Sales of shares in a proposed community pub have topped £85,000 in the first month.
The “encouraging” response to the sale of £50 shares to save the King’s Arms at Shouldham means the half-way mark has now been passed.
Non-profit company Shouldham Community Enterprises aims to raise £150,000. With other funding help, it hopes to buy and reopen the village’s last remaining hostelry and run it as a pub and community hub.
A spokesman for Save Our King’s Arms (SOKA), Phil Harriss, said an incentive to buyers was the Seed Enterprise Investment Scheme. “This effectively means that the Government will give tax payers who buy shares in our scheme half their money back. So, if someone bought £1,000 pounds in shares, the Government would reduce their tax bill by £500 pounds.”
The shares are available until Monday, September 30, and more information about how to invest in the venture is available at www.kingsarmsshouldham.co.uk.
Fundraising had also been going on in the village since the campaign was launched. A beer festival in August produced a profit of £760 and a quiz night held last night was a sellout success. Monthly open mic events and draws were continuing to boost funds.
Mr Harriss said: “The sale of shares so far has been really encouraging. The fundraising has also brought people together and is keeping up morale. Anyone who has got any talent we can use has offered it. It has had a really positive effect.”