The interim committee presented their proposal to reopen the closed Ten Bells pub as a community-owned venture. They investigated feasibility, secured funding and support, conducted surveys, and developed a business plan. The proposal is to establish an Industrial and Provident Society to purchase the pub, conduct refurbishments in two phases, and offer a pub and food service as well as potential future services like a shop or accommodations. The committee is seeking share pledges, volunteers, and support to finalize plans and reopen the pub by Easter 2014.

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Report back on the Ten
Bells
By the Interim Committee
24th September 2013

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Purpose of tonight’s meeting
1. Report back on what we’ve been doing
2. Present proposed way forward
3. Get your commitment to support the project

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• Interim Committee brief from June 6th
“Investigate feasibility of reopening The Ten Bells as a
community venture”

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What have we been doing?
• Spoken to a wide range of advisors on community projects
• Investigated sources of funding
• Secured support from Plunkett Foundation
• Secured £10,000 Pre-Feasibility Grant from Social Investment
Business Group (SIB)
• Registered the Ten Bells as an “Asset of Community Value”
• Non-intrusive survey done
• Essential works costed
• Preliminary Architectural plans produced
• Business case developed
• Investigated forms of company structure
• Publicity and communications

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Publicity and communications
• Community magazine, Six Village news, Web site, Facebook, Twitter
• www.tenbells.co.uk including questionnaire
• East Anglian and Bury Free Press

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Key findings
• The village want a pub that does food
• The Ten Bells cannot be viable as a drinking pub alone
…..but it could be viable with additional services
• We need a wider appeal
• Other sources of revenue are possible and can be profitable
• Grants are available for “Community” ventures
• Capital grants are available but very limited
• Grants are generally not for running costs
• The right company structure can help with grant funding
• This is not a new idea

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The Business Idea
• Two phased approach
• Phase 1 - Refurbish and reopen
• Purchase from Punch Taverns
• Essential repairs and redecoration
• Improved entrance – more attractive to visitors
• Services – pub, food, coffee shop, free wi-fi, parcel drop
• Phase 2 – Develop other services
• Relocate village playground
• Community IT facility
• Shop
• Accommodation?
• Business centre?

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Our proposal
• Establish an “Industrial and Provident Society” (IPS Bencom)
company structure and elect a Board of Directors
• Raise capital through shares
• Apply for Grant Funding as appropriate
• Buy The Ten Bells from Punch Taverns
• Recruit key staff
• Carry out essential repairs and re-open

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The Company Structure
• Advice (from Plunkett Foundation) is to set up an Industrial &
Provident Society (IPS - Bencom)
• Each subscriber will have a single vote whatever their holding
(£50 to £20 000 maximum).
• Advantages of this structure:
• Everyone gets an equal voice
• Tax relief for investors of at least 30% will be available under The
Enterprise Investment Scheme (EIS)
• More attractive to potential grant funders
• The IPS will have a Board of Directors, responsible to the
shareholders

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Architect’s drawings

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Business case
• Phase 1 – circa £400k + VAT
• Purchase costs – circa £200k + VAT
• Refurbishment costs – circa £150k + VAT
• Working capital – circa £50k
• Phase 2 – circa £70-100k
• New facilities introduced
• Raising the funding
• Combination of
• Shares
• Grants

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The Voice of Experience
Andrew Purdy
Chairman and Managing Director
Ryburgh Community Enterprise
Community Interest Company

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Do you want to go
ahead?

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What do you need to do?
• Pledge share money
• We have to raise enough capital for Phase 1
• Volunteer for the Committee and Company as Directors
• We need new people and skills
• Answer our questions on the web page
• We need to get evidence to support the business plan
• Spread the word!
• We need everyone in the area to know that this is happening!

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Next steps
• Finalise Business Plan i.e. test assumptions and viability using
professional advice Oct 2013
• Establish company and prepare Share Prospectus Oct 2013
• Using £10k SIB grant
• Raise share capital Nov 2013/Jan 2014
• Apply for capital grant funding – if available Jan 2014
• Purchase and refurbishment Jan 2014
• Opening of Phase 1 Easter 2014

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Thank you!
Questions?
Please complete your share pledge form before
leaving

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Survey results
• 41 responses to date
• Understandably, all but two of the respondents were
from IP14 postcodes
• We will also need to appeal to people from outside the
immediate area
• Survey still open on www.tenbells.co.uk

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Clear support for a village pub

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Whilst there is a good level of use promised, we need to
make the Ten Bells more attractive to “Occasional” users

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The responses suggest local support for a traditional village
pub with food

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Local people are looking for a mix of restaurant and bar food

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......during the week as well as at weekends

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Thank you the for clicking the “yes” button. You could be on
the Board in the near future.

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Thank you for your support
Your pledge to buy shares is very important