This website page is being retained as a diary of the
Tolpuddle Community Purchase of the Martyrs Inn

On 8 July, 2023 The Martyrs Inn reopened!
www.martyrsinn.com

The Martyrs Inn reopened on Saturday, 8 July, 2023  just seven months
after the community purchase proposal was first made.
Congratulations to everyone who has made this happen, the shareholders, directors, volunteers and
especially, of course,  Barrie Lovelock who has proposed and driven the whole venture. 
We are one happy village!

For the story as it happened see the timeline below.
For all events at the Martyrs Inn, please go to the Event Listings page on this site or to
the Martyrs Inn Facebook page.  For general postings please see the Martyrs Inn page on this site
First of all though some photos from the first weekend of opening

Welcome and Introduction  -  this page is being retained  as a diary of the community purchase...............  the pub is now open

Over the latter part of 2022 there was a general feeling in the village that it may be helpful to find out more about options for future ownership of the Martyrs Inn.  This page was set up so that all the information concerning proposals is in one place.  This will be the "go-to" place for up to date information.

Following very positive feedback from the meeting held on 9 December, 2022 where the proposal put forward by Barrie Lovelock was presented and discussed, it was agreed to go ahead to determine the level of contribution individuals in the community are likely to make towards this particular proposal (details to be found at the bottom of this page).  The process hit the ground running with an overwhelming response and formal negotiations to purchase commenced mid-January 2023.  By early February an offer to purchase the freehold had been agreed subject to contract.  Contracts were exchanged mid April with completion on 28 April, 2023.  Work has now commenced on the alterations and refurbishing.  

We have a date!  The Martyrs Inn will re-open on 7 July, 2023 for shareholders and volunteers and on 8 July to the public.  See below.
Saturday 15 July, 2023  ||  Grand Official Opening  ||  Cutting the Ribbon at 12 noon
We hope to see as many of you as possible for the photo shoot that will no doubt make the
headlines and be remembered by many for years to come.

See the updates below to track the how the purchase of the pub progressed.

The Martyrs Inn is about to Re-open!  ||  Update: 29 June, 2023

After weeks of very hard work including an internal re-design and redecoration plus a brand new pub kitchen, our Martyrs Inn is just about ready for re-opening.  The new landlord, Mark Fulton and his wife Leslene, have moved in and are very much looking forward to welcoming you.
 

Dates for your diary 2023:

Friday 7 July at 6pm - shareholders and volunteers evening for those who have helped make this happen - with complimentary nibbles.   Ian Cray and Rob Heathcote have kindly offered to take photos and videos of the evening, for promotional purposes.  Please advise if you don't wish to appear. 
We very much hope you will like all the changes! 

Saturday 8 July from 12 Noon til 20.00 (Kitchen 12 - 3pm)  - OPENING TO THE PUBLIC.  BBQ, Pizzas, Chips etc.  Practising for Martyrs Weekend.

Sunday 9 July from 12 noon til 20.00 (Kitchen 12 - 3pm) possible BBQ, Pizzas etc. Again practising for Martyrs Weekend. 

Monday 10 July and Tuesday 11 July  CLOSED

Wednesday 12 July onwards - from 12 noon.  Open with a limited menu offering 

Saturday 15 July from 12 noon - Grand Official Opening (more details to follow)

Martyrs Inn - Going Well!  ||  5 June, 2023

We think we’re still on course to re-open the Martyrs Inn around the end of this month/early next.

Thanks to sterling work by a lot of people, including community volunteers, the first floor flat has been completely refurbished, with a new kitchen (courtesy of Bradfords), bathroom and carpeting.

It is virtually ready for occupation and the new landlord – whom we can now reveal as Mark Fulton and his wife Leslene – will be moving in shortly to oversee the remaining works.

Mark is a South African who until recently was the General Manager of Poole Yacht Club. He has years of experience in the hotel and restaurant business and was happy to take a significant stake in TMI Tolpuddle Ltd. Mark is a Director of the company and will have day to day responsibility for running the pub, including stocking, menus and hiring of staff.

We’re also able to announce that we have a chef. Matthew Hallett lives in the village and will be known to many of you. He was a chef in London in the 1990s and, after a few years in estate agency, wants to return to the kitchen. How fortunate for us.

Works on the pub itself are well advanced. A new bar is nearing completion on the back wall to the right of the kitchen door, adjacent to the beer store. Where the bar used to be will now be a bespoke dining space, though you will be able to eat in the bar too. A new corridor linking to the toilets has been constructed. Painting of the bar has commenced but unfortunately one of our Farrow & Ball painters is having to take some unforeseen time off which may delay progress a little but, to meet our target date, we hope to call on the good services of our volunteers for some of the prep work. The kitchen has been stripped and thoroughly cleaned and new equipment will be installed in the next week or two.

We have contracted with a drinks supplier who will shortly install beer pipes and pumps. Wadworths 6X and Doom Bar will be on tap along with some other ales. Lagers will include Carling, Madri and Staropramen (very popular apparently!) and the old favourites such as Stella, Peroni and Moretti will be available in ice cold 660 cl bottles at very competitive prices. There will also be a selection of reasonably priced wines such as sauvignon blanc, Pinot Grigio, Malbec, merlot and prosecco. As a Free House, we will be able to change the mix of beers over time as we learn what people prefer.

Mark Fulton and Matthew Hallett will work up a standard menu and there will be things like fish and chips and pizza nights, as well as a roast carvery on Sundays, plus the occasional Pig Roast to get those juices flowing.

So, all being well, the pub will be open again in a few weeks time. When we’ve tested the system, we’ll announce an opening night and we hope as many as possible will look in, and get the tills ringing!

The Martyrs Inn now has its own Website  ||  2 June, 2023

The Martyrs Inn has now launched its own Website in anticipation of the pub's opening.  It is as yet not complete and will develop over the next weeks.  Catch up with all things Martyrs Inn at www.martyrsinn.com

The Martyrs Inn is looking for Bar Staff  ||  19 May, 2023

No experience needed as all training will be given.  Everyone welcome to join the team.  Different shift patterns available.  Full or Part Time.

If this is of interest to you, please email Beverly Clayton at bevandtedclayton@gmail.com for further info.

Completion of Martyrs Inn Purchase
Martyrs Inn Refurbishment Moving Apace - Update 28 April, 2023

Stop Press – as of 12 noon on Friday 28 April, TMI Tolpuddle Ltd has completed on the purchase of the Inn. So, the company and all its shareholders now own the property and the community has its pub back.

Meanwhile, as company chairman Barrie Lovelock was able to report to Directors at the first board meeting of the new company on 25 April, refurbishment of the Inn is ahead of schedule.

Within 24 hours of exchange of contracts on 18 April the first skip had arrived and a team of local volunteers had been assembled to clear out the pub and upstairs accommodation to allow works to begin promptly.

Key progress to date:

• All the money pledged was received so the company started with a capitalisation of £500,000 – many thanks to everyone for keeping faith and honouring their commitments.
  
  

• The company now has a bank account with Lloyds Bank and all moneys not committed to purchase have been deposited in it. The company is also now registered for VAT.
  
  

• The downstairs bar area has been stripped out and works are under way to re-locate the bar to the eastern end and to block off openings so as to create a new corridor access to the toilets. The pub kitchen has also been stripped out and steam cleaned ready for new equipment.
  
  

• Upstairs, volunteers have cleared all the rooms, stripped out unwanted wall paper, doors and skirtings etc and are well ahead with re-papering walls ahead of re-painting, which is expected to commence next week (beginning Monday 1 May). New doors for the apartment have arrived and been hung. The new kitchen for the apartment, supplied free by Bradfords, has been delivered and should be installed in the next two weeks.
  
  

• The new landlord, who plans to take up residence from around the end of May, is busy arranging for new bar equipment, pipes and connectors to be installed as well as a till and accounting system. He is also working on stocking up the pub ahead of opening.
  
  

• Next stages will include ensuring the appropriate licences are transferred/obtained, finishing off the decoration of the apartment, installing the kitchen and carpeting, purchasing and installing the new equipment for the pub kitchen, building the bar, re-painting the bar area (Farrow and Ball are supplying the paint free of charge) and upgrading the floor as necessary. Outside, the end wall at the west end of the seated area is being re-installed with a hedge to provide a wind break.
  
  

• Longer term and as/when funding allows, Directors want to consider the benefits of installing solar panels and a battery storage system; and purchasing electrically operated awnings for the front of the building.

So, considering that the first most of us heard about the proposed acquisition was on 9 December last year, it really is something of a fairy tale that, less than 5 months later, the deed has been done and there is every prospect that we will be open in the early summer.

Why not help yourselves to a drink to celebrate?

Contracts Exchanged on the Martyrs Inn - now we need Volunteers - 19 April, 2023

Dear Shareholders and Villagers

We are very happy to announce we have exchanged contracts on the pub and hope to complete the purchase sometime towards the end of next week. We have been granted early access to commence the alterations and refurbishments so all willing volunteers please make your selves known by contacting me at the email address below. Helpful DIY skills will be most welcome but please bear in mind that volunteers will be working at their own risk. 

Firstly we need to remove the old kitchen from the flat along with most of the carpeting etc. Then we intend to demolish the old bar and remove most if not all of the ancient kitchen equipment so lifting and humping will be the order of the day for some.  We are starting first thing in the morning and we have a maximum of 10 weeks to complete all the works and open at the end of June. I'm sure with all your willing hands we will do it.

We can also announce that the Lloyds Bank Account is now open and all the remaining funds will be transferred from my account this week. I have to say I feel very humbled by the trust you all showed in me by placing your pledge money into Broadreach which enabled us to get this far sooner than would have otherwise been possible. Who would have imagined at that meeting back in December we would be where we are today so big congratulations to everyone, we are now well and truly on the way to having our pub back. 

Very best regards

Barrie 

bjl.highdean@gmail.com

Martyrs Inn Update – 14 April, 2023

Search for a Cook / Chef

Now that we're close to exchange of contracts, it's time to start looking for a cook / chef at The Martyrs' Inn, to commence work around the end of June.  Part-time or full-time considered.

If anybody is interested or knows of anybody who may be interested, please contact Beverly: bevandtedclayton@gmail.com

Martyrs Inn Update – 24 March 2023

On 23 March, Barrie Lovelock gave shareholders an update on progress with the purchase of the Martyrs Inn.

A lot of work has been done and, although some of the paper work is likely to take a bit longer than expected, there is still a good prospect of the pub being opened around the end of June or early July, ahead of the Martyrs Festival.

The company that will own the pub – TMI Tolpuddle Ltd – has now been established and a bank account has been set up for it. Share certificates have been prepared in the names of subscribers and will be issued when payment for shares is received. Barrie has today written to shareholders confirming that the deadline for payment is 9 April 2023. If any shareholder has not received Barrie’s letter/e-mail could they please contact Bev Clayton (bevandtedclayton@gmail.com) as soon as possible.

The solicitors working for the company have confirmed that the searches have thrown up nothing of concern and are happy that contracts can be exchanged as soon as the company is fully funded. On that basis, and assuming no last minute issues, the expectation is that contracts will be exchanged a week or two after the Easter weekend.

One issue that will cause some delay is registering the company for VAT. This could not be done until the company was formed and had a bank account but it seems that it may take 40 working days or more for registration to go through. The company needs to be registered before the sale is legally done – ie completion – in order to be able to claim back VAT which will be charged on the sale. So completion is now likely to be a little later – end April or early May.

It is estimated that the works needed prior to opening – which include relocating the bar, redecorating and upgrading the lighting and refurbishing the landlord’s flat – will take 7 weeks. With the new expected completion date, this will make things tight for opening by early July, but it is hoped that, once contracts have been exchanged, access will be granted so that works can begin.

Meanwhile, Barrie and the Directors have been pressing on with lining up arrangements for making the pub ready: 

• an agreement has been reached with the prospective landlord on the terms under which he will run the pub;

• a chef has been approached to run the kitchen and discussions are in train;

• Farrow and Ball have agreed to supply free of charge paint to redecorate the interior of the pub “Smoke Green” for the walls and “Blackened” for the ceiling;

• a carpenter has been lined up to build the new bar;

• plans have been made to rip out much of the old kitchen and replace it with modern equipment;

• Bradfords has agreed to supply free a new kitchen for the landlord’s flat.
  
  

There are plans to do outside works, too, though these will probably need to be after the pub has been re-opened.

Once access is granted, there will be an opportunity for volunteers to assist in some of the works, in particular ripping out the kitchen and clearing the upstairs accommodation; and, while the pub interior will be painted by professional painters, volunteers will be needed to repaint the flat. More information on how to participate will be issued as exchange of contracts approaches.

Update:  19 March, 2023

MARTYRS INN UPDATE – MEETING AT VILLAGE HALL AT 7PM, THURSDAY 23 MARCH,2023

Good progress is being made on the purchase of the Martyrs Inn.

The new company which will own the pub – TMI (Tolpuddle) Ltd – has been established and will shortly have its own bank account. The process of due diligence on the purchase is well under way and it is hoped that contracts can be exchanged soon after Easter with completion following on quickly after that.

The company directors designate have been discussing a contract with the prospective landlord, exploring the possible appointment of a chef and working on the improvements that are planned before the pub opens.

Barrie Lovelock, Chairman (Designate) of the Martyrs Inn company, is writing to prospective shareholders about arrangements for turning pledges into cash. He will also update them in more detail on progress at a meeting at 7pm on Thursday, 23 March at the Village Hall.

All this means things are still on target for the pub to be re-opened by the end June, which would be a real achievement for us all.

28 February, 2023 || Update
We are now at the stage of forming the company, setting up a bank account in the name of TMI Tolpuddle Ltd and issuing shares.  All those who have pledged to buy shares are being contacted for the information required for Companies House in compliance with their directives. 

Village Meeting - Update of Martyrs Inn
Tuesday, 7 February, 2023 at 6.15 pm in the Village Hall

A reminder/confirmation that there will be an update on the plan to purchase the Martyrs Inn at 6.15 pm on Tuesday 7 February at the Village Hall. Do please come along if free.
For those who can’t there will be a follow up communication for all who have pledged support.

The Martyrs Inn - update 27 January, 2023
Pub Purchase Progressing Well

A deal for TMI Tolpuddle Ltd to buy the Martyrs Inn is within reach.

Negotiations with the owners over the last week or so have led to agreement in principle on a price that Barrie Lovelock believes is affordable given the funding that has already been pledged for the new company.

It will take a few days more to clarify details and sort out initial paperwork and the plan is then to convene another village meeting at which it is hoped prospective shareholders will endorse the deal and can discuss the next steps, including arrangements for the company and the timetable for acquisition. 

Village Meeting will take place at 6.15 pm on Tuesday 7 February at the Village Hall.

Meanwhile, Barrie has also been sounding out possible directors for the new company and will update everyone at the meeting on that.

The Martyrs Inn - Update 13 January, 2023
Looking Good for Local Pub Purchase

The Martyrs Inn could be open again before the Martyrs Festival, if all goes well.

Barrie Lovelock, who is leading the bid to purchase the Inn, told a packed audience at the Village Hall that he thinks it should be possible soon to do a deal to acquire and re-open the pub.

Speaking to over eighty villagers on Thursday evening (12 January), Barrie reported that an amazing £480,000 had so far been pledged for shares in a new company – to be registered as TMI (Tolpuddle) Ltd – to buy the Inn. He also said that initial contacts with the current owners gave reason for optimism:  “they want to sell to the village if they can and they know that our resources are finite”. It is hoped to enter formal negotiations in the next week or so.

The plan now was to limit the current share issue to 1,000 shares which, at £500 per share, would raise £500,000. That was judged likely to be sufficient to cover the purchase price, acquisition costs (legal fees, licence and so on), initial stocking of the pub and some changes to “re-pubify” the premises. In particular, subject to a full inspection, thought was being given to:

• re-locating the bar to the north-east corner, closer to the beer store, with a new front entrance towards the south-east corner of the building

• re-locating the restaurant area to the west end of the pub with changed access to the toilets

• removing the gas fires but keeping an open log fire in the bar area

• repainting outside in a simpler, more stylish colour scheme

• opening up land beyond the car park and introducing a safe children's play area close to the outside seating area.

Barrie also said that the prospective landlord was prepared to invest significantly in the venture himself and had wide experience of running a hospitality venue. His wife was a registered book keeper. It would be necessary to appoint a chef in due course. The working assumption was that the pub would offer good, honest pub meals at reasonable prices rather than having pretensions to be a gastropub.

Assuming agreement to purchase can be reached, the next step would be to establish the company as a going concern ahead of exchange of contracts which would allow the VAT payable on the purchase price to be recovered after a short period of trading. Funding the VAT upfront could be via a Director loan.

The community would need to agree on Directors for the company, probably no more than three or four. It would make sense for the landlord to be one as the intention was to incentivise him to optimise what the pub offered and to secure a good return on the investment. Shareholders would need to agree on other Directors. They would include at least one woman and there was unanimous support among those present for Barrie Lovelock to be among those appointed.

If all proceeded as intended, the earliest time for exchange of contracts was likely to be end March/early April – by which time pledges would need to have been converted into cash - with completion an appropriate period after that. Allowing for the planned upfront changes and improvements above, there was a good prospect that the pub could again be open ahead of the Martyrs Festival.

Barrie said that the response from the community in terms of pledges had been unbelievable and he thanked everyone who had stepped forward. He was confident that a deal could be done with the present owners at a price that meant no mortgage would be necessary, thus removing one potential complication and financial drag on the business.

On the basis of experience elsewhere, successful trading would quickly raise the value of the enterprise beyond the purchase price of the pub, perhaps by as much as 20%, which would be reflected in the value of individual shares and be over and above the 4% return plus share of profits that was being offered.

It’s fair to say that there was an air of excitement and positivity in the room as the meeting drew to a close and Barrie was thanked for all the hard work he had put into the scheme. He undertook to hold a further village meeting to update everyone once progress on negotiations had been made, hopefully in the next two weeks.

Any queries relating to the purchase can be sent to Barrie at bjl.highdean@gmail.com

Full proposal and how to pledge can be found further down this page.

Update 4 January, 2023
Still going strong.........! 
Contact Barrie for any further pledges to support the pub. 
There's still time - until 27 January, 2023
Email:  bjl.highdean@gmail.com

For more details on the full proposal, see below.

Update 2 January, 2023
Over 60 residents have now pledged an average of just over £5k each… but…

It is much better to have 800 pledges of £500 than 20 pledges of £20000.  All shareholders, regardless of their investment have equal voting rights, and the more shareholders, the greater the sense of community ownership and the wider the pool of ideas to make the pub the very best success it can be.  Who knows? - Pub of the Year 2024?  It’s not beyond the pale of my own imagination and a great target to aim for.  If anyone can do it, Tolpuddlians can.  Apparently, they (we) have a bit of a history of making change. 

Be a part of this change.  We need as many people as possible to support the venture by buying shares, even if it is only one or two.  That will make the project more viable, encourage local commitment to the pub and offer rewards for the individuals concerned.

As negotiations with the current owners have yet to start, we can at this stage only work on the figures we hope will be acceptable in terms of purchase but we have had an enormous amount of public support so far.

Rob Heathcote

For more details on the full proposal, see below.

Update 1 January, 2023
2023 - The year of the pub? 

A new year and a new milestone. We have just crossed the 300k point, reducing the potential mortgage costs by half and giving roughly £10,000 in annual costs back to the shareholders. So, should you invest?

We are so far on track to make an offer on the pub in late January and potentially open for business next summer if our offer is accepted.

All investments come with risk, but having studied the most recent accounts from the pub we think the opportunity far outweighs the risk of failure. Even if the pub operation did fail, which is unlikely given the finances and the recent interest, the shareholders would still own an asset of considerable value - one in which the value would increase significantly too with a change of use; something none of us want but would need to consider in this event. 

More questions?

It is not possible to cover every angle or deal with every likely question at this early stage in the process but, if you are considering investing, Barrie can provide more information on any of the above, please e-mail bjl.highdean@gmail.com and he will endeavour to give answers (and, if you agree, share them with others through the website).
For more details on the full proposal, see below.

Kick off 2023 as a proud owner of YOUR pub.
Happy New Year

Rob Heathcote

Update: 31st December, 2022
£63,500 pledged in the last 72 hours. That’s almost £1000 an hour!

Over 50 people have pledged so far, with as little as £500 to help purchase your pub with NO mortgage within just 5 1/2 days.

At this stage you only need make a pledge to purchase shares. This is not a legal document or binding in any way but, if there is enough interest, it will give us the confidence to proceed. So if you are ready to help please e-mail Barrie at bjl.highdean@gmail.com by Friday 27 January (update 13.1.23: share issue limited to total 1,000 shares) with the following information: 

• Name of prospective shareholder

• Number of shares required

• Payment that would be due 

Assuming these pledges enable us to go ahead and we are able to make a successful offer for the pub, you will then be asked to make a firm, legal commitment to buy shares as pledged. You will at that time be free to change your mind but obviously if you do it may affect our ability to go ahead. Payment for shares will then fall due before contracts are exchanged, hopefully late spring/early summer.

Will NYE be a village celebration in the pub next year?🥂 Enjoy your evenings tonight.
Rob Heathcote

Update: 30 December, 2022
Massive £42,000 pledged in the last 24 hours! Are you in too?  You aren’t just investing in a stake of our pub, you’ll have a say in how it is run.

There are lots of ideas that may help to make the pub in our famous village the greatest success it can be. The more ideas, the bigger the pool to choose the best ones from. These ideas have recently included:

- a parcel pick and drop off point for those who are out, encouraging people to drop in

- a basic essentials shop facility

- a regular, healthy summer BBQ

- an afternoon cream tea / coffee service

- expanding the outside garden area for kids

- partnerships with the museum and local activity centres

- organised sports / cycling groups and tours starting and ending at the pub

- happy hour

- partnership with Dorset chamber of commerce for meetings

- bookings for private functions 

- or your own imaginative ideas?

For more details on the full proposal, see below.

If you would like to be involved through the purchase of one or more shares at £500 each, contact bjl.highdean@gmail.com by Friday 27 January  (update 13.1.23: share issue limited to total 1,000 shares) with the following information:

- Name of prospective shareholder

- Number of shares required

- Payment that would be due should the offer to purchase the pub be successful 

We are getting there. Help make this village project the greatest success and be a part of it all for just £500.

Update:  29 December, 2022
Can you afford NOT to invest? 

Another 8k has been pledged from villagers in the last 24 hrs 28/29 December!

Research sources all indicate that the loss of a rural village pub impacts property values by -10%.  Reverse the trend or maintain the recent increase seen recently as a result of population movement out of London during Covid. 

See https://www.northumbria.ac.uk/about-us/news-events/news/study-unveils-the-impact-of-pubs-on-house-prices/

See the full proposal below this update with a pdf to download if you wish. Contact Barrie at 

bjl.highdean@gmail.com if you have any questions or to make a pledge. 

Cheers!

A PROPOSAL FOR ACQUIRING THE MARTYRS INN, TOLPUDDLE 

Barrie John Lovelock  ||  15 December, 2022

Introduction

Following the meeting held on 9 December, 2022 to discuss the future of the Martyrs Inn (see brief note of discussion already on the website), this document gives more detail of the proposal put forward then and invites expressions of commitment from the community to purchase shares in this enterprise.

From the response at the meeting, and from other exchanges, it is clear there is a genuine appetite in the village to pursue the idea of share ownership within a limited company that would acquire and run the Martyrs Inn. If this can be done, there is every prospect that it would be very worthwhile for all involved and give us great pride in having successfully put the beating heart back in our community.

Having looked into such accounts as are available for the pub and considered the likely future running costs and potential for income, I believe that, if a purchase can be made, it should be possible within a short time to make a healthy annual profit from which all shareholders will benefit. This is aside from the positive effect on house prices in the village that avoiding permanent closure of the only pub will create.

In part our confidence derives from the fact that we have an experienced landlord (husband and wife) lined up to take over the Inn who is also prepared to be a substantial investor in the business.

But to achieve these goals, we cannot depend on just a handful of local investors and a large mortgage. We need as many people as possible to support the venture by buying shares, even if it is only one or two. That will make the project more viable, encourage local commitment to the pub and offer rewards for the individuals concerned.

As negotiations with the current owners have yet to start, we can at this stage only work on the figures we hope will be acceptable in terms of purchase.

Martyrs Inn Potential

We all know that pubs are struggling at the moment. We know costs are escalating with inflation and that energy price rises are a big challenge.

But I am not alone in believing that, even as it stands, the Martyrs Inn has potential to be a profitable concern. In particular:

• looking at the last available accounts it made a small loss of £7,000 in 2018-19 and in at least one previous year it had made a profit;

• this is despite it being owned by a brewery which required an annual rent of upward of £30,000, required it to sell its own products for which it charged a premium and prevented the profitable use of guest ales;

• as a Free House, the scope for buying quality ales and other beverages at highly competitive prices is maximised;

• unlike most villages, Tolpuddle has the annual Martyrs Festival which can bring up to 5,000 people into village for a weekend’s celebration, offering potentially huge revenues for a properly run hospitality business;

• the pub is two minutes off the A35, the main trunk road across southern England, and has easy parking, yet it has barely touched the potential market for passing travellers;

• as a result of economic challenges, more and more country pubs are disappearing, meaning potentially greater demand for those that survive;

• the Inn has potential, at least longer term, to offer accommodation to visitors, which will not only provide a regular and significant base income but will boost the profits of the bar and food side of the business.

So, a business plan envisaging substantially increased revenues over time seems perfectly realistic.

The Company

We will establish a limited liability company, hopefully to be called “Martyrs Inn Ltd” or something similar.

The company will have perhaps 3 or 4 directors, one a managing director, including the new landlord (given that he will be leading and running the business and also be a major shareholding). It will also have a company secretary. It will be for the shareholders to select the other directors and to renew directorships from time to time at annual general meetings.

The company will produce an annual business plan, report and accounts which will be presented to shareholders at annual general meetings. In the first year there would probably be more than one meeting of all shareholders so opinions can be secured and thoughts expressed. A shareholder with one share will have as much right to comment as any other.

Company Funding

The company will be funded through a combination share capital, loans and, as the business gets going, revenues from the pub itself.

As a starting point, providing there is community buy in and based on the share offer below, I have already secured pledges to buy shares amounting to £105,000 from 3 villagers and the prospective landlord. This is in addition to the £50-100,000 that I am myself prepared to make available if the project moves forward.

I can also confirm that we have on the table a provisional offer of a full repayment mortgage of up to £200,000 over a 15-year period with an annual repayment of under £20,000 – itself a mark of faith in our proposal.

Obviously, the more we can raise from shares, the smaller the mortgage need be and the greater will be the viability of the enterprise. That is one reason why we are asking villagers to invest in the company in amounts they can afford. The other reason is that it gives all who do a stake in the future of the pub and an ability to influence how it is run.

The Share Offer

Our aim is for the company to have up to 500 ordinary shares at £500 each – ie a capitalisation of up to £250,000. As noted above, we already have pledges of £105,000 plus a minimum of £50,000 from me.

The share price has been pitched at £500 to be as affordable as possible to as many villagers as possible, while being administratively as simple as possible. It is accepted that not everyone will wish or be able to participate and, for those who don’t, we hope they will subscribe in another way - by making good use of the village pub.

Shares will be remunerated in two ways:

• interest at 4% per annum after the first year;

• a share of the profits made by the business after all costs (and any investment in the business approved by  shareholders) have been deducted.

So in terms of interest, 1 share @ £500 will earn £20 per year, 5 shares will earn £100 per year, 10 shares £200 and so on.

Profits from the pub will be split 33% to the landlord – to provide a clear incentive to him to maximise returns – and 67% to shareholders. Thus, if the pub makes a profit of £50,000 a year (not unreasonable given the potential discussed above) each share would be remunerated to the value of £67 per annum (£50,000 less 33% divided by 500). So, 5 shares would receive £335 per annum, 10 shares £670 and so on.

If these assumptions are correct, and one ex landlord told us that he thought them reasonable, the percentage return for one £500 share is 17.5% which is excellent in the current economic climate; and each shareholder would have their initial capital outlay repaid in 6 years or so and would still own their shares reaping continued annual rewards.

As noted, the more investors we have and the greater the number of shares we can allocate, the more we can reduce the mortgage requirement, even perhaps to not requiring a mortgage at all. In that case, share numbers would in effect be limited to acquisition and start-up costs.

Shares will be transferrable within families and tradeable, though preferably in a way that reinforces the enterprise – for example by sale to the landlord or to newcomers to the village who would like to have a stake.

What if it Fails?

In my honest opinion, this won’t happen given the potential mentioned above.

On the contrary, with our community commitment and willingness to support the venue, it will once again become a key focus of village social life, a place where we can go once a month or once a week or daily, as the case may be, for a bite to eat or to meet friends and neighbours, all the time congratulating ourselves on a job well done.

If, however, for whatever reason, it is not successful, the company and its shareholders will still have an asset with value. At that time, the company and its shareholders – which hopefully will include a significant proportion of the village - will need to examine the options open to them. That would include change of use, something none of us wishes to see. But if, as a last resort, it became inevitable, it would be local shareholders in the pub who would get at least a full return from it.

Pledging Your Interest

If we are to get this proposal off the ground, we need a reasonably clear indication of what contribution individuals in the community are likely to make. It can be as little as one or two shares but, hopefully, given the prospective return (at least 4% per annum + profit share), some will want to commit to more than that. Remember, it won’t just save the pub, it will give you a say in how it is run.

At this stage I am asking only for a pledge to purchase shares. This is not a legal document or binding in any way but, if there is enough interest, it will give us the confidence to proceed. So if you are ready to help please e-mail me (bjl.highdean@gmail.com ) by Friday 27 January  (update 13.1.23: share issue limited to total 1,000 shares) with the following information:

Name of prospective shareholder:

Number of shares required:

Payment that would be due:

Assuming these pledges enable us to go ahead and we are able to make a successful offer for the pub, you will then be asked to make a firm, legal commitment to buy shares as pledged. You will at that time be free to change your mind but obviously if you do it may affect our ability to go ahead. Payment for shares will then fall due before contracts are exchanged, hopefully late spring/early summer.

Questions

It is not possible to cover every angle or deal with every likely question at this early stage in the process but, if you are considering investing and I can provide more information on any of the above, please e-mail me and I will endeavour to give answers (and, if you agree, share them with others through the website).
 

Very Best Regards 

Barrie John Lovelock 

Tolpuddle

Next Steps on the Martyrs’ Inn
14 December, 2022:  update

Despite the cold weather and other distractions, there was a pretty good turn-out of villagers on 9 December to discuss follow up to the presentation by the Plunkett Foundation about potential community ownership of the Martyrs Inn.

Community Ownership

The presentation was briefly reviewed.  Community ownership had several things going for it:  a high success rate for business survival, a strong village commitment to make the pub work as we want it and the potential for grant-aid to offset acquisition costs.

But there were big challenges too:  villagers would need to raise several hundred thousand pounds, a tenant or manager would need to be found and – perhaps most of all – it would need a team of people prepared to put in the time and commitment to lead the project over several months and perhaps years.

The focus moved to another way forward:

An Alternative Approach  

A consortium of villagers has been exploring the scope for establishing a company to acquire and run the pub. Members of the consortium were in principle prepared to “core fund” the company which would be able to raise a mortgage to help cover the costs of acquisition (assuming a competitive price can be agreed).

There would, though, still need to be wider financial support from the community which would come through an option to buy interest-bearing shares in the company.  The aim would be to encourage wide share ownership among the community so that it has a commitment to the future of the Inn and in order to minimise the mortgage needed.

In addition, the consortium had lined up an experienced landlord who would be prepared invest his own money in the company.

This would not be community ownership as such and would not, for example, be able to access the Government’s Community Ownership Fund.  It would be a commercial enterprise with a limited liability company whose Directors would probably be the main core-funding shareholders (though that remains to be decided).  However, widespread share ownership among villagers would give the community a voice in what sort of facility the pub was and how it was run.

Where Next? 

Those at the meeting were generally of the view that the company approach was well worth pursuing, not least because it clearly already had some momentum and leadership and offered the best chance of getting the pub back into use at the earliest opportunity.  A community-ownership bid would almost certainly take longer but was not ruled out as a fall back.

The next step will be for the consortium (The Alternative Approach above) to present a “prospectus” to the village (update: now posted at the top of this page) with more details of the company structure and finances as a basis for securing, hopefully (by the end of January 2023), individual pledges, in principle at least, to purchase shares.

A detailed prospectus has now been posted further up this page.  

December 2022
What shall we do about the Martyrs Inn?

Meeting held on 24 November, 2022

Model based on the Plunkett Foundation support for community owned pubs
(please note:  the Plunkett Foundation proposal was dismissed.   The Barrie Lovelock proposal above is now being progressed)

Following the presentation on 24 November, 2022 by James Alcock of the Plunkett Foundation on community ownership there was support for getting together as a community to consider what, practically, we want to do to try to secure the future of the Martyrs Inn.
Click link below to view the recording of the evening together with presentation slides:
Video of the Meeting and Presentation held on 24 November, 2022  

November 2022
The Martyrs Inn
Community-Owned Pubs Presentation by the Chief Executive of the Plunkett Foundation 

With the Martyrs Inn still closed, there is general feeling in the village that it may be helpful to find out more about options for future community ownership.  A meeting was held on Thursday, 24 November where James Alcock, Chief Executive of the Plunkett Foundation, was invited to present options for future community ownership if the opportunity arose.  The Plunkett Foundation is a charity specialising in supporting people in rural areas to set up and run a wide range of community owned businesses such as village shops and pubs.  James was able to outline possible models and structures for community ownership and also identify potential sources of financial assistance.   Please refer to the latest posting(s) above for further developments.
(please note:  the Plunkett Foundation proposal was dismissed.  The Barrie Lovelock proposal above is now being progressed)