Beloved community asset thrives as pub secures new investment

A popular nineteenth-century village pub has received a new funding package enabling refinancing and securing its role as a vital community asset.

The Helions Bumpstead Community Benefit Society was set up in 2014 with a view to take community ownership of their local pub the ‘Three Horseshoes’ (located in northwest Essex) after it was registered as an Asset of Community Value by the local Parish Council. In 2019 the society raised funds to purchase the historic pub – a building dating back as far as the 1870’s – with an impressive community share fund worth £287K and investment from Co-operative & Community Finance via the ‘More Than a Pub’ programme.

Since purchasing the pub and having to deal with covid related setbacks, the society have diligently carried out a vast range of improvements and refurbishments to the building. These included a new kitchen, central heating, new furniture and flooring, an outdoor eating area and beer garden, along with a separate meeting place and community hub that has proved popular with local community interest groups.

Local residents and shareholders have praised the society’s work and have commented on how the pub has brought a real sense of community to the village. In 2023 a second community share offer was completed raising £14K to be used to improve the outdoor areas of the pub and complete further maintenance work. Co-operative & Community Finance were also pleased to provide a loan package for refinance following on from the ‘More Than a Pub’ legacy scheme. Kevin Lloyd-Evans, Lending and Relationship Manager at Co-operative & Community Finance said: “We are thrilled to support the continued success of this cherished community pub. By providing this loan, we’re not just backing a business – we’re investing in a hub that fosters connection and community spirit. We look forward to seeing them thrive for many years to come.”

The society currently has around 177 members with a board of 9 committee members all bringing a wide range of experience and skills with them. Richard Russell, Chair of Helions Bumpstead Community Benefit Society said: “Co-operative and Community Finance have been at our side throughout our journey, from the community purchase in 2019 and throughout the years of the pandemic. So, we were delighted to arrange our refinancing with them, now that the Three Horseshoes is in the safe hands of our tenants. Their understanding of local communities sets them apart from corporate lenders and the relationship is one of de facto friendship.”

The legacy ‘More Than a Pub Fund’ scheme provides loan finance of between £75,000 to £150,000 available to Community Owned Pubs on a term ranging from five to twenty years. Co-operative & Community Finance also helps support groups to access grant funding to help them develop business plans and pay for surveys through the Reach Fund. Please contact Co-operative & Community Finance for the full terms and conditions, and to discuss how your Community Owned Pub venture can be supported.

You can find out more about the Helions Bumpstead Community Benefiot Society by visiting their website.