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The Lion is Going to Roar! Progress and Plans 1 February 2018

Recap of progress to date, share offer, social investment tax relief, reaching minimum target, operating plan, next steps, future plans, and how to get involved in the White Lion Ash Community Pub Limited.

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The Lion is Going to Roar! Progress and Plans 1 February 2018

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  1. White Lion Ash Community Pub Limited The Lion is Going to Roar! Progress and Plans 1 February 2018

  2. Tonight • Recap – why we are doing this? • Progress to date – what has been achieved? • Share Offer • Social Investment Tax Relief – SITR • Reaching our minimum target of £320,000 • Operating Plan • Next Steps • Future Plans • How you can help/be involved?

  3. Why we are doing this? • closure of the White Lion • community consultation • community support • creating ‘more than a pub’ Because we must keep the White Lion roaring!

  4. What have we achieved so far? • set up a Community Benefit Society and Management Committee • applied to HMRC for Social Investment Tax Relief • undertaken valuation, a structural survey and arranged an electrical survey • received a grant and loan of £100,000 from the Plunkett Foundation • met with our loan provider (Key Fund) and provided all supporting information • issued the share offer • applied to HMRC for SITR • Established a website and social media and received good publicity • opened a bank account

  5. …..and more • we have now made a formal offer to purchase the White Lion • this offer has been accepted • we have viewed the accounts and discussed how the pub should operate • this has informed our proposed operating plan and financial model • we have invited quotes and appointed a firm of solicitors • we have received expressions of interest from people who may want to work for us (through the website and word of mouth) • we have produced job descriptions

  6. Share offer • launched 1 December 2017 • £200,000 raised to date • £20,000 short of our minimum share target • small number of donations • there are currently 174 individual shareholders • number of shares bought for under 18’s • great response to buying shares as Christmas presents • significant number of people who did not pledge have bought shares • significant number of shareholders have increased their investment in recent weeks

  7. Social Investment Tax Relief - SITR • Advance Assurance from HMRC expected imminently – you will be the first to know! • Income tax relief – your personal tax bill can be reduced by 30% of your investment • Capital gains tax deferral • Capital gains tax exemption • Income tax relief if you loan money to the White Lion Ash Community Pub limited – 30% of the value of the loan could be deducted from your personal tax bill • https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investors

  8. Reaching our minimum target • we are just £20,000 short of our target of £320,000 • we want to close that gap by next Friday at the latest • we are asking our current investors if they can increase their investment by one or more shares – forms available! • we continue to seek donations – any amount • please tell and encourage as many people as possible! • if all our efforts fall short, we could close the gap through a loan

  9. Operating Plan • keep the White Lion as a traditional village pub that offers a warm, welcoming and friendly atmosphere • essential refurbishment only in year one or until further funds raised • extend opening hours to include lunch times including Sundays • serve home cooked seasonal locally sourced food that focuses on value and quality • ‘More than a Pub’ community groups/café/shop/newspapers etc • develop the pub garden • new till and ordering system • volunteer input essential and welcomed

  10. Operating Plan - Cash flow assumptions • we have revised and undertaken detailed work on the business plan • we plan to maintain and build on current turnover • we will increase opening hours • we will appoint a Chef Manager and a Deputy Manager • minimal essential expenditure year one, whilst we raise additional funds – e.g. grants for future improvement and development

  11. Next Steps • finalise job descriptions and advertise/appoint Chef and Deputy Manager • instruct solicitors • cash cheques received from share investors– Friday 9 February 2018 • prepare for undertaking essential improvements – e.g. commercial kitchen • prepare for taking on responsibility for the White Lion - insurance, utilities, transfer of licence, stock supply etc., etc. • set up a shareholder register and issue share certificates (at point of purchase) • publicise and market the White Lion Community Pub

  12. Future Plans • will be developed through full consultation with Shareholders and the wider community • plans will be drawn up for future refurbishment and development • effort will continue to be put into raising funds to meet original maximum target i.e. at least an additional £50,000 – grants/’just giving’/further sale of shares/donations, etc. • put in place groups and ideas identified through the community consultation – lunch clubs/café/quiz nights etc. • co-opt members with specific skills to the Management Committee

  13. How can you help? We need volunteers to:- • help with initial cleaning and decoration • help with initial improvements – kitchen, minor building, joinery and electrical work • get involved in front of house and behind the bar – are you able to do an occasional shift to cover for the leave of staff? • help to run the café and/or one of the planned groups- ideas welcome • help with the garden • help with fundraising • share your expertise – on any of the above

  14. A BIG THANK YOU TO ALL OUR SUPPORTERS Please keep up your support and make the White Lion Community Pub a ROARING SUCCESS

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