Nenthead Community Village Shop March 2007 Update
From Nenthead Community Wiki
This is a brief summary of the story so far.
Contents |
August 2006
Public meeting in Nenthead to see if there was interest in buying the shop and post office and a community business. A steering group of six people was formed and constituted to investigate funding, management and purchase. Market research questionnaire to residents and others to assess present and future possible needs and support.
September/Ocober 2006
Steering group obtained funds from CRISP for feasibility study and se up costs and employed SECOD as consultants to help with a business plan, funding, constitutional and management advice. Met regularly with SECOD, visited three other community shops. Detailed business plan drawn up. Discussions with possible funders.
November 2006
Public meeting attended by 75 residents. Steering group reported progress and asked for support to continue. The business would be part financed by shares at £10 each. Each shareholder to have one vote at shareholders' meetings. Agreement to carry on. Over seventy prospective shareholders signed up during the next two weeks. The steering group completed applications for funding to CRISP and Virsa towards the costs of buying the property.
December 2006
Successful applications to CRISP and Virsa. investigate was for a grant and a seven year mortgage / loan from the Community Cooperative Finance Company. Application involved a detailed interview about our business plan and conditions for funding included regular oversight of the business by them. Other funding for set up costs was obtained from Alston Moor Community Chest and Community Solutions. The job of shop manager was advertised and provisionally appointed. A constitution was drawn up to register as an Industrial and Provident Society. A solicitor from Burnetts of Carlisle was employed to handle the purchase.
January 2007
Registration with FSA as Industrial and Provident Society completed. Final agreement to grants and loan received.
February / March 2007
Ninety-one shareholders to date have received shares. Money is in the bank for purchase. Negotiations over purchase and post office contract. First shareholders meeting this week to discuss the future and appoint new directors.
