How much do you need to raise?

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.   

What is the minimum that I can invest?

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. 

I want to make a pledge who do I talk to?

Please go to the website www.savetheunicorn.org for further information. Or email unicorncublington@gmail.com and ask for someone to contact you. 

Can I change my mind once I have pledged money?

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.  

Once cash is handed over can I change my mind?

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.   

What are the chances of me getting my money back?

In first 3 years virtually zero. But after that it will depend on the pubs success and how the company is structured.  

How many shares will I get?

The shares will be £1 shares so you will receive 1 share for every pound invested.

If the pub is purchased and trades for a few years, then closes and is sold will I get my money back?

The net proceeds from the sale would be distributed to shareholders in accordance with the number of shares they own.  

What will happen if we are unable to buy the pub? 

You will get your money back. Less the cost of any expenses incurred. Plus, any interest gained.  

If the fund raising is successful, when do you expect the pub to open?    

The aim would be just before Christmas, the reality maybe different. There is some refurbishment required before someone could live in the pub.  

Do I have any say in the day to day running of the pub / How much influence will the villagers have in terms of how the pub is run?  

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.  

Will the pub be open 7 days a week?  

It will be stated in the lease how many days the pub must open but it is hoped to be 7 days.   

Can I sell my shares to someone else?  

It all depends on how the company is structured and set up. The group is still seeking advice on this.  

If I move out of the village what happens to my shares?  

It all depends on how the company is structured and set up. The group is still seeking advice on this.  

What happens to my shares if I die?  

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.  

What is the benefit of buying the pub as opposed to building an extension and running a bar at the Biggs Pavillion?  

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.  

Who will be in charge of the running of the company that manages the building/lease?

There will be an elected group of people to manage the company and lease, anyone who is a shareholder can put themselves forward for election. There will be a set number of potential officers.   

Can I volunteer to do something/ Do you need any more helpers. If so, what can we do?  

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.  

What professional advice will the working group be seeking?

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.  

I have heard the Parish Council could buy the pub by way of a loan. Has this option been explored?

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