Next Steps

Following the public meeting on 4 April 2019, HOTV has come a long way. We have now prepared a Business Plan and a Share Prospectus, and had both validated for a Standard Mark by the Community Shares Unit. These below are the foreseeable next steps. (The schedule in the graphic on the right has slipped a little, but the general idea holds good.}

August to September—Share offer
We will be inviting anyone with an interest in the village to buy shares in HOTV between 1 August and 30 September. It is possible that there will be later opportunities to buy into the project, but its financial viability stands or falls by the amount we are able to raise during this initial offer period. Please read the documents carefully and help if you can.

We will be making applications for grant funding in parallel with the share offer, but some applications depend on our being able to demonstrate sufficient community involvement, and will therefore have to follow.

2 September—Public meeting
We will be holding a public meeting on 2 September, halfway through the share offer, to encourage potential shareholders, to answer questions and to discuss the options as we prepare to take over the management of the shop and pub. The whole point of HOTV is to be a community-based enterprise, so we need to hear the views of the community on how we do things. We also need to refresh our list of those who have declared an interest as volunteers.

Buy the Royal Oak and the contents of the Village Stores
Provided we have a good response to the share offer, we will start the process of buying the Royal Oak while the balance of the funding is put in place. We hope to conclude the purchase by the end of 2019, though this leaves very little wiggle room. Necessary work on the building, e.g. to receive the shop, may be able to start before the purchase is concluded, but will in any case take place as soon as possible.

Recruit managers for the shop and pub
We are already looking for suitable candidates for these full time jobs, and would hope to be making the appointment as soon as the purchase of the Royal Oak is confirmed. We will also be contacting volunteers and setting up a preliminary rota for the opening of the business.

Hold the first HOTV Members Meeting and elect a Management Committee
Until now, management has been in the hands of a non-elected group of 10, and our priority has been to raise the money and grasp the opportunity of buying the Royal Oak while it is still viable, but once the share offer is concluded and provided that we have raised sufficient funds, the next step would be to hold a meeting of all the Members (shareholders) and elect the first formal Management Committee to take the project forwards from there. This has to take place by 5 March 2020 at the latest (the anniversary of our registration as a Community Benefit Society).