Pembrokeshire community smashes fundraising target in dream of saving village pub

A community group is celebrating after hitting a £200,000 fundraising target in their bid to buy the pub at the heart of their village.

The prospective owners of Y Cross Inn in Hayscastle, Pembrokeshire have been fundraising in a number of ways since they discovered their pub looked likely to close, but the recent sale of shares in the enterprise has proved hugely successful in getting them past their minimum target.

The pub in Hayescastle has been in the same family for five generations, but after over 100 years of ownership the Phillips had decided to sell. With no real viable offer on the table, the villagers established Y Cross Cas-lai Benefit Society Ltd to try and save the pub, which is situated between St David’s, Fishguard and Haverfordwest.

Drawing inspiration from an increasing number of community owned pubs across the country, they commissioned a viability study and undertook a public consultation, before developing a share offer to raise a substantial part of the near £300k asking price.

Shares were sold at £50 each with a minimum investment of £250, and it is anticipated that after a few years of trading, shareholders would begin to see an increasing yield on their investment.

As well as that, other benefits include discount on one special event a year, advance notice on offers, events and promotions, and each shareholder would have one vote which they can use to have a say on how the pub will be run.

Benefits

They set out to raise between £200K – £250K in shares, whilst also applying for grants available to community organisations, to cover the purchase and refurbishments to upgrade and improve the infrastructure, fire safety and accessibility of the pub.

On the Society’s website they say: “In addition to the successful share offer we’ve held a community auction, a car wash, coffee morning, an epic tractor run, bingo, quiz night and tippit evenings, raffles and even enlisted the help of a local Dalek”.

Announcing the success, the Society paid tribute the community effort and support: “We are immensely thrilled to have received the unwavering support of our friends, families, local residents and numerous businesses, including Wayne and Angela Phillips the current owners, who have all displayed remarkable goodwill and backing throughout this endeavour.”

Ambition

Society Chairman, Geraint Evans said “Our ambition has captured everyone’s imagination and even though it’s really hard work, we’re having a great time because it’s so meaningful and we’re making it happen together.

“We have exciting plans to create a warm and vibrant village pub and community hub. We’ve already lost two garages, a shop, a Post Office and the school from the village. Closure of the pub would shatter the community, so using the profits from the pub, we’re taking charge and bringing back some of the essential services that the community needs”.

Read more about Y Cross Inn’s plans and progress here or follow their Facebook page.