This is an opportunity to buy shares and become a member of the Antwerp Arms Association Limited, a Community Benefit Society (the Society) registered with the Financial Conduct Authority.
Why are we doing it?
The Bruce Castle Village Association found out in June 2013 that our local pub, the Antwerp Arms, had been put up for sale by the freeholder, Enterprise Inns. They were looking to sell it to the highest bidder, almost certainly for conversion into flats.
Taking advantage of the Localism Act 2011
, we applied for the pub to be listed as an Asset of Community Value (ACV), meaning that we would have the right to buy it if it came on the market. Although the pub was sold to a local development company Hinterwell Ltd before the ACV was in effect, they offered us the right to put in a bid, which we took up in November 2013. We have until May 2014 to be the sole bidder.
Why should you invest?
If, like us, you feel that the life is going out of pubs, and that pubs are going out of our communities to be converted by greedy developers into more poky flats, then this is your chance to make a difference.The Antwerp Arms is a traditional locals’ pub in North Tottenham in London. There has been a pub on this site since about 1830 (when it was called the Hope & Anchor).
By investing in the community-owned venture, you will be part of a growing group of people seeking to take back control of their local area. Pubs offer a safe place for people to drink, meet and socialise. With many closing or taking niche positions, the traditional pub has become endangered. As we launch this offer, there are 22 co-operative and community pubs operating in the UK.
What is the Plan?
Buy the freehold of the Antwerp Arms public house at 168-172 Church Street, Tottenham, getting the best deal that we can. This will reflect a compromise between its existing value as a pub and the value were planning permission to be given for the building to be converted into flats.
There will be some works to do on the building once we own it: the roof needs repair and other work needs to be done to improve insulation and security. The interior and beer garden will be freshened up. None of this should affect trading.
The existing tenancy will be terminated, and we shall put in professional managers to run the business on a day-to-day basis. There is a flat above the pub which they will use, reducing the likely wage bill. The business will be managed in a way that should allow sufficient profit to pay interest on your shares and eventually redeem them.
Benefits of Owning Shares
If you own one share, you may vote at general meetings of the society, and stand to become a member of the management committee.
If you hold four or more shares, you will also receive interest on your investment if the Society is in profit.
If you hold ten or more shares, you will also get a discount of 20p per pint on Redemption beers at the bar, once we are managing the pub.
If you buy twenty or more shares, you will also appear, if you wish, on the List of Patrons, to be displayed in the pub. You will in addition get a print of a painting the pub to have at home.
Before investing please carefully read the Share Offer Document and other supporting documentation. Please note that interest payments to shareholders are not guaranteed and are dependent on business performance.
Payment is taken once the share offer closes.