The WHCI (White Hart Community Inn) began as a community venture in response to the decision of the previous owner to close the White hart pub and sell the property. We raised a substantial amount in share capital from the community and from visitors. This, combined with grants and loans from the European Regional Development Fund, the Wales Council for Voluntary Action and Pembrokeshire County Council, enabled us to purchase and refurbish the building, and to begin trading again.
The White Hart is now once again a busy focal point at the heart of the local community, hosting numerous social events as well as providing a pleasant venue for residents and visitors to eat and drink.
We are currently welcoming new investors. This will be an essential source of funds to keep us in business, as we will over the next few years need to replace our existing loan funding. This is to pay off our outstanding loans. Additional shareholder funding will also enable us to continue to develop our community activities with a secure financial base.
What are the benefits for you as an investor?
This is a chance to invest in a worthwhile community venture. Investment means that you will be able to participate in shareholder meetings and be kept regularly informed. You will also be eligible for any benefits that the management committee is able to offer to shareholders. However, this is primarily an investment that you are making for the benefit of the community.
What form does my investment take?
This is prescribed in our constitution, which is available on request. The minimum investment is for £200 which purchases a single share, and larger investments can be in multiples of £200.
We hope and anticipate that most investors will remain with us for the long term, but there is a provision that you can apply to redeem your investment after three years. The detail of this process is covered in the WHCI constitution, but you should not regard this as a highly liquid investment such as a bank deposit. Moreover, shares are not transferable between individuals, and cannot therefore be bought and sold.
How secure is my investment?
Although your investment may not be highly liquid, its value is ultimately secured against the value of the White Hart’s assets, primarily the building. In the event of the WHCI ceasing to trade and being wound up, proceeds from winding up would be available to repay investors. We believe that current asset value comfortably exceeds the sum of both share capital and outstanding loans.
How should I set about obtaining shares?
To buy a share, download the application form, and follow the instructions.
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