It's official - we have a Community Benefit Society
Save the Bromley Cross now has a Community Benefit Society - the Great Bromley Cross Pub CBS - and it's been registered with the Financial Conduct Authority.
A CBS is a type of not-for-profit business, part way between a company and a co-operative. But more importantly, like a company, it can sell shares and buy and own property. And that's what we need to progress our bid to buy the Cross Inn. Our initial offer has been turned down so that gives us more time to launch our share prospectus and get all the money secured. The Asset of Community Registration moratorium expires on 5th November 2015 and that's when the Cross can be bought on the open market. So we're waiting to see what happens.
But in the meantime we're finishing off our business plans and share prospectus ready for a launch party later this year.
Hope to see some of you at Ardleigh Village Hall on 17th October for our fundraising quiz (details here). Our share prospectus is to raise the funds to purchase the pub, but till then we need some money to pay for professional fees such as the valuation and legal fees. Want to know more or get involved? People are always welcome to our steering group meetings. Next one is on Tuesday 13th October at 8pm at Great Bromley Cricket Pavilion or Village Hall (the pavilion is behind the hall).