit to making an interest payment. Interest will be paid gross and it is each member's responsibility to declare such income to HMRC if appropriate.