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Gargunnock Community Shop Limited

Gargunnock, a village situated on the outskirts of Stirling, is home to around 750 residents. The village faced a setback two years ago when its local shop closed down under previous ownership. Subsequently, a fire occurred, and basic reinstatement work was covered by the previous owner's insurance.

 

To restore the shop for the community, Gargunnock Community Council and Gargunnock Community Trust joined forces to establish a Community Benefit Society (CBS) named Gargunnock Community Shop Ltd. This society operates under an overarching Management Board comprised of volunteers. Currently, the Board is engaged in an 18-month endeavor to transform the project from concept to a flourishing shop.

Village store.jpg
Objective
What is a community share offer?

#1: create a long-term viable shop for the community.

#2: ensure the shop is carbon-neutral.

John Scott, once a resident of Gargunnock, acquired the shop for £90,000 and is currently transferring its ownership to GCBS. Upon completion, we will be able to reimburse him.

As part of the funding stipulations, we need to secure matching funds, totaling around £56,000. One way the community can contribute is by purchasing shares in the shop.

Funding already achieved XXX

Community shares are unique in that they are 'withdrawable,' meaning they cannot be sold, traded, or transferred between members, unlike shares in typical companies. While they don't increase in value, they may decrease if the business performs poorly. This form of share capital is exclusive to co-operative and community benefit societies. Since 2009, over £100m has been invested by nearly 120,000 individuals to support 350 such businesses across the UK.

Let's include Gargunnock Community Shop Ltd in that list!

Becoming a member is as simple as purchasing a single £25 share we aim to be inclusive. However, if you're able, we encourage you to contribute more. If the offer fails to raise sufficient funds, all monies will be refunded in full.

About the Share Offer

The share offer will run from August 19th 2024 to midnight on September 30 2024, but may be extended by the committee at its discretion.

  • Anyone who supports the objectives of the Gargunnock Shop Ltd can become a member by purchasing the minimum of one £25 share.

  • All members will have one vote regardless of the size of their shareholding, and will be able to determine policy and vote and stand in elections for the Board.

  • The target set for this share offer is £56,000.

  • No interest will be paid on shares.

  • Investors may be able to set 30% of the cost of their shares against tax under the terms of the government’s Social Investment Tax Relief scheme, but this is subject to confirmation by HMRC and cannot be guaranteed at this stage.

  • The value of shares cannot increase beyond their nominal value of £25.​

  • This is a long-term investment. Shares cannot be sold or transferred between members and can only be withdrawn after a minimum period of three years with three months’ notice. Withdrawal will be at the discretion of the committee, having regard to the long-term interest of the Society.

  • However, the value of shares of a deceased shareholder may be transferred to o another person in accordance with his/her wishes.

Shop Timeline

Shop Timeline for Online Sharing 2_edite

How to invest

To buy shares and become a member of the Gargunnock Community Shop Ltd, complete the Application to Purchase Shares form and return it to: XXX, or sign and scan it to shopcommittee@gargunnock.org.

Each individual, family member or organisation should complete a separate form.

Forms can be collected from XXX , requested by emailing shopcommittee@gargunnock.org or downloaded from www.gargunnock.org or facebook.com/ gargunnockcommunitycouncil

Shares can be purchased in multiples of £25 and paid for by online bank transfer (this is the preferred means of payment), cheque or cash.

Membership is open to any person (whether an individual, a corporate body or the nominee of an unincorporated organisation) who completes the share application form and:

  • is over 16 years of age

  • supports the Society’s Purpose ‘to carry on business for the benefit of the community’

  • pays for at least one £25 share

Who will make the decisions?

The Community Benefit Society (CBS), Gargunnock Shop Ltd, will be overseen by a Board of Directors consisting of up to 10 individuals. The inaugural Board has been appointed by the founding management committee members. They will resign (??) at the initial Annual General Meeting (AGM) to make way for a new Board directly elected by shareholders – with the hope that you will be among them! Anyone aged 16 and above is eligible for Board election, and every shareholder holds the right to vote in this process. According to the regulations, a majority of shareholders and Board members must hail from Gargunnock, ensuring local control over the business. Nevertheless, there's provision for co-option to the Board to address any identified skill or experience gaps. Fostering a sense of community ownership and involvement in decision making will be encouraged through regular newsletters, and members will be urged to volunteer, particularly activities aimed in at strengthening community ties.

Contact

I'm always looking for new and exciting opportunities. Let's connect.

123-456-7890 

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