Loomio
Mon 18 Feb 2019 9:19AM

FairShares fish and chips shop?

C Cliff Public Seen by 91

The Fish and chips shop is for sale in my village, Robin Hoods Bay. The asking price is £525K and includes a cafe and a three bedroom flat. I met with the owners on Saturday and they have had an offer from a London chain who would employ (not necc local) workers at minimum wages to run it. The owners would be interested in selling to a FairShares company who would involve the community, employ local people (including my son in law who already works there) and use the accommodation for local young people (at the moment we are losing a lot of property to holiday lets). But not sure the owners would give us too much time as they already have a cash offer. We are willing to use our own property to help raise the money. Thanks to @Gavin who has already offered to help and bring in ideas of sustained fishing. Any other offers of help greatly appreciated. (edited)

AW

A Waterhouse Mon 18 Feb 2019 9:42AM

If you need to act quickly, subject to studying if this is viable, them you might see if you can get a sympathetic loan which some might guarantee. Following this, the multi stakeholder coop can issue withdrawable shares through
Ethex. You probably have thought on similar lines. The Somerset Cooperative Community Land Trust have just completed such a withdrable share issue.

This begs another question , are there enough financial vehicles , associated with advisors who can help support opportunities that need prompt action.?

There are enough Papers to cover a palace within which well meaning folk supporting solidarity/democratic economy can talk to each other till the end of time .

Get Outlook for iOS ( https://aka.ms/o0ukef )

C

Cliff Mon 18 Feb 2019 4:38PM

Thanks, good point about the imbalance between talking and able to act.

DU

Mon 18 Feb 2019 9:55AM

Hi Cliff - this sounds like a good idea. I hope it progresses. I'm sure you'll put effort into it.

b/w, Sean

MM

Maureen McCulloch Mon 18 Feb 2019 11:27AM

Sounds like a great idea. Plunkett https://plunkett.co.uk/ might have suggestions as to where to get some loan funding - maybe for bridging to give time to do a crowdfunding exercise or share offer. And maybe for grants to help with the purchase, feasibility study, proposal etc. They were very helpful when we looked at a possible community pub in Welland, Worcestershire last year.

C

Cliff Mon 18 Feb 2019 4:38PM

Thanks will follow that up

GH

Georg Hoehne Mon 18 Feb 2019 3:23PM

Sounds like a case for https://www.kiva.org/ or something similar. I am sure that a small video could also do very well on a crowdfunding platform. Godspeed from Da German

C

Cliff Mon 18 Feb 2019 4:39PM

Good idea.

JP

James Perry Mon 18 Feb 2019 4:53PM

….not sure - if the community buy in then perhaps...

RU

Rory (as User) Mon 18 Feb 2019 6:10PM

Is employing your son in law a recommendation?

Best
Rory

P.s. Bit early for me to contribute but a village Investor Share could work, particularly if cooperatively owned?

Is this a variation of buying the village shop? (Try Plunkett?)

C

Cliff Wed 20 Feb 2019 9:59AM

Contacted Plunkett they said that FairShares was incompatible with their model and so could not help

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