Frequently Asked Questions
Why form a community pub?
As a community pub The Old Forge is run by the community, for the community. Profits will be reinvested back into the business and other local projects that provide a wider community benefit. We can tailor the business model to ensure that it reflects the goals and aspirations of the community. We can protect this vital community asset into the future, ensuring it always works with the communities best interests at heart, and delivers tangible and long-lasting benefits.
How was the buyout funded?
We had two strands to our fundraising plan:
1. Community Fundraising - a share offer secured £256, 035 & crowdfund £66,596
2. Public funding applications - successful applications to the Scottish Land Fund (£508,000) and Community Ownership Fund (£219,000)
The combined funds allowed us to purchase the pub and also conduct essential repairs and refurbishments which are taking place over the winter of 22/23.
Who works in the pub?
As of Dec 22, we employ 8 members of staff, comprised of bar manager, bartenders, project manager, business development manager, cleaner and finance administrator.
Our numbers will increase in 2023 in line with reopening of the restaurant.
All our staff are employed and receive the national living wage.
How does the Benefit Society work?
The Old Forge Community Benefit Society (CBS) Ltd owns the property and business. The CBS has a management committee (see our team page) who make decisions on behalf of the community, and line manage the employed staff who oversee the day-to-day running of the pub. The committee reports back to the CBS's 90 shareholder members and other stakeholders within the community. The CBS members have invested in shares and hold voting rights at annual member's meetings.
Why are you fundraising for so much?
Buying the pub is just the first step in this project - then we have to manage the business successfully as set out in our detailed business plan. One of the first things we have to do is carry out essential repairs including fixing the extension roof at the back, and rewiring all the electrics up to current standards. Then we need to make the building fit-for-purpose - renovating the toilets and enlarging the cellar were some items identified during the community consultation process.
Got a question?
We will be adding to this FAQ section over the next week while, but if there's anything we've not covered that you would like to know please get in touch!
You can also get in touch via our Socials - find us on Instagram, Facebook and Twitter @theoldforgecbs
What happens with the profits?
All profits made by the pub will either be reinvested back into the business, or will be donated to other local causes which provide wider community benefit on Knoydart.
None of the management committee or CBS members stand to personally gain from their involvement in the society, other than through the interest payable to all member shareholders.
How was the pub valued?
As part of our Scottish Land Fund application we were required to conduct an independent valuation of the property, from which our financial calculations were drawn up. This valuation was carried out by Allied Surveyors Scotland who were granted access to the property to carry out a bricks-and-mortar valuation. We have also conducted an independent valuation of the business goodwill, which is required to satisfy our funders and be used as part of the sale negotiation process.