Stay with us on this adventure!
Thank you for your continued support of the Bartons Community Benefit Society’s ongoing efforts to purchase the Fox Inn as a community pub.
It is now 1st February and the second round of the share offer on Crowdfunder has concluded. To date, we have raised a total of £120,150, which is a fantastic amount and a testament to the strength of feeling in our community to save the pub. It is, of course, not enough to meet the purchase price outright.
The Bartons CBS has had some initial discussions with a small group of local high net worth individuals who are interested in working with us to purchase the Fox Inn as a community pub. We believe that this is the best route forward for the CBS to continue to pursue our objectives of keeping the Fox Inn as a community pub and reopening as soon as possible.
We are considering structures in which the CBS could use the money raised so far, alongside this small group of high net worth individuals. The CBS would be a minority player in any proposed structure. In other words, the CBS would hold a minority holding in a community interest company (or similar structure) that would buy the pub. The pub would remain subject to the statutory asset lock – and any agreement between the CBS and the other owners would need to be carefully worded to ensure that our vision and purpose to maintain the Fox Inn as a community pub are aligned. Your stake in the CBS and the terms under which you made it remain the same.
This would mean that the CBS would not own the pub outright at the outset – we would only own a part equal to the amount of what we put in. The key points are:
• The Fox would reopen as a Community Pub in 2024
• Our community would have a strong voice around the table
• In time, we could increase our holding.
This is a change of proposal. We understand that this change may mean that you no longer wish to support the CBS in a joint venture where the CBS has a minority holding only. In that case, thank you for your support to date. You are welcome to cancel. Until Friday 16th of February 2024, you can request a refund via your own account on Crowdfunder or you can email us at info@ourfox.org and we will process the refund for you.
As you have supported us this far, we hope very much that you will continue to support our efforts and keep your financial support in place in the CBS. Thank you for helping us to work towards a new Fox Inn community pub!
Richard Brown MBE
The Bartons Community Benefit Society Ltd