Frequently Asked Questions
Why does the community need to do this?
Shepton Mallet has been left behind by other neighbouring towns, many of whom have thriving town centres, an active market and a great selection of places to eat and socialise.
The Bell Hotel provides a great opportunity for the community to breath new life into the high street and to take charge of our town’s future. It will be a welcoming quality venue that will attract visitors and locals back to Shepton Mallet.
The building has been for sale for some time and is in danger of being turned into flats if there is no interest in running it as a pub or hotel again. Once this happens it will be lost forever.
Why will this succeed when so many theatres are closing?
Community ownership of the building will allow the provision of a good quality service without the burden of having to pay high rent to a private landlord. Strong support from the community will be essential to success.
Many other pubs and community venues have been successfully saved by their communities and there is a clear pathway for us to follow. Read about other successful examples here.
Where will the money come from?
We hope that money to buy and renovate the building will be from public grant funding and also by selling shares to local people.
Can anyone buy shares?
Anyone may buy shares in the community organisation which will be set up for this project. This includes residents of Shepton Mallet and also others who may not live in the town. The minimum share investment will be £200. Every shareholder will have one vote on decisions on how the project is run, no matter how much they have invested.
What is a Community Benefit Society?
A Community Benefit Society is one type organisation that we may create for this project. It is operated entirely for the benefit of the community and is allowed to make a profit but this must be used for the benefit of the community, rather than being distributed to its members.
Community benefit societies must only use their assets for the benefit of the community. If a community benefit society is sold, converted, or amalgamated with another legal entity, its assets must continue to be used for the benefit of the community and must not be distributed to members.
Community benefit societies are overseen by the Financial Conduct Authority.
What happens to my money if the project does not go ahead?
If we fail to buy the building, all shareholders will have their investment repaid and loans and donations will be returned in full.
How can I be involved?
There are many ways for you to be involved in this project:
- help spread the word
- buy shares, make a donation
- help with renovation
- support the Bell Hotel when it reopens