A village pub in Avon Dassett, Warks, has secured loan financing from Co-operative & Community Finance (CCF).
Formerly known as The Avon, the pub was brought under community ownership in 2017 and renamed The Yew Tree.
Its transition to the community was supported by CCF’s then-active More Than A Pub Fund, which offered loan finance of between £75,000 and £100,000 to community-owned pubs.
Following a series of setbacks and closures during the Covid-19 pandemic, the Yew Tree welcomed a new tenant in 2020 – the Wolf Cub Collective, which took over the business on a five-year lease.
In recent years, Avon Dassett Community Benefit Society – the locally owned committee overseeing the pub – has helped lead a number of refurbishments to the pub, including the installation of double glazing, upgraded drainage, extensions to the patio area, accessibility features, and more. It also continues to support community events and activities at the pub, such as a walking group, a monthly quiz, community noticeboard and a bridge club.
To support its growth as a financial asset for the community, the Yew Tree has secured the loan from CCF, which says it will enable “withdrawal of some shareholder investment to help improve the mix of debt and equity”.
Tim Coomer, Business Development Manager at CCF, said: “As the community pub sector becomes more established, we are receiving an increasing number of enquiries from pioneer groups and those supported through the original More than a Pub project.
“The Avon Dassett CBS is one such group who exemplify the resilience and success of the model. Taking failing pubs into community ownership has proven to work and in Avon Dassett, a small village, with no other amenities it’s vital to retain the space for the community in the long term.”
Avon Dassett Community Benefit Society Management Committee added: “The Avon Dassett Community Benefit Society is grateful to Co-operative & Community Finance for supporting us through the process of restructuring our balance sheet.
“They showed a genuine interest in, and understanding of the issues we were facing and guided us through the application process. We are now on a more secure and stable footing going forward due to the loan package provided.”
