The Anglers Rest Share Offer

The community share offer to purchase The Anglers Rest has now closed, with £263,500 raised from 328 investors.

If you are one of the investors, thank you.

If you missed out on buying shares, there may be another opportunity if the elected Board of Directors decide to launch another share issue

For information, you can find a copy of the share prospectus below.

For information on the Enterprise Investment Scheme, please see further details on the HMRC website.

For information on community shares and how other communities have used them to secure services in their village, see the links page.
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offer document
THE BACK STORY

The village of Bamford lies at the heart of the most visited
area of the Peak District National Park with good road and
rail links between Sheffield and Manchester. At one time
Bamford boasted a number of public houses and
businesses and was a thriving community. In recent times,
however, as in many rural areas, businesses have closed
their doors and those that remain have had to look to new
ways to survive and prosper. Community ownership is one
such way.
WHAT IS A COMMUNITY SHARE
OFFER?

It provides the opportunity for local people and businesses to
buy into the community where the motivation and payback is
more social than financial. It helps to ensure a truly local
enterprise, accountable to the community whilst serving and
benefitting it.

The Bamford Community Society has been set up to purchase
the Anglers Rest.
The shares you buy will make you a Member of the society, with
an equal vote regardless of your shareholding. Your
involvement thereafter can be as much or as little as you wish.
You can vote at Annual General Meetings, stand for election to
the Board of Directors, inspect the share register of the society,
volunteer skills for the refurbishment or just give the community
hub your custom.
We would, however, like to encourage as many members of the
community as possible to volunteer their time now and in the
future to make this a truly community venture.
WHAT IS IN IT FOR ME?

This is not just about buying a pub, it is about helping to sustain a
community. There is limited financial reward - this is about investing
in the future of the community and ensuring the Anglers Rest
Community Hub is run for the good of the village, for us now and
for future generations.

At a time when many local businesses are having to close their
doors, the Community Hub offers a once in a generation chance to
safeguard our local services by diversifying the Anglers Rest to
house the post office and café along with the pub and a village car
park. The post office and the café will be housed under the same
roof, under the same management but each as distinct areas within
the building.
A COMMUNITY ASSET

We want to buy the Anglers Rest to protect it for the future and for
it to become a community asset for everyone to enjoy in the long
term. It is only truly a community asset if it can generate a profit that
than can be reinvested into activities that benefit the community.
We want to run it as an enterprise for the good of the area.
THE WISH LIST

The 3 public meetings, 3 open evenings and the afternoon ‘café’
event, together with the information gathered from the Village Plan,
painted a consistent picture of the views of Bamford residents.

The wish was for a local pub that was friendly and welcoming to all,
that provided real ale, good food with regular events and activities.
There was high demand for the post office to remain in the centre
of the village. More village car parking was highlighted, as was the
desire for a central café to serve the local need and also for those
visiting or passing through the village.

We have taken this as the mandate from the village and are
confident that the Community Hub could fulfil this wish list.
HOW MUCH MONEY DO WE NEED TO
RAISE?

A minimum target has been set of £180,000 for this share offer to
be deemed successful. The maximum target sum to be raised by
this share offer is £320,000. We cannot accept any further share
purchases once the maximum sum is reached and the share offer
would close at that point.

We have an agreement in principle for a loan facility of up to
£140,000 to bridge the gap between the value of the share capital
raised and the total funds needed to complete the purchase.

The bank loan will be repaid and the interest serviced from the
income revenue of the business. Clearly, the greater the sum
raised through shares, then the smaller the sum required as a bank
loan, and the lower the interest payments.
HOW DO I BUY SHARES?

You need to be over 16 years to invest.
Shares will be sold at £1 each with a minimum investment of £250.
You can buy in batches of 250 shares up to a legal maximum of
£20,000.

Please fill in the application form at the back of the prospectus and
follow the instructions.

At the end of the offer period you will be issued with a share
certificate.
HOW DOES THE SHARE ISSUE WORK
AND WHAT GUARANTEES DO I HAVE
WHEN BUYING SHARES?

This is a long-term investment for the benefit of the community.
Shares cannot go up in value. Therefore if you wish to withdraw
shares at any point they can only be withdrawn at face value. In the
event of having to wind up the Society, should the value of the
Society’s assets exceed the value of the share capital, the
shareholders will still only get back their original investment. Any
excess value would be transferred to another community
organisation having similar community benefit aims. This is known
as an asset lock and is to prevent private gain if the organisation
dissolves. However as the shares are issued by a corporate body,
shareholders have no liability beyond the value of the
shares they buy.

When the business is in profit, the Society aims to pay interest on
the shares at a rate to be recommended by the directors and voted
on at the AGM. Interest is paid gross and is taxable. You will be
responsible for declaring this income to HMRC. Any profits beyond
this will be retained within the Community Hub and used to further
its activities.

The Society has advance approval from HMRC for Enterprise
Investment Scheme tax relief. The scheme provides 30% tax relief
to investors. This means that 30% of the sum invested could be
offset against personal tax liabilities in the year the society starts
trading. To qualify, the shares must be held by an investor for a
minimum of 3 years.
CAN I SELL MY SHARES?

Shares cannot be sold or transferred to another person but can be
withdrawn after an initial period of three years. This time period is
to ensure the business an initial period of financial stability.
After this time you can get your money back, with 3 months notice,
if you want to cash-in your shares. Where there are extenuating
circumstances the directors have the discretion to release funds
earlier where feasible. The directors have the right to refuse or
suspend withdrawals.
WHAT HAPPENS IF WE DON’T RAISE
ENOUGH MONEY?

If the share investments do not reach the minimum share target by
the end of the share offer period, the directors have two options:
If the total raised is 75% or more than the minimum target sum,
the period of the share offer could be extended. In this event
existing investors would have the option to withdraw their
investment.
If less than 75% of the minimum sum is raised, or the directors
opt not to extend the offer period, then all of the share investment
money would be refunded in its entirety within one month of the
closure date. However the directors may ask for a voluntary
contribution to help cover the costs incurred so far. The share
investment money will be held in a suspense account until the
closure of the share offer period.
WHAT ARE MY RISKS IF THE PURCHASE
GOES AHEAD?

The Society wants to be fully open and transparent to its potential
investors about the risks as well as the benefits of investment in
community shares. Cooperatives UK recommend that it is good
practice to make the following points explicit:

As a member and shareholder of Bamford Community Society
you will own the society and the Anglers Rest pub. If the Society is
unable to meet its debts and other liabilities, you could, in principle,
lose some or all of your investment held in shares.

Financial Services Compensation Scheme, which applies to bank
accounts, does not apply to your share account. This share offer is
exempt from regulation and therefore does not require
authorisation from the Financial Conduct Authority (formerly the
FSA).

Your investment in your share account is withdrawable without
penalty at the discretion of the Board under the Society’s rules.

Your investment in your share account receives interest but does
not enjoy any capital growth. It is primarily for the purpose of
supporting your society rather than making an investment. As a
society, the maximum return offered to investors by way of income
will always be limited.

The Financial Ombudsman Service does not apply to your share
account or your relationship with the Society, but any dispute may
be the subject of arbitration as set out in the Society rules.
WILL IT WORK FINANCIALLY?

The principal risk to the Bamford Community Society investor is
that the Anglers Rest Community Hub fails to be successful as a
going concern. In view of its chequered history in recent years, the
Society recognises that this is an understandable concern. We are
under no illusion as to the challenges and the inherent risks
involved. The mitigation of this risk lies in the fact that the business
plan is built on diversifying the business into a multifunctional
community hub, bringing together pub, post office, café and
accommodation into a single entity, in effect, several income
streams under one roof.
ULTIMATELY THOUGH, ITS
SUCCESS WILL BE DOWN
TO US AS A COMMUNITY.

For more detail about our plans and financial forecast
go to the business plan here.
OUR TRACK RECORD

The Bamford Community Society was established in August 2012
with the sole objective of creating a community hub for the village
by purchasing the Anglers Rest, and our enthusiasm remains
undimmed.

However, we recognise that enthusiasm alone is not sufficient and
that the Society does not have a track record of running such
businesses. Therefore the Society will appoint an experienced
manager to run the business on its behalf.

The manager will be responsible for the day-to-day running of the
business, overseen by the directors who will set the overall
direction.
WHO ARE WE?

The following pages introduce The interim directors of Bamford Community Society.
David Treacher

Dave has been a Bamford resident for twenty years. During this
time he has owned and successfully run Pioneer House as a guest
house with his wife, Janet. Prior to this Dave worked for twenty
three years as an engineering manager with the Post Office.

“On the day that we moved into Bamford we celebrated with a
drink in The Anglers Rest which was then a thriving part of
Bamford’s village life. We would like to see this venerable old
pub restored as the centre of the community for the enjoyment of
everyone.”
Rebecca McIntyre

Rebecca has worked in project planning, development and
fundraising for community and heritage projects for nearly 15
years. She has a proven track record for securing community
grants for similar ventures to the Anglers Rest Community Hub.

“There are loads of great examples of communities successfully
buying their local pub and, in doing so, protecting vital village
services. As someone that often works from home I am as
interested in the range of daytime facilities that could be offered
from the Anglers, as well as keeping a welcoming and friendly
pub within easy
walking distance.”
Ian Wingfield

Ian has lived in Bamford for 35 years and has contributed to local
affairs in many ways: PTAs, HVC parent governor, member on
High Peak Council, and chair of Moore Hall where he oversaw the
recent refurbishment. Ian worked as a chartered civil and structural
engineer and was a chief officer with South Yorkshire County
Council from 1978-1986. He continued to work for a further 20
years as a self employed consulting engineer.

“I am passionate about the cooperative principle, seeing the
Anglers Rest project with a post office at its heart as crucial to
sustaining social cohesion in Bamford.”
INTERIM MANAGER

The directors have appointed Paul Towers, who is well known to
the village as our local postmaster, to be our interim manager for
the first 6 months after which period the post will be advertised.
Paul will be able to apply for the permanent post.

Paul has substantial experience of pub management and catering
in addition to his post office experience and will be invaluable in the
transition of the Anglers Rest into a community hub. Paul will be
assisted by a bar manager and chef.
AND THE REST

Our interim directors will stand down at the first general
meeting following the distribution of shares and the
Society’s members will elect new directors.

The rest of the steering group are an enthusiastic group of local
residents who volunteered at the first public meeting in Feb 2012.
The group has evolved and currently comprises: David Allwood,
Mark Bawden, Jan Beatty, Jon Bury, Simon Hill, David King,
Rebecca MacIntyre, Liz Marshall, Sally and John Soady, Janet and
David Treacher, Richard Tuffrey and Muriel and Ian Wingfield.


If you have any questions, you can contact the shares team
via the contact page.

For more information about community shares please go to
APPLICATION FOR
SHARES

Each share costs £1. Minimum investment is £250. You can buy in batches of £250.
Maximum investment is £20,000. Shareholders must be aged 16 or over.

You can download the complete share document here


FOR MORE INFORMATION PLEASE
VISIT WWW.BAMFORD.COOP

If you have any questions, you can contact the team via the
Thanks to Bamford & Thornhill Parish Council for their support.
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