What Can You DO To Help?

One of the aims of the VHCA is that the Vic building is eventually taken into community ownership and management. This is a massive task to achieve and could only be realised if the community wants it to happen and helps it to happen. Within every community there are people with the skills and knowledge to be able to assist in achieving this aim and we would be grateful if those people who feel they could offer some help -either through advice, technical knowledge or practical help - would complete the Skills Audit below. The audit can also be used to show potential funders that the community has the 'strength' to achieve its aim of community management. Many thanks.

    SKILLS AUDIT

Restore the vic Trades Pledge

If the VHCA are successful in obtaining the Vic Pub then we are going to need Tradesmen and women to help restore the Vic to its former glory. As we make a bid for the building, we will need to submit applications for funding and any pledges of voluntary work from anyone willing to share their skill and/or time can be used as matched funding. If you think you can help then please download the Restore The Vic Pledge form here or submit your details below and we will get back to you.

IMPORTANT - PLEASE READ THE FOLLOWING DATA POLICY STATEMENT

By offering to volunteer my time / expertise I am agreeing to be a member of the  Victoria Hotel Community Association, and being a member of the community association I agree to my name, address, phone numbers, email address, trade name, price per hour and area of expertise  being held on a computer database. I understand that this information will be used solely for the purpose of maintain a register of members and potential members as required by the rules of the Community Benefit Society, for the postings of notices regarding the activities’  of the Victoria Hotel Community Pub and will not be passed to any third party.

    Tradesman Pledge

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Please help the vhca

The VHCA is a non-for-profit organisation run by volunteers. The costs of printing and room hire for meetings have been met by donations from community members. Read the aims of the VHCA here
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Pledge to buy shares

The VHCA aim to buy the Victoria Hotel from the current owners and to do this need to show that they have the funds in place so are looking for 'pledges' or a 'register of interest' to purchase community shares if and when they are issued. The full terms and conditions of the share issue are being discussed with advice from the Co-operative & Mutual Solutions and the CVS and some frequently asked questions are available below.
                                                                                                           
Please complete this online form to indicate that you would be interested in buying shares when they are available. Your details will not be passed to anyone outside the VHCA committee without your permission and completion of the form does not commit you to purchase. If you prefer, you can download a pledge form, complete it by hand and hand it in at the St. Albans Road Post Office.

    Pledge to buy shares

Pledge to buy shares
frequently asked questions

The VHCA offer this information on the understanding that these FAQ do not constitute the Terms and Conditions of any share issue but that they are a guidance to how the share issue would operate.

Is the Pledge legally binding?

No. The idea is to gauge how much interest there is to actively support the purchase of the Victoria Hotel as a community venture.

When would I need to fulfil my pledge?

Once we are in a position to put forward a sensible and viable offer of purchase. There are no set dates yet, but this may well be only a few short months away.

What if I find I cannot fulfil my pledge when it comes to the time?

That would not be an issue as it is not legally binding (as stated above). We fully understand that people’s circumstances can change. (It would be a shame as the VHCA is hoping that as many people as possible come forward to support this community purchase.)

How will my money be used?

To purchase the Victoria Hotel. To continue running the pub as a vibrant hub in the community. To gradually renovate and restore the building to ensure it remains a heritage asset to the town of St Annes. The ultimate aim is to open up and establish the whole building as a centre for the community.

How and when could I get my money back?

In order to give the new organisation a chance to build the business we will probably require investors to commit to keep their investment for at least three years before they can withdraw it. After that the usual requirement is to give three months’ notice of their intention to withdraw funds.

Will there be any interest paid on my investment?

It is not guaranteed, but if the venture is successful then we would hope to eventually be in a position to start paying dividends of 3%, but not before year 3.

Can I re-sell my share/s to someone else?

No - they are not transferable (i.e. members cannot sell them to anyone else). This arrangement allows a co-op society to be exempt from the Financial Services and Markets Act for Society share issues.

The shares would be sold back to the ‘co-op’ who would then be able to sell them on. There may well be a waiting list of investors who would like to be part of our success story.

What value would I get for the selling my share/s back?

The shares would normally be sold at the same value they were purchased for. It is important to stress that the share value can go down. Whilst we firmly believe that the business will be profitable and that the ownership of the asset, land and buildings provides members with a high level of security, members need to understand that there is a potential risk that the business may fail and land values may fall further. (N.B. share values in co-operative ventures can never go up.)


What happens if the VHCA spends the money and can't give it back?

The appointment of a board of directors is vital to the success of this venture. The board of directors will ensure that the money is spent on specifically agreed items. In addition, it is intended that a reserve fund will be established. This would be set aside to repay any loans and to allow for members’ withdrawals, although the latter can be limited by the board of directors so safeguard the future of the business.


Will the funds be underwritten by a reputable bank?

It is proposed that the funds will be held in an account with the Co-Operative Bank.

How will my personal data be stored and used?

The data would be held on a computer database. This information will be used for the purpose of maintaining a register of members and potential members as required by the rules of the Community Benefit Societies, for posting of notices regarding the activities of the organisation and will not be passed to third parties.

If the VHCA succeeds and the business takes off, will there be a termly pay out of shared profits to Bond holders?

It is envisaged that any surplus made by the organisation after it has paid dividends to its shareholders must either be reinvested in the business or used for the benefit of the local community or for another charitable or community purpose.

Will investors have some kind of voting rights?

Yes. One share certificate = one vote. It doesn’t matter whether there are 100 or 1000 shares registered on the certificate, it will still equate to ‘one shareholder, one vote’.