The residents of Nenthead, Cumbria, are a step closer to taking ownership of their village’s only pub, which has been closed since 2020.
The management board outside the Miners Arms, Nenthead
Residents came together and formed a community benefit society known as the Miners Arms Community Pub Ltd (MACPL).
They have submitted an application for a government Community Ownership Fund (COF) grant for more than £360,000 and are on tenterhooks waiting for news of the result, which is expected in May.
The group were awarded a grant and the help of a specialist advisor by the COF support programme to ensure the bid was the best it could be. Westmorland and Furness Council also awarded the project a community grant of £8,500 as a contribution towards the purchase.
“The last eight months have been a whirlwind of activity as the management board and I have worked towards a community buy-out of the Miners Arms, Nenthead,” said Simon Walker, chair of MACPL. “We were expecting a steep learning curve, and that is exactly what we have had.”
The next step in the group’s plan is to launch a community share offer to raise the £95,000 required to match the COF grant to be able to buy, refurbish, and re-open the Miners Arms. Shares can be bought by anyone, not just the local community.
The share offer has been awarded a Co-operatives UK Community Shares Standard Mark, which ensures that community share offers are clear, honest, and transparent. It also ensures investors are presented with all the facts they need to make an informed decision, and the facts are supported by a business plan.
The share offer will be launched at a community meeting in The Hive, Nenthead, on Saturday, 4th May. Shares are £1 each with a minimum investment of 100 shares. Owning shares means investors will be members of the Miners Arms Community Pub Ltd. The business plan and share offer document are available at minersarmsnenthead.com. The share application form will be live from 4th May.
The group wants to encourage as many people as possible to buy shares and have a say in the running of the pub. There will be a pay it forward scheme as they don’t want to exclude anyone in the village from owning shares because of their financial situation. Investors who are able will be encouraged to donate shares for the pay it forward scheme.
Simon added: “Our supporters pledged £85,000 in December and it’s now time to turn those pledges into cash. We hope those that pledged to buy shares can increase that amount and those that didn’t pledge come forward to buy shares. It is now time to relight the Miners flame.”
Anyone with questions can email minersarms.nenthead@gmail.com.
