Investors invited to own a share of a Wensleydale village pub for £250

The Bolton Arms in Redmire.

Shares in a Wensleydale pub are attracting interest from a wide range of potential investors, say volunteers behind a bid to buy the premises.

The Bolton Arms in Redmire has been put up for sale, and a plan is being put together that would see the property become the latest in a growing number of community-owned pubs in the area.

The Redmire Community Pub Limited, a community benefit society, has submitted an offer to buy the property and is working on getting the funds together, primarily through a share issue.

Shares cost £250 each with an upper limit of £100,000 for each investor.

A spokesperson said: “Our survey at the beginning of the year highlighted massive support from the community. We are now opening up the offer to anyone who feels they would like to own part of this beautiful village amenity.

“At this stage we are not asking for money just a firm commitment from people that they will make good on their pledge as soon as our share issue is launched.

“We are aware times are challenging however many would think it is now more relevant than ever that we work together on putting the heart back into our village, maintaining and developing the pub as an essential community hub, a destination for visitors to the area, and a means of employment.”

Once in community ownership, the intention is to ask people what other services they would like to see on the premises.

The society says that recruiting a suitable tenant who will operate the pub within guidelines, for the benefit of the whole community, is vital to its proposal.

The spokesperson added: “Having a clear idea what our share launch is likely to make will enable us to apply for additional grant funding, and assess whether additional fund raising is required.

“As well as the purchase price and expenses, money will be needed for some necessary renovation.

“Depending on the success of the venture, it is hoped investors will get a return after the first year.”

Volunteers say this would be at the discretion of the shareholders, with voting based on one member, one vote, regardless of the number of shares individuals own.

The cost of an individual share is £250, with an upper investment limit of £100,000.

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