Residents on the Isle of Bute are launching a share offer to raise funds to buy and reopen a historic pub.
The Community Share Offer aims to get the pub back open, after it closed its doors following the economic impact of the Covid-19 pandemic. For the next five weeks, villagers – as well as those living further afield – will be able to buy shares in the pub.
The Anchor Tavern has served the coastal village of Port Bannatyne for two centuries and was a lively hub of community and activity.
When it closed the village was facing the loss of one of the few local indoor meeting spaces available to the community, as well as 200 years of history. The Anchor was not unique in this regard - over 200 pubs closed in Scotland during the pandemic, leaving rural communities particularly underserved.
In response, the newly formed Port Bannatyne Development Trust, a small group of residents and homeowners, successfully lobbied the Scottish Land Fund for £150,000 needed to purchase the pub on behalf of the local community.
They now need to crowdfund another £105,000 for the historic pub's refurbishment.
Once refurbished, the pub will provide an important community space for young people, the arts and local history, in addition to its primary purpose, it is claimed.
Jon Sear, vice-chair of Port Bannatyne Development Trust said “We know £105,000 is a lot of money to try to raise for a small village like Port Bannatyne, but we are encouraged by the success of other communities, in particular Knoydart, whose pub Share Offer just raised twice this amount and had to be closed early, despite their smaller population.
"Our biggest challenge is that we can’t accept more shareholders from outside the Port Bannatyne area than live locally, so unless the number of applications from Port residents exceeds our expectations, we have no choice but to prioritise higher value applications from non-residents."
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