Community volunteers are no fools as they open their share offer for the Crymych Arms pub on Saturday the first of April with an information open day from 10am at the pub.
Following another successful public meeting on the 20th of March the Crymych Football Club members prepare now to launch the community share offer to buy the Crymych Arms pub with an information open day at the pub starting 10am on the first of April. There will be an opportunity to pick up a share offer prospectus documents and learn about the plans to offer an annual 3% dividend/interest to investors. The main committee of the football club and the purchasing sub-committee have been working hard to ensure the new FCA cooperative will have achieved its aim of raising a minimum of £175,000 with a minimum share purchase of £100. The public meeting on the 20th of March was chaired by Martin Lloyd and a presentation given by Cris Tomos of PLANED who explained how many people were disappointed that the UK Chancellor, Jeremy Hunt will in early April be scrapping the tax investment incentive called Social Investment Tax Relief (SITR). Cris explained "The scraping of SITR on the 6th of April is disappointing as qualifying investors would have had 30% of their investment returned as a tax relief, we have spoken to industry advisors and there is a very short window for applying for the scheme, but anyone wishing to participate will need to deposit their shares for buying Crymych Arms in our bank account before the 5th of April." Cris concluded, "we will be working hard to try and support investors to gain the 30% tax relief on their investments who have deposited by the 5th of April but we will have to await responses by HMRC, therefore it is not at all guaranteed." There will be an open day at the Crymych Arms from 10am to 2pm on Saturday the 1st of April and people can come along to ask additional questions and to have a look at the interior of the pub once again. The prospectus is also available on www.cpdcrymych.cymru or email finance@cpdcrymych