Hudswell Community Pub
Category
Leisure
The dream of owning their own local became a reality for the villagers of Hudswell, North Yorkshire, in February 2010 when the co-operative they formed bought the local pub.
With support from The Co-operative Enterprise Hub, residents and friends of Hudswell, North Yorkshire, formed a co-operative to resurrect their village pub, The George & Dragon, after it had been standing closed for 18 months.
The determined group registered as an industrial and provident society, prepared a business plan, issued a prospectus and raised £224,000 in share capital, enabling them to buy and refurbish the pub.
“The pub was a casualty of the credit crunch,” said Martin Booth, one of the directors of the new co-operative. “The last landlord bought it when property prices were at their highest. When business declined as a result of the recession, they couldn’t make the mortgage repayments. Our new co-operative won’t have that problem.”
The George and Dragon is now trading profitably after re-opening in June 2010. The village pub, now owned by Hudswell Community Pub Ltd, is democratically owned and controlled by its members – many of them villagers, who will be key to its long term success.
Whilst handing key business decision making over to a tenant, the co-operative has ensured that the pub can be used for community events, celebrations, and cultural and social activities, becoming, once again, a central hub for the village. The co-operative is now exploring ways in which it can deliver other initiatives that benefit the local community.
HOW WE HELPED
- We assisted the community with business planning and advice on how to set up and register the co-operative.
- We provided training for the directors.
- We supported the co-operative to prepare a prospectus for a community share issue.
For more information visit http://www.richmond.org/community/hudswellpub
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