Community Buy-Out Takes A Step Closer As Initial Funds Raised

The Miners Arms in Nenthead was a fixture of the local community for nearly 200 years until it closed in 2020 – now a community buy-out is a step closer as initial funds have been raised.

The Miners Arms Community Association (MACA) was formed to explore options for a community buy-out of the local pub after it came up for sale.

Residents of Nenthead came together at a special community meeting to discuss how they might go about saving their local, the Miners Arms and since its formation they been busy researching what is required for a community to successfully take ownership of a local pub.

Chair of MACA, Simon Walker said: ā€œWhen we asked local people whether we should save our pub, the response was an overwhelming yes.ā€

ā€œThe Miners Arms was a favourite of the village and a huge part of our local community.

ā€œWe want to see it open again. It won’t be easy, but with the right support and the dedication of this community I believe we can reopen The Miners Arms together.ā€

MACA has continued to research the possibility of a community buy-out, arranging meetings with other successful community pubs and seeking support from The Plunkett Foundation, a charity that supports community businesses.

A community buy-out requires significant investment. It is hoped that community fundraising activities will raise a significant portion of the funds required, and there are options for grant funding being explored by MACA.

A justgiving page was established to raise funds for initial project costs such as registering as a Community Benefit Society and setting up a share offer.

Anyone can purchase shares in the Miners Arms, in exchange they become a member of the Community Benefit Society and have a say in how the pub is run in the future.

The justgiving page has so far reached over £4,000.

ā€œA pledge in principle asks how many shares you think you may be willing to buyā€ said Simon Walker, Chair of MACA.

ā€œEach share costs Ā£1 and the minimum amount of shares you can purchase is 100. Although there isn’t a commitment at this stage being able to show the support for the project is vital to help secure grants from otherorganisations.ā€

ā€œThe support we have had already is tremendous but there is a lot of hard work ahead and I would encourage anyone who feels able to make a pledge.ā€

The pledge in principle was launched on our social media pages and already we have had pledges of over £70,000 with some coming from as far away as Cornwall and even overseas.

MACA has now formed a Community Benefit Society registered with the Financial Conduct Authority and intends to launch a full share offer in the spring of 2024.

Anyone can still purchase shares in the Miners Arms, in exchange they become a member of the Community Benefit Society and have a say in how the pub is run in the future.

Simon Walker added: ā€œThe Miners Arms was the heart of our village for residents and visitors alike, it is not until it closed that you realise what a vital lifeline it was for so many.

ā€œWithout the pub the village is losing its visitors which has knock on affects for so many businesses and residentsthat is why we must succeed with the community buy out.ā€

If anyone has any questions, or would like to offer skills or resources to help the Nenthead community to be successful in a community buy-out of the Miners Arms, please contact minersarms.community@gmail.com

Pledges in principle can be made at www.minersarmsnenthead.com