Stuartfield folk are being encouraged to take the next step towards aproposed community buyout of the Crichie Inn.
As reported previously in the Buchanie, the Crichie Community Inn Steering Group (CCISG) is intending to form an Industrial and Provident Society (IPS) for the benefit of the community to raise the money to buy the sole village pubas a community asset, through the sale of Community Shares.
IPSs are registered with and governed by the Financial Conduct Authority and are managed by a committee elected by the shareholders.
John Ollason of the steering group explained: “Before the CCISG forms its IPS, it needs to know if there will be sufficient people willing to become shareholders for the project to be viable.
“We know that there is a lot of support to retain the pub in Stuartfield - now we need to know how much of that support will be translated into money spent on buying shares in the IPS.”
Community Shares may be bought from the IPS, but they may not be sold on to third parties. Shareholders will be able to recoup their investment if they wish in the future by selling their shares back to the IPS. To give the business a chance to become established there will be an initial period during which the selling back of shares will be restricted.
John continued: “The venture will only succeed with community use and support. The greater the investment, the greater the likelihood of success. To enable us to assess how much funding can be raised by investment, we are inviting expressions of interest to find out how much we might raise through this method.
“We are not asking for any cash or binding commitment at present. A prospectus giving full details of the rights and obligations of shareholders is in preparation and will be distributed to interested parties in due course.
“We propose to set a share price of £50 per share, maximum holding 400 shares.”
If you are interested in investing in the Crichie Community Inn you are invited to fill in the form below and return it by June 28.
If preferred you can send an e-mail to firstname.lastname@example.org containing the following details: Name, Contact details, Amount to be invested
Meanwhile, another way to support the project is on Sunday, June 30 when there will be a sponsored walk by members of the CCISG and friends from Longside Social Club, to the Square in Stuartfield along the picturesque Formartine and Buchan Way.
Walkers will be welcome, and the less energetic can contribute by sponsoring a walker. Details and sponsorship forms can be obtained from Keith McCredie, e-mail email@example.com