People we've helped
The Butchers Arms
After standing empty for over a year, the only pub in the Cumbrian village of Crosby Ravensworth reopened in August 2011 with new owners - a community co-operative of 300 local people and supporters from further afield.
With help from the Hub (and a loan from The Co-operative Loan Fund) the determined community registered a co-operative, made an offer to buy the pub and launched a community share issue to raise money to buy and refurbish the premises.
Cameron Smith, treasurer of the new co-operative said: “This has been an incredible community project to be involved in and this pub will now benefit from having around 300 ‘co-owners’ committed to its future success. We have been overwhelmed with the interest in the project. Around half of our members are local but we have had investors from as far afield as Alaska, America and Australia.”
The co-operative’s application to The Co-operative Loan Fund had been approved early in the process, and this objective appraisal of viability contributed to the success of the community share issue which easily reached its target.
The Hub has now helped a number of villages use the co-operative solution to save their locals.
HOW WE HELPED
- We advised on setting up a co-operative
- We helped with the community share issue
- The Co-operative Loan Fund provided a loan for working capital
Dave Hollings, the Hub adviser, said: “By setting up a co-operative and raising finance through a community share issue local people can save vital facilities and create a sustainable business.”
For more information, please visit www.thebutchersarmscrosbyravensworth.com
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