Jon Nott has been appointed to be chair of the ICOF Group and ICOF Community Capital. Jon takes over from Jo White who stepped down at the AGMs held on 26 June after seven years as chair.
Jon was elected to the board in 2017 which makes him a relative newcomer but he has a long history of co-operation that started in the early 1990s at Alleycat Books Co-op in Durham. Jon is currently General Secretary of Woodcraft Folk, the children and young people’s co-operative. Prior to this, Jon was Chief Executive of the Green Party in the run up to the election of their first MP in 2010. With a background in worker co-ops and membership-led campaigning organisations, Jon is an expert in democratic governance and engagement.
Jon said: “I’m honoured to have been selected as the new chair of Co-op and Community Finance – it’s a great privilege to be able to support so many co-ops and community-owned businesses as they develop and grow. I’m grateful to Jo White for her seven years’ service as our chair, after which CCF is in a strong position as we start our 10-year plan to simplify the structure of the business and raise new capital to enable us to offer even more support to our sector. I look forward to working with my fellow board members, our staff team and, most importantly, our members and borrowers as CCF plays our part in growing the co-operative economy.”
Long standing director and trustee Jo White stood down at the Annual General Meetings held on 26 June 2018. Jo had been on the board of the various companies and societies involved in the ICOF family of businesses for 15 years and she had been chair since 2011. She had combined this exacting voluntary position with her full-time job as director of the business development consultancy Co-operative Futures. Everyone at the AGM gave her a well-deserved vote of thanks.
The board is expected to announce the appointment of a new chair at the end of July.
This year, for the first time in several years, there was a contested election for positions on the board. Daniel Holden, a member of Manchester-based worker co-op Unicorn Grocery, was elected as a new director and trustee. Previous board members Andrew Harrison and Dave Hollings were re-elected.
In her final presentation as chair Jo explained that over the next few years the board is aiming to simplify the complicated governance structure of Co-operative & Community Finance. It currently comprises five separate companies and societies and the intention is to end up with one community benefit society.
[The photo shows staff members Ian Rothwell (left) and Alain Demontoux applauding Jo White at the end the AGM]
‘Thank you for being there, we couldn’t have done this without you” is how one co-op described their experience of borrowing from us.
An impressive 85% of our borrowers say Co-operative & Community Finance would be their first choice for another loan, if they needed one. This was one of the most striking results of our annual customer survey*.
When asked to rate their overall experience of Co-operative & Community Finance 76% said it was ‘very good’ and a further 17% said ‘good’.
Specific comments included:
“Great bunch of people who helped facilitate our co-operative establishing itself with the knowledge and finance to build a prosperous future”
“Very supportive, flexible and understanding of our situation”
“We were able to borrow to refurbish our new premises without personal guarantees”
The comment about no requirement for personal guarantees is significant because this something that distinguishes us from almost all other lenders. The majority of borrowers said this was the most important factor when considering a loan.
* 245 current and former borrowers were invited to complete the online survey. 71 (29%) responded.
The BBC has asked if any of our borrowers would be like to be featured in a series about the ethical finance. It would be good publicity for the co-op featured, for us, and for the co-op movement generally. If you are interested you need to respond quickly. Filming has already started and will continue to September.
The highly successful BBC series ‘A Matter of Life and Debt’ is returning to our screens this winter and the producers are looking for people to take part.
This uplifting and positive series will highlight the work carried out by Community Development Finance Initiatives (we were the first CDFI), as they help people gain control of their finances or pursue their business dreams.
The producers would love to hear from you if you have:
Taken out a loan form us (or another ethical lender) when high street banks could not help you and wish to share your experience.
Or are planning to take out a loan soon with the help of a responsible or ethical lender to bring about a positive change in your life.
If you are interested in taking part, please send your contact details and a brief description of your story to the following email: lifeanddebt@curvemedia.com or you can call the production team on 02920 329135.
‘A Matter of Life and Debt’ is produced by Curve Media for the BBC.
The residents of Caverswall, near Stoke on Trent, flocked to the Auctioneers Arms on 19 May 2018 to celebrate the reopening of their local pub, affectionately named The Knocks.
The glorious day started with a speech from the town crier of Leek, Bill Lomas, before the bar was officially opened.
This marked the end of a long battle to save the 150-year-old pub from demolition and the start of a new life under community ownership.
The pub belongs to Caverswall Community Society which has over 130 members, mostly local people. They pulled together a package of investment, loans and grants from Co-operative & Community Finance, Big Society Capital, Power to Change, Plunkett Foundation and Key Fund to buy the pub at the beginning of 2018.
Since then the site has had a full refurbishment, with new plumbing, electrics, both customer toilets given a make-over, a new kitchen, lounge area and bar.
The world’s first circus performance is thought to have taken place in London in 1768. Today, in this 250th anniversary year, one of the champions of the transformative power of circus is an extraordinary social enterprise based in a former mining village in south Wales.
Operating from the old church hall in Gwaun Cae Gurwen, that was disused and derelict, Organised Kaos Youth Circus has helped to revive the local community by teaching circus skills to children and young adults.
Over the last 10 years the company has built a national reputation for excellence and has staged high profile performances at major venues including the O2 Arena in London and the Millennium Stadium in Cardiff.
Organised Kaos was started in 2008 by Nicola Hemsley who was brought up in Gwaun Cae Gurwen. When she returned to the village after many years she was dismayed to see the church hall, that had once been the centre of social activity, standing empty and the young people facing a future with limited prospects. She decided to do something about it.
She set up Organised Kaos (which stands for ‘Keeping Adolescents Off the Streets’), started to renovate the church hall and began running circus skills training sessions. Ten years later, the formerly derelict building is safe, dry, warm and bursting with activity. It is open six days a week for training sessions for a range of abilities and ages. Sometimes as many as 250 people attend each week, some of them travelling over 50 miles.
The organisation has over 1,000 members who pay an annual £5 subscription and has a board elected from the local community. It is run by managing director Nicola Hemsley and three part-time staff and a team of 29 freelance trainers. “I’m pleased to say that now all our trainers are Welsh which wasn’t the case until recently,” said Nicola. “That shows the impact we are having on increasing circus skills and opportunities.”
Nicola is also pleased that all the major renovation work has been completed. “This means we can concentrate entirely on building the business,” she said. “We are a social enterprise, not a charity, and 90% of our income comes from trading. Circus is a serious business; we charge for our services and reinvest the surplus to help achieve our social aims.” Those aims include encouraging young people and adults to get involved in their community, participate in the arts and realise their potential.
Organised Kaos was commissioned by Arts & Business Cymru to do a unique performance at Cardiff Airport
Much of the income comes from putting on performances. These include parades and community events, private parties, festivals and an increasing number of corporate events. Organised Kaos has done special performances for Google, the Chinese government, and Cruise Nation.
“Doing big corporate events is good for our reputation and income but we struggle with the cash flow,” said Nicola. “The loan from Co-operative & Community Finance has really helped smooth things out.”
Ian Rothwell, Investment Manager at Co-operative & Community Finance, said: “This is a brilliant organisation. Totally inspiring. It started small with what might have seemed an impossible dream and it has grown into a successful and highly-respected enterprise that is making a real difference to young people in a deprived community.”
For Co-operative & Community Finance 2017 was certainly the Year of the Pub. We lent nearly £688,000 to 10 community pub groups. With 2018 set to follow that trend we thought it apt to hold our AGM this year at the More Than a Pub national conference. So this year the AGMs of the ICOF Group will be held at 12:30pm during the conference on 26 June at Sheffield Town Hall, Pinstone Street, Sheffield, S1 2HH.
If your organisation has ever borrowed money from us its highly likely it will be a member of ICOF so please do come along and have your voice heard. It is a good opportunity to meet other co-operators and catch up in person with our work. If you aren’t a member but would be interested in joining please do get in touch. A lifetime membership to Industrial Common Ownership Finance Limited (ICOF) is just £30. Contact info@coopfinance.coop or 0117 9166750.
Members will not have to attend the More Than a Pub conference as the AGM will take place in a separate room over the lunchtime period. However, if you are interested in attending the conference which is organised by the Plunkett Foundation as part of the More than a Pub programme, which we are a partner in, please visit https://www.plunkett.co.uk/Event/more-than-a-pub-national-conference-26-june for more information and to book your place. Please be aware there is a deadline to book conference tickets of 12 noon on the 18 June and places for this event are limited and available on a first come, first served basis so please book as soon as possible to avoid disappointment.
We are actively looking for new people to join our board of directors.
Co-operative & Community Finance is a well-established and respected organisation which has supported the sector with finance for 45 years. We continue to grow steadily in an ever changing environment and are looking for enthusiastic individuals to help us navigate the challenges and opportunities ahead.
We are looking for creative strategic thinkers, and people willing to both speak out and work effectively on a board. Knowledge and experience of any or all of the following: worker co-operatives, community co-operatives, employee ownership, social investment or community businesses would be highly desirable, as would a reasonable level of financial acumen, although not essential.
The directors (trustees) are responsible for the strategic direction of Co-operative & Community Finance and for managing the small staff team. Directors (trustees) receive no remuneration for their involvement although they can be reimbursed for essential expenses. Directors (trustees) are expected to attend four meetings a year.
For more information about the role or to request a Trustee Pack and Nomination Form please contact Tim Coomer tim@coopfinance.coop or call 0734 267 4673.
Please be aware any nominations for co-option or election at our AGM on 26 June 2018 will need to be received by Tuesday 19 June 2018 at the latest.
Please also be aware Co-operative & Community Finance is the trading name of Industrial Common Ownership Finance Limited (ICOF), which is authorised and regulated by the FCA in the conduct of investment business.
The people of Ash, near Sandwich in Kent, have succeed in buying the 500-year old Chequer Inn that has been closed for four years. The pub had previously been bought by a developer but the villagers blocked the planning application and persuaded the local authority to make the pub and Asset of Community Value.
They received specialist advice and finance from the More Than A Pub programme, which was set up in 2016 to support community ownership of pubs in England. This programme is funded by the Ministry of Housing, Communities and Local Government and Power to Change, and is delivered by the Plunkett Foundation. Co-operative & Community Finance arranges loan finance for groups that have successfully attracted local investment, usually in the form of community shares.
The Chequer Inn Ash Society raised over £400,000 through a combination of investment, grants and loans. The majority of shares were bought by local people but applications came from around the world – from Alaska, Australia, North Carolina, Scotland and Yorkshire – from people who had moved away but still had fond memories of the Chequer Inn.
Matthew Titterton, who originally began the campaign in December 2015 to prevent the pub from turning into housing, said: “We are all very excited and can’t believe that this day has finally arrived. It’s fantastic to know that this wonderful historic pub which has been the heart of the community for hundreds of years will now re-open, and this time there will be no national pub company owning it, but instead a community passionate for it to succeed. We have over 300 shareholders who are determined to make a success of it, and with the right tenant, we really hope that it will be a community pub to be proud of.”
Co-operative & Community Finance’s Investment Manager Ian Rothwell said: “The determination of the people of Ash to save their pub and prevent it being redeveloped as private housing has at last been rewarded. We are delighted to contribute to their fund raising success with a loan from the More Than A Pub programme.”
Jane Greaves, Secretary of The Chequer Inn Ash Society, said: “It’s all very exciting. The committee have a number of working parties to get the pub up and running. Refurbishment will be carried out and we will start looking for a suitable tenant. We are hoping to have an open day for Shareholders in a few weeks, but as it is currently a building site, we have a health and safety team on board so that we can do things properly. We have a very ambitious project plan and we hope to be open by the Autumn.
“The committee would like to thank everyone who has believed in the project right from the start, from the initial steering group that helped change the decision of Dover District Council members, to all campaigners, shareholders, investors, organisations and all their social media followers.”
The residents of the small village of Winterbourne Bassett in Wiltshire are celebrating a new acquisition – their local pub, which has been bought by a community benefit society set up just five months ago. Many of the ‘new owners’ gathered in the pub last weekend to toast their success and start the refurbishment. One of their first decisions was to give the pub a new name: The Winterbourne.
The pub, formerly known as The White Horse, is the only meeting place in the village apart from the church. There are no shops or community buildings, so when Wadworth Brewery put the pub up for sale the local people knew they had to save it.
They received specialist advice and finance from the More Than A Pub programme, which was set up in 2016 to support community ownership of pubs in England. This programme is funded by the Ministry of Housing, Communities and Local Government and Power to Change, and is delivered by the Plunkett Foundation. Co-operative & Community Finance arranges loan finance for groups that have successfully attracted local investment, usually in the form of community shares.
Winterbourne Bassett Community Pub Ltd raised £450,000 in total through a combination of investment, grants and loans. The pub is going to undergo significant refurbishment, including a new roof and kitchen, before it reopens for business. Other plans include a children’s playground and in time, a small shop. The society is advertising for a tenant to run the pub.
Adrian Smith, Secretary of the society, said “We’ve got a lot to do before the pub will be open for business, but we are sure it will be worth it and we are developing great a new food and drink offering as a Freehouse. We want the pub to become a genuine community venue and we are committed to making a success of it by providing what local people want. We are for grateful for the support we have had from Co-operative & Community Finance.”
Co-operative & Community Finance’s Business Development Manager Tim Coomer said: “We have a lot of experience of lending to community-owned pubs and this is another strong group. The five-month turnaround time from start to completion has been particularly impressive.”