Please reach us at unicorncublington@gmail.com if you cannot find an answer to your question.
Note that where financial investments are referenced, this is in relation to pledging to purchase shares.
As much as possible, the more that is raised the more of a cushion is provided. The objective for now is to see how much the village and surrounding areas can raise and to then understand if we need to seek further funding sources or there is sufficient.
Put in what you can afford. There is a maximum contribution of £100,000 and the group has not set a minimum, but it is worth saying we need to raise a significant amount of money. If we were to follow the model of the Stag at Mentmore. They had a maximum contribution of £100,000 and a minimum of £1000.
Please go to the website www.savetheunicorn.org for further information. Or email unicorncublington@gmail.com and ask for someone to contact you.
Yes, up until the time when it is turned into cash, although we hope people will stick to their pledges. But we do realise that personal circumstances can change.
You will have committed to purchasing shares. So, NO. But be assured we will not ask you to convert your pledge into cash, unless we are very sure that we can purchase the Unicorn.
In first 3 years virtually zero. But after that it will depend on the pubs success and how the company is structured.
The shares will be £1 shares so you will receive 1 share for every pound invested.
The net proceeds from the sale would be distributed to shareholders in accordance with the number of shares they own.
You will get your money back. Less the cost of any expenses incurred. Plus, any interest gained.
Our timeline is unknown as negotiations are ongoing however, we would very much like to open as soon as possible after purchase. There is some refurbishment required before someone could live in the pub.
The lease will ensure certain conditions are met e.g. structural changes will not be allowed etc but in terms of types of beer, wine, meals etc this will be left to the lease holders. That said, the lease will state what the village expectations are.
It will be stated in the lease how many days the pub must open but it is hoped to be 7 days.
It all depends on how the company is structured and set up. The group is still seeking advice on this.
It all depends on how the company is structured and set up. The group is still seeking advice on this.
It all depends on how the company is structured and set up. The group is still seeking advice on this. But if a Community benefit society structure is chosen then upon death, your shares will form part of your estate and will be dealt with under the terms of your will. On the Share Offer Application Form, there is the option to nominate someone to inherit shares in the event of your death. All distribution of shares will need to be resolved with reference to probate.
The pub is at the heart of the village, a bar at the Biggs would be a social club. Have fewer opening hours, no food and would not attract people from outside the village.
There may come a time when we ask for volunteers to help with cleaning or repairs and maintenance to get the pub up to scratch but that will be in the future. If however, you feel you have a particular expertise that would help the group at this stage then please come forward after the meeting to speak to one of the us.
Once the feasibility of being able to purchase the pub has been determined, then the steering group would appoint accountants, solicitors and any other association which is deemed necessary to realise the project. At the moment there is a charity called The Plunket Foundation which focuses on helping communities to buy pubs, they have been very helpful with the initial investigations, and we envisage using their extensive expertise to assist us in the future.
The Response from the Parish Council was as follows: ' There is a scheme whereby a Parish Council can apply for a loan for a period of up to 50 years to buy a community asset. However, enquiries have been made and the Parish Council has been advised that, given the level of the repayments and interest that would be required on a loan of this size, the Parish Council would not be successful in applying for a loan.'
Can I request my money to be refunded? You will not be able to withdraw your shares for the first three - five years after trading begins. Thereafter, you will need to give notice of your wish to withdraw shares during the annual Withdrawal Window. Shares can neither be sold nor transferred to someone else. Withdrawals must be funded from surpluses generated by the business or from new share capital raised from members. The Committee may decline requests for withdrawals depending on the long-term interests of The Society, its need to maintain adequate reserves, and the broader needs of our community.
Yes, this can be viewed on Rightmove here: https://www.rightmove.co.uk/properties/152072255#/?channel=COM_BUY