A nineteenth-century village pub has received a new funding package to help it refinance and secure its role as a community asset.
The Helions Bumpstead Community Benefit Society was set up in 2014 with a view to take community ownership of the Three Horseshoes after it was registered as an asset of community value by the local Parish Council.
In 2019 the society raised funds to purchase the pub, in Helions Bumpstead, near Braintree, Essex, with an impressive community share fund worth £287,000 and investment from Co-operative & Community Finance via the More Than a Pub programme.
Since purchasing the pub, and having to deal with Covid-related setbacks, the society has carried out improvements and refurbishments to the building, which dates back to the 1870s. These included a new kitchen, central heating, new furniture and flooring, an outdoor eating area and beer garden, along with a separate meeting place and community hub that has proved popular with local community interest groups.
In 2023 a second community share offer raises £14,000 to improve the outdoor areas of the pub and complete further maintenance work.
Co-operative & Community Finance provided a loan package for refinance following on from the More Than a Pub legacy scheme.
Kevin Lloyd-Evans, lending and relationship manager at Co-operative & Community Finance said: “We are thrilled to support the continued success of this cherished community pub. By providing this loan, we’re not just backing a business – we’re investing in a hub that fosters connection and community spirit. We look forward to seeing them thrive for many years to come.”
The society currently has around 177 members with a board of nine committee members all bringing a wide range of experience and skills with them.
Richard Russell, chair of Helions Bumpstead Community Benefit Society, said: “Co-operative and Community Finance have been at our side throughout our journey, from the community purchase in 2019 and throughout the years of the pandemic. So, we were delighted to arrange our refinancing with them, now that the Three Horseshoes is in the safe hands of our tenants. Their understanding of local communities sets them apart from corporate lenders and the relationship is one of de facto friendship.”
The legacy More Than a Pub Fund scheme provides loan finance of between £75,000 to £150,000 available to community pubs on a term ranging from five to 20 years. Co-operative & Community Finance also helps support groups to access grant funding to help them develop business plans and pay for surveys through the Reach Fund.
