The Rose & Thistle

Investing in Community Shares

Are there limits to how much I can invest?

Yes. The minimum amount is £100 per person or organisation, and the maximum is £100,000.

Can I buy shares on behalf of my children or grandchildren?

Yes, shares can be held for children and grandchildren. The shares and vote will be transferred to the child as soon as they reach 16 years of age. In the meantime, any adult who does not already have a vote may vote on the child’s behalf.

Can I buy shares on behalf of a company I own?

Yes, you can buy shares on behalf of your company, and any interest on the issued shares would be paid to the company. The company would have one vote.

What happens when the share offer target is reached?

If the share offer target of £1,000,000 is reached, we will continue to keep the offer open until we reach our maximum target of £1,500,000.

What happens if you do not receive a sufficient share purchases to buy the Pub?

If we raise amounts below the minimum threshold of £750,000, by the time the share offer period closes, a meeting will be held within four months to decide if it is possible to purchase the Rose and Thistle or not.

Shareholders and Members

Why do you need to raise £1,000,000?

The money will allow us to purchase, refurbish and arrange the operation of the Rose and Thistle.

When I buy shares, what do I become a Member of?

When you buy a membership share of £1, you become a Member of Haddenham Community Public House Limited (HCPH), a Community Benefit Society, and you then have a say in how the Society is run.

If you then buy community shares, you are entitled to interest and may withdraw your shares, subject to the terms in this document.

Do I get more interest the more community shares I buy?

Yes, the interest rate is a percentage that applies to each community share. For example, if the interest rate set is 4% and you hold 1,000 shares, you will receive £40 for that year.

How is the interest rate payable on community shares determined?

The interest payable to community shareholders is decided by the Management Committee each year with regards to there being sufficient reserves and profits within the business.

Our Rules state that the maximum payable is the higher of 5% and the Bank of England Base Rate + 0.75%. Our aim is to pay interest from year 4 and to pay 5% on an on-going sustainable basis as soon as possible thereafter.

Do my shares give me voting rights?

Yes, your £1 membership share does. Everyone has an equal voice, so, regardless of the size of your community share investment, you will have one vote.

If I have bought multiple shares, why do I only have one vote?

This is to ensure all Community Benefit Societies are run democratically, in the spirit of why they were set up.

My Investment

Can my investment increase in value?

No. Shares in the CBS can never be worth more than their nominal face value.

Can I sell my shares?

No. Shares in the society cannot be sold. They are a special sort of share known as ‘Community Shares’ and the only way you can recover their value is to apply to the CBS to withdraw any shares you own.

How can I get my money back?

You must invest your shares for a minimum of three years after which time you can apply to withdraw your shares to get your money back. The Management Committee will determine, based on the liquidity of the CBS at the time, the extent to which shares can be withdrawn.

When will my money be refunded, following the share offer, if the purchase of Rose and Thistle does not proceed?

Once the Management Committee, in consultation with the community, determines that the purchase is not viable, you will be contacted within two weeks of the decision date to establish how you would like your investment to be returned and all monies will be returned as soon as possible after that.

What happens to my shares if I die?

Your shares will form part of your inheritance and can be transferred under the terms of your Will.

Haddenham Community Public House Limited

What is a community pub?

A community pub is just as it sounds – a pub business owned and run by the community for the benefit of the community.

What are the benefits of community ownership?

In many cases, community pubs have been established to save pubs otherwise destined for permanent closure. Frequently, these are the last surviving pubs in the towns and villages they serve.

What is HCPH?

HCPH stands for Haddenham Community Public House Limited. It is recognised in law as a Community Benefit Society and was registered with the Financial Conduct Authority (FCA) on 30th January 2026 (Number 9696).

What is the difference between HCPH and the pub?

HCPH is a Community Benefit Society, which was formed to sell shares to raise money to buy and refurbish the pub property. HCPH will own the property and pay for improving the buildings and garden and appoint tenants to run the day-to-day pub business.

The Pub Purchase

You are seeking to raise £1,000,000. Is this how much you will buy the Rose and Thistle for?

No. The money raised is not just for the purchase of the pub. It is also for its refurbishment and to set up a tenancy with a professional landlord. We will need to establish reserves for contingencies and maintenance/further development of the buildings and garden as well.

Will you be paying a fair price for the pub?

Yes. We are constrained legally not to overpay using investor funds to buy the pub. We have obtained an independent valuation and are in on-going negotiations with the Vendor to establish a fair sales price.

The pub is on the market for £700,000. Will you use community money to buy it for this price when it is arguably over-priced?

No. We will not pay £700,000. We are in on-going negotiations over what price the Vendor is willing to sell to us at.  We are constrained legally not to overpay using investor funds. We have obtained an independent valuation of the premises both as a pub and as a residential property and are using these as yardsticks in making an offer to the Vendor.

Does the Vendor have to sell the pub to us if we raise enough money?

No. The Vendor is under no obligation to sell the pub to us, and it does not have to accept an offer from us. Our best chance of success is to raise the required amount as quickly as possible to demonstrate we have proof of funds and therefore have a credible offer.