In late 2024, the current leaseholders informed staff as well as a number of regular patrons that they intended to sell the leasehold of The Castle Tap in order to relocate themselves and their family. Concerned that a change of ownership would bring unwelcome change to the ethos of the pub, a group of those informed came together to determine a way forward that would preserve both its culture and its community.
Central to their approach is the formation of a Community Interest Company (a CIC), which is a special class of company aimed at supporting businesses that focus on communities as well as invest in them.
The Castle Tap Community Interest Company (CTCIC) will be a company limited by shares, with the intention of enabling ownership by any and all patrons. While initial investors may range from large to small, over time the company intends to water down larger shareholdings such that no one shareholder may exert or establish control over the organization.
This choice underlines the founders' goal of continuing the wonderful community that the founders and team of The Castle Tap have built over ten years of this wonderful, welcoming establishment.
To preserve and enhance The Castle Tap as a safe and diverse social space for local residents and visitors alike.
The CTCIC has been formed firstly to collect capital in the form of a share offering, and then purchase Trelowen Mor Ltd. from its current owners. This is the most efficient way of obtaining ownership of the pub without disrupting its business operations in any significant fashion, preserving all contracts with employees and suppliers alike.
Upon its successful formation, the eight founders formed an initial Board of Directors to oversee the sale of shares, the subsequent purchase of the pub and its transition to new ownership, as well as establish the first policies and ensure the business is on a solid footing.
This initial Board will, as part of this process, appoint a pub manager. While the Board provides oversight, sets general policy direction, and approves major expenditure, the manager will handle the day-to-day operations of the pub. A candidate for pub manager has already been identified.
Finally, around six months post-purchase, the initial Board will call a General Meeting and request a vote on a new Board of Directors.
Along with pub management, founding Board members bring extensive experience of using technology to increase the efficiency of businesses, as well as marketing and social media management. As such, one focus of CTCIC will be on increasing the pub's use of technology to improve marketing and advertising, with the intention of getting more feet through the door, especially around regular events such as the Folk Evening.
As finances permit, we are also considering the following items:
Investors will, of course, be encouraged to submit their suggestions regarding future improvements for consideration by the Board - The Castle Tap is a space for us all.
