ABOUT THE INN
Set on the edge of Dartmoor, the Mountain Inn public house is in the village of Lutton. A traditional pub with simple cob walls and real fires. The pub’s name is actually a corruption of Montain, the name of an old local landowner.
The committee, with kind support from the Plunkett Foundation, are furiously working on a business plan to present to South Hams Council. A copy will be made available online shortly.
HOW YOU CAN HELP
The more people who are able to pledge a donation, however small, or buy shares, and the wider the section of the community that is involved in our project, the greater the likelihood of success.
We have prepared a business plan and firmly believe that with your support the business will be profitable, provided that we ensure we are responding to what you, our community, needs. Please pledge with us by 28 February 2019
The Latest Developments
Read our recent survey results completed in 2018 on how The Mountain Inn would benefit the community..
17 JAN 2019
The Ball is Rolling £6,000 raised so far in community pledges in only 4 days.
27 DEC 2018
Survey Results – The Community Answers. 98% said they would like to see the Mountain Inn return.
The pub was registered again as a community asset for another 5 years
The pub was purchased
How you can help
To help us judge the level of support we have, we would be grateful if you would email with how much money you are prepared to pledge. No money changes hands at this stage, and this is not a final commitment on your part. More financial information and details of the proposals will be provided in due course before you decide whether you would like to buy shares (multiples of £500) or make a donation. We appreciate that many of you will want your pledges to be kept confidential and so only the named financial officers will see any individual information and the rest of the committee will just know a total.
The Finance Team
The Finance Team, are part of a larger team of volunteers who have been working hard to establish the necessary business framework to make a realistic proposition.
Sources Of Finance
We are currently researching what grants may be available, but is clear that these will only form a small part of the fundraising that is required. We are likely to need to raise around £300,000. As part of the grant applications, and potential compulsory purchase we need to establish how much the community is willing to invest, and whether there is a genuine willingness in the village to contribute sufficient funds to make the project work.
We are forming a company in which villagers can invest by buying shares. The primary objective of the company is to run the Pub for the benefit of the community, and in the longer term, if there is any surplus, to use this for the benefit of the wider community of Cornwood and Sparkwell Parish. The company itself will be a Community Benefit Society and will be registered with, and regulated by, the Financial Conduct Authority. Anyone who invests the minimum of £500, which will be the price of single share, will have a vote and therefore a say in the affairs of the business at General Meetings, and it is the intention that there will be a committee of members to oversee the day-to-day running of the business. Of course, we welcome bigger share holdings, our maximum is £75,000 and the business will operate strictly on a one member, one vote basis, regardless of how many shares you hold.
Be Part of the Community
The Company will not pay dividends to shareholders, however subject to profitability and the decisions of the management committee we are permitted to pay interest on shares we are hoping for this to be around 3% after an initial period. To give the business a chance to establish itself we will need to agree an initial period of 3-5 years during which time the buying back of shares will be restricted, but thereafter the expectation is that there may be profits to fund withdrawals within parameters agreed by the members.