Last Sunday saw the launch of the Share Prospectus for the Lyvennet community purchase of the Butchers Arms in Crosby Ravensworth. Following months of behind the scene activity a group of local residents have registered the Lyvennet Community Pub Ltd (LCP) as an Industrial and Provident Society, carried out a community survey, developed a Business Plan and a full share Prospectus.
The Pub, the last in Crosby Ravensworth serving the upper Lyvennet Valley area has been closed for over 6 months due to the retirement on health grounds of the previous owners.
A price of £255,000 has been agreed with the current owners and the group now have until 20th May 2011 to raise the required funding. They already have £160,000 in share pledges and these will be drawn down over the next couple of weeks and various small value grant applications are also currently being progressed.
Kitty Smith, the group secretary said;
“With a minimum of £250 prospective share holders are investing in the building; the “bricks and mortar of this rural cumbrian pub. This is a sound investment with the expectation of a dividend payable from year 2 onwards.”
Over 100 people attended the public meeting demonstrating the local commitment for the venture.
Given the groups involvement in the Eden Valley Big Society vanguard their work is attracting attention nationally.
Community Pubs Minister Bob Neill said:
“Three cheers to the LCP Group for working with the community to keep the heart and soul of the village, the Butchers Arms, alive and well. Pubs are important places for people to get together with neighbours for a drink and a catch-up, and their role in keeping communities strong should not be underestimated.
“The owners’ approach to working with the community to keep the pub open and offer new services for people is exactly what the Big Society is all about – power to local people. I look forward to stopping in at some point in the future to raise a glass to their success.”
Anyone interested in becoming a shareholder can find further information on the website www.lyvennetcommunitypub.com or by contacting the groups secretary Kitty via the site.
The group are also looking for tenants to run the business.