A more indepth Q&A has been developed in our Share Offer Prospectus Jan 2025
Why should I buy community shares?
PWCBS needs your investment to help purchase and renovate The Six Bells. Sufficient investment is required from the community to enable the Community Hub to be established as a sustainable business and destination.
Who will benefit from this project?
The local residents, those living in surrounding areas, visitors and the wider Gwent Levels community will all benefit directly from having this vital amenity.
The Six Bells Community Hub will provide a range of facilities to directly benefit all our supporters. The Hub will play a part in making a stronger, more vibrant and cohesive community in which to live and a more attractive place to visit. In addition, it is expected that the presence of a local Hub will support local businesses and enhance local community spirit.
Is this only open to the local community?
Absolutely not - this is open to anyone that values local communities, that has history with the Six Bells pub, that would love to come and visit a community hub that has a pub with fantastic food, a cafe to meet with friends over coffee and cake, a place to buy some amazing local produce or a place to come and understand more about the Gwent levels, the history and the amazing local ecology before perhaps walking the coastal path that is on our doorstep.
Will I receive interest from my shares?
We cannot guarantee any interest payments and at least the first two years would not earn any interest; but the business plan has a forecasted interest rate of 3% per year from year 3 onwards. The CBS steering group envisages that interest would be paid retrospectively after the end of year 3 and each subsequent year; but only if it is affordable to the business and approved by members/shareholders in a vote. Interest is not cumulative and only payable on the value of the shareholdings. Interest will be paid gross and it is each member’s responsibility to declare such earnings to HMRC if appropriate
Do my shares give me voting rights?
Yes, they do. Everyone has an equal voice, regardless of the size of their investment. This is the ‘One member, One Vote’ principle giving you the opportunity to have a say in how the Six Bells Hub is run.
What happens if we don’t meet the minimum share offer target?
If the minimum target is not achieved, we will consult with investors to look at the next steps and possible ways forward. We do not expect to be able to go ahead with the purchase without the minimum community share offer. However, it is possible that the purchase may still go ahead if there were sufficient funds from other sources, e.g. grants. If this is not possible, all monies will be returned.
What is my maximum financial risk?
Your maximum financial risk will be the amount of money invested in share purchases. Although you will be a part owner of the Six Bells, because it will be through Peterstone Wentlooge CBS Ltd, which is an organisation with limited liability, you will not be personally liable for any money beyond that amount.
How will the Six Bells Community Hub be run when it is operating?
At the first AGM following the share offer, all members of the current steering group (listed in Section 7) will stand down and a new Steering Group will be elected. This could include current steering group members, but can also include other members/shareholders. This new Steering Group will be the Board of Directors, who are legally responsible for the running of the Society including overseeing the development and running of the Six Bells(assuming the purchase goes ahead).
This Steering Group will oversee the performance of the business and seek to ensure that it meets the goals set down in the Business Plan.
Who will make the day-to-day decisions about the business?
The appointed tenant will be in control of the day to day running of the running of the pubs and cafe which operates within the premises of the Six Bells owned by the PWCBS.
The manager of the shop and visitors centre will be responsible for day-to-day decisions for that part of the business - reporting into the Steering Group.
Do get in touch if you have any further questions - savethe6bells@gmail.com