Discover Milverton Community Benefit Society: Uniting for The Globe Pub's future - your support keeps our community thriving!
Area 1: What happens to my money?
If we don’t buy The Globe can I get my money back?
Funds will be returned in the event that the purchase of The Globe falls through. It is possible that there may be a small deduction for expenditure incurred, for example we will use a small percentage of funds raised to pay for a structural survey; if this identifies some catastrophic problem then it could jeopardise the project. Funds raised to date are being held in an interest-bearing account and we expect costs incurred prior to purchase of the pub to be mitigated by interest earned on those funds.
Can I transfer my Shares?
Shares can be transferred, but only with the agreement of the committee. The reason is to ensure that the CBS remains under the control of the community – this is from the legislation that defines the way that a CBS can operate.
Is my investment secure?
The great majority of the money raised will be spent on the purchase of the freehold of the pub. The Milverton CBS will own the pub and will be the 100% owner of the property. Up until the point of acquisition of the property, money spent will be kept to a minimum, we anticipate no more than 5% of funds raised will be required for up front legal and survey fees.
How is buying a share in a community benefit society different from a traditional investment?
Unlike other types of investment, a share in Milverton Community Benefit Society does not entitle the holder to receive any dividends (although there is some provision for discretionary interest to be paid out to members in the future if profits allow - please see the business plan). Your shares could decrease in value if The Globe is not a successful venture and so your capital is at risk.
Unlike other types of investment, your original investment will not go up unless provision is made for an enhanced payment at the discretion of the committee. Instead, this is a direct investment in your community and as such the funds will continue to benefit the aims of the community and in particular the main aim of keeping our pub open. See also other FAQs regarding the transfer of the shares, because that is also different to other types of investment.
What about grant funding?
If our grant application is accepted, the government will have a charge over the building for 7 years, but the grant is not repayable on condition that the project succeeds and the pub ownership remains with the CBS. Currently we expect grant funding to cover over 50% of the required funding. This means that investments will be match funded by a non-repayable government grant, providing further security for your investment.
I have pledged on the website but haven’t heard anything. What do I do?
It is a manual process to transfer pledges from the website into our accounting system. If it has been more than a few days since you made your pledge, and you have checked your junk/spam folder, please contact our treasurer, Adrian, on 07928 220469.
I don’t have email / don’t bank online, how do I make a donation?
Please get in touch with one of the committee members, we can give you a pledge form. We can accept cheques (payable to Milverton Community Benefit Society Ltd) but prefer to avoid cash if possible. Pass your cheque to a committee member or contact Adrian on 07928 220469.
Area 2: What happens when we buy The Globe?
Will it be a Manager or Tenant appointed to run The Globe?
Our preference is to pursue appointing a Tenant to run The Globe (as outlined in this article). It may be, dependant on circumstances we appoint a Manager to run The Globe for the first year, with the mutual understanding and aim to migrate this to a Tenancy after the first year
If a Tenant takes on running The Globe will they be able to take all the profits?
In short, No. We will ensure The Globe’s offering is what the village wants and we will ensure, through Service Level Agreements these are delivered AND a percentage of the profits are returned to the Milverton Community Benefit Society
What happens if we only raise enough funds to buy the pub and don’t have funds to do all we want to do to the pub.
We will ensure that all legislative and health and safety regulations are covered as a minimum. Initial basic refurb will take place. The important thing is to be in control and own the pub. We can build the business from there for the future
How will volunteers be organised to help with getting the pub ready for opening ?
A list of people is being compiled and we are looking for experienced trades people to give their time to support this work. We have some already and are looking for more
Will there be a grand re-opening of the pub and will it cater for all parts of the village ?
Absolutely.. we want it to be a really exciting event and one that all parts of the community take part in and feel part of
Area 3: AOB
Will we see Pub Games return to The Globe?
Our vision is to reinstate Darts, Skittle and Pool teams, to take part in local leagues and serve as Ambassadors for all The Globe has to offer
Will the food be affordable to all members of the community or will it be a gastro-pub?
Our vision is to have an affordable menu of good pub food and very affordable prices, using locally sourced ingredients
Will people be welcome at The Globe if they just want a drink?
Absolutely! It is vitally important The Globe appeals to people who want to have a drink - alcoholic/non-alcoholic
Will drinkers be able to sit in chairs/sofas, instead of feeling they have to stand at the bar?
Again, absolutely! A pub at its heart, is a public house, for consuming drinks and this will be the forefront of our offering in comfortable surroundings
How will local clubs and societies be able to register use of the pub rooms for their use?
We want these organisations to approach us so we can support them in this new venue. We are very keen to engage with organisations to get them involved once open