What’s Just Happened/Why are we here?

From May 2026 a tenant will be installed by Phil Wild, the owner, which means the long-term future of the pub is assured – the pub is saved – the key objective of the campaign achieved.

We wish Phil and his tenant every success in this new venture.

In more detail:

• Phil’s decision to engage a tenant required a change of approach.
• Purchase negotiation went ahead through Feb-March – two were offers made (tenanted and vacant possession) – no agreement could be reached.
• Phil decided to give the tenant a chance – the pub is no longer for sale.
• Our plans for a Spring share offer were cancelled.
• Decision time! How do we end the project? Do we sit on the funds or close the project down?

What has been achieved?

• The Pub has been registered as an Asset of Community Value (ACV).
• A Community Benefit Society was established and business advisers were engaged.
• Detailed business plans and financial models were developed.
• Following closure of the Community Ownership Fund, alternative funding options were analysed and applications made, but no large grants were available to replace COF.
• Provisional arrangements were completed for social investment loans from CCF and Key Fund, each for £150k.
• An independent valuation was commissioned.
• Community funds of £167k in pledges and £25k in sales grants donations were received. That’s just shy of £200k from the community and well on the way to our community share offer target of £250k.
• Provisional arrangements were also made for equity investment of £50k from Co-ops UK.

What happens next?

With the tenancy in place, the pub’s future is secure. However, at some point, sooner or later, the pub will be put up for sale again.

Of the £25k raised, we’ve spent a little over half (events, merchandise, professional fees, return of loan from Co-ops UK), leaving cash reserves of approx. £10,000.

The big question is what to do with these remaining reserves?

The consensus at the meeting was that we hold on to the reserves just in case the pub comes back on the market. However, Community Benefit Society rules require us to maintain a committee of four to keep BPCL in existence.

As most or all of the current committee would like to stand down, that means new committee members are needed. If we can’t maintain a committee then it is likely that we’ll have to close down BCPL and distribute the funds.

Our plan is to survey our supporters over the next few weeks.