If you have any questions not covered on this page, please contact us.
Changes in circumstances mean that the current leaseholder is moving away from Reading and wishes to pass control of the pub on to someone else. The fact that this opportunity has arisen for the CIC to take this on does not mean that the pub is financially insolvent.
This is not to say that the hospitality sector is without challenges. Increases in the costs of stock and overheads in recent years have made running a pub trickier, and as such we are advising potential shareholders not to expect any financial return on their investment. You are investing in the future of The Castle Tap, not as a source of funds for shareholders but as a valuable community asset.
We are aiming to raise between £50k and £70k.
If the CIC does not raise the minimum funding amount, then it will not be able to proceed. Any funds already sent to us will be returned, and the CIC will be wound up.
There is not a specific deadline, but the current leaseholder is keen to move forward with this quickly.
Please join our mailing list.
Please use the Contact form.
If you are interested in investing in the CIC, please complete the share application form. Links to this can be found in the pub. If for some reason you are not able to get to the pub and still wish to invest, please Contact us.
Please bear in mind that as a community interest company we want our shareholders to be members of the pub community.
Each share is £50, and we are not able to issue fractional shares.
In the usual course of business, the CIC will be run and managed by the Board of Directors. When a General Meeting is held, then shareholders may propose and vote on resolutions. This includes, but is not limited to, the appointment of Directors.
The number of votes that an individual shareholder has is governed by our Articles of Association. In particular, Article 53.5 states:
On a vote on a resolution on a poll at a meeting every shareholder present in person or by proxy or Authorised Representative shall have one vote in respect of the nominal value of their shareholding, for each entire £500 held. Shareholders holding less than £500 nominal value shall have one vote per shareholder.
In practical terms, this means that a shareholder will have a number of votes in proportion to the value of their shareholding as per the table below:
| Number of shares held | Nominal value of shares | Number of votes at a General Meeting |
|---|---|---|
| 1 to 19 | £50 to £950 | 1 |
| 20 to 29 | £1000 to £1450 | 2 |
| 30 to 39 | £1500 to £1950 | 3 |
| 40 to 49 | £2000 to £2450 | 4 |
| 50 to 59 | £2500 to £2950 | 5 |
| 60 to 69 | £3000 to £3450 | 6 |
| 70 to 79 | £3500 to £3950 | 7 |
| 80 to 89 | £4000 to £4450 | 8 |
| 90 to 99 | £4500 to £4950 | 9 |
| 100 | £5000 | 10 |
A Community Interest Company (CIC) is legally a type of Limited company, and as such the liability of its owners (i.e. our shareholders) is limited. In the event that the CIC is unable to pay its debts, shareholders will not be required to pay any more money than their initial shareholding.
In short, no. The CIC is raising this money to secure the future of The Castle Tap as a valuable community space for everybody, and we are not planning to offer any special arrangements for CIC shareholders.
We would prefer not to take payments in installments, but if you feel that this is necessary for your circumstances, please get in touch to discuss this with the CIC Board.
The current pub lease is financially guaranteed by the leaseholder. This means that in the event of the pub business being unable to pay the rent, the landlord has legal recourse to come to the guarantors for rent.
Without a financial guarantee it is very unlikely that the landlord will agree to the CIC taking on the pub lease.
The details are being discussed with potential guarantors, but in broad terms the guarantors will sign part of the lease agreement pledging to cover the rent in the event that the CIC cannot.
Ordinary CIC shareholders are not responsible for the pub rent in any way, and as explained above will not risk any more money than they paid for their shares in the first place.
We are not aiming for a specific number of guarantors, but the more there are, then the financial risk is spread further and is more manageable.
This is a significant commitment that needs some detailed discussions. Please contact us to discuss it further.
