Yours for £100: Community share offer launched in bid to save New Clarence pub in Theatre Quarter
‘FRIENDLY’: The New Clarence, as it looked before its closure last summer
By Simon Bristow, Co-Editor
Campaigners from the Hull Community Pub Society have launched a share offer as part of their mission to buy The New Clarence pub in Charles Street.
They want to run it as a community owned and managed enterprise following its closure on June 30.
The society says the pub – in Hull’s Theatre Quarter – was sold as part of a corporate takeover and deemed not profitable enough by new owners Admiral Taverns.
This was despite The New Clarence having developed a reputation as a friendly city centre venue, with ground level disabled access, and a “cherished” separate function room, the society said.
Treasurer Jeff Clarkson said: “The community ownership model is much more financially viable and sustainable, especially in the current hard times.
“There would be no rent to pay to a pub company that owned the building, no restrictive ties on buying stock at inflated prices, and almost certainly a substantial discount on business rates.”
Residents could by shares from £100 under the proposed new community model.
CLOSED: The New Clarence pictured today
The community owned business model has been around for over a decade and now includes more than over 170 such pubs nationwide. None of the pubs that have converted to community ownership have ever been forced to close.
In addition to what is raised via the share issue, the purchase and renovation of the pub would be be financed by funding from central government, the society says, with a bid for £300,000 to the Community Ownership Fund already submitted.
Further support is being sought from the Community Shares “Booster Fund”, which could provide match funding through the purchase of additional shares.
The society has already received £10,000 in funding from the Booster Fund to help prepare a business case and the share issue. Local supporters have also provided over £1,500 in cash donations and invaluable support in kind from designers, surveyors, financial advisors and other professionals.
Claire Eagan, deputy chair of the society, said: “We need to raise some of our own money as match funding which is why we are launching the share offer with a public meeting in The Station Inn on Beverley Road at 7pm on Wednesday.
“There will be plenty of time for questions and answers and even live music and nibbles for afters.”
More information is available at www.hullcommunitypub.com and a public meeting will be held at the newly refurbished Station Inn, in Beverley Road, at 7pm tonight.