Resonance

Drewsteignton Community Society

Bringing A Local Pub Into Community Ownership

NAME OF ORGANISATION: Drewsteignton Community Society

LOCATION: Dartmoor, Devon

YEAR FOUNDED: 2022

ABOUT: Local people in Drewsteignton came together to bring their local pub into community ownership

INVESTMENT PURPOSE: To purchase the community asset and social hub of the community, the local pub

INVESTMENT AMOUNT: £100,000

DATE OF INVESTMENT: 2024

SOURCE OF INVESTMENT: Resonance Community Developers

IMPACT: Community & Local Democracy

ABOUT: Following the closure of the Drewe Arms Pub in Drewsteignton, Dartmoor, Devon, local people came together and made the decision that this pub was such an important asset to the community that they should preserve it by bringing it into community ownership. Following several meetings, it was clear the Drewe Arms was the true social hub of the community, so the decision was made to form a Community Benefit Society and purchase it. 

PURPOSE OF INVESTMENT: Our investment helped provide confidence as part of a blended funding approach. DCS were looking to raise funds through grants and donations as well as a community share offer. Our investment was to support any matching requirements for certain grant sources and to bridge any gap if there were a funding shortfall from their community share raise. This enabled them to begin negotiations with the owners to purchase the property knowing their funding needs would be met.

It’s hard to keep a good community down! DSC were looking to raise £440K in community shares but significantly exceeded their target and ended up raising £547K. This meant the need for investment from RCD was greatly reduced but because we had built a strong relationship, DSC wanted to drawdown the funds to support with the initial refurbishment works and to have a “friendly investor” alongside them, as they also have plans to expand in the future.

“Reopening a 400-year-old pub that had been comprehensively neglected by its previous owner and then closed for 18 months involved significant and often unforseen expenditure. The Resonance loan gave us extra flexibility and peace of mind throughout the re-opening process.” Ian Pickford, Secretary/Finance Director, DCS

Resonance Limited is a company registered in England and Wales no. 04418625

Resonance Impact Investment Limited, a subsidiary of Resonance Limited, is authorized and regulated by the Financial Conduct Authority (FCA). Firm number 588462.

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