Following a grant award of almost £1 million from the National Lottery Heritage Fund, plans to restore and re-build the historic George Pub in Wickham Market have moved forward.
After a fire almost destroyed the building in 2013, a group of passionate volunteers rallied together to save The George pub – an important part of Wickham Market’s history. Support from local residents and others over the past five years has led the initiative to where it is now.
A second share issue is the final hurdle and the target is to raise £340,000 to complete the £1.6m project. This sounds a lot but more than half of this figure is covered by a successful pledge campaign which was held this time last year. Anyone making a pledge at that time will now be asked to convert those promises into shares.
The Community Benefit Society overseeing the project is also encouraging those that missed the pledge campaign to buy shares now. This is everyone’s chance to get involved in this exciting restoration.
A spokesperson from The George team said: “Landmark buildings on a high street are often distinctive, engrained in the local community and can provide a huge source of heritage and social history. The George pub is one such building.
“To save, restore and bring The George back to its original purpose as a public house will be a major achievement for Wickham Market and the surrounding area. We thank National Lottery players everywhere for their help in making projects like this happen.
“Alongside the positive historical and economic impact, community businesses deliver a range of important social outcomes. These include reducing social isolation, improving health, wellbeing and community cohesion and the fostering of local pride. This building is too important to let go.”
Match funding
As an incentive to boost shares locally, Wickham Market residents will receive match funding under the Community Share Booster Programme to a maximum of £50,000.
Funded by The Architectural Heritage Fund, the Booster Programme supports community businesses in launching a community share offer that can demonstrate high levels of community impact and engagement.
The George Community Pub has been selected for this award and The George team wants to make the biggest impact by encouraging local people to invest as much as possible. Investors will see that for every pound they invest another pound will be invested in shares by the Booster Programme.
30% tax relief for investors
The George team has recently received advanced assurance under the Social Investment Tax Relief Scheme, which means that the purchase of Shares in The George Community Pub will attract 30% tax relief for investors who are UK tax payers. For example, a £1,000 investment will reduce an income tax bill by £300.
Join the shareholders
Along with the grant award, there are more than 320 existing shareholders and the aim is to restore this important heritage building as a pub, restaurant and vibrant community hub.
There will be a bar, restaurant and wood-fired pizza oven on the ground floor and on the first floor a fully accessible space offering workshops, classes, lectures and social activities.
The George team is also working with various organisations to ensure those living with dementia or loneliness have a safe place in which to meet friends and socialise in a post-Covid-19 world.
You can find out more about being part of this restoration project and buying shares in The George by going to www.wmgeorge.co.uk
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