Future of Chester pub in safer hands after £175k push succeeds

The Centurion community pub in Vicars Cross and its surrounding land in Oldfield Drive is owned by Admiral Taverns, a company which failed in a bid to acquire planning permission for a care home on the land a number of years ago.

After that planning consent rejection, the community rallied round and in September 2016 the pub was reopened under a lease from the owners.

The Centurion Community Action Group Ltd had since earned the status of a Community Benefit Society (CBS) and is regulated by the Financial Conduct Authority. As a CBS, the pub is committed to trading solely for the benefit of the community.

Admiral Taverns managers had recently shown interest in selling the property to the community company.

Management committee chair Claire Sinnott with civic leader Sheila Little and Great Boughton councillor Elizabeth MacGlashan, during the community share offer drive. (Image: Paul Chamberlain)

But the sum, even markedly reduced, was £600,000 plus VAT for the freehold of the site.

That left the community group launching a concerted bid to raise £175,000 from the launch of a Share Offer, a task which could have proved daunting given the limited timeframe to raise such a huge total.

But it's good news for the Centurion Community Action Group, who this month have confirmed they have met that £175,000 goal from the Share Offer with room to spare.

An update issued on behalf of the group's management committee said a total of £192,652 had been raised, which will be added to the already-secured £250,000 Community Ownership Fund Government Grant, while work to secure a £175k commercial loan was in progress with high street banks.

That means the group has formally given its intention to Admiral Taverns to buy the pub for £600,000, the agreed price.

The committee added: "On behalf of The Centurion, we are overwhelmed that our community has come together to raise the money to help buy our pub.

"We were required to raise a minimum of £120,000 as part of the share offer to prove community engagement, to receive the COF grant – we far exceeded that target.

"The aim is that the purchase will be processed via the Transfer of Going Concern regulations and VAT on the purchase will be deemed to be exempt.

"Together, we have raised an astonishing £192,652 from the share offer, well over the target of £175,000. With the extra £17,652, we propose to pay stamp duty, likely to be around £19,500 on the purchase.

"We will also be required to pay legal fees and other costs as part of the sale process."

The timescale outlined by the committee suggests contracts will be exchanged on the pub by mid-August.

In the meantime, the pub will continue to be run as normal for locals, offering a range of entertainment for locals including weekly quiz nights and musical guest stars.