Community pubs again

Community pubs are in the news once again as some 100 have been reported as achieving community asset status under the Localism Act. This sounds very positive. It gives local communities the right to delay any sale of the community asset for up to 6 months and gives them the opportunity then to raise funds to buy the asset and to do so as current use value, excluding any development gain from a change of use, say to residential. There is the prospects of the pub building be used not just as a hostelry but for a variety of local needs. But the sting in the tail is that funding for the purchase and subsequent running of the building still has to be raised. Only the wealthier communities will find it easy to find such funds. Elsewhere this potential will depend on much creativity and innovation in finding resources to make the building a true community asset. Where might such resources be found? Sweat equity is always a possibility, particularly for refurbishment. Community time banks might help with ongoing running of the asset. Crowd-funding and peer-to-peer lending  are two options that are making innovative use of the internet to provide small businesses and social enterprises with low cost loans. There are possibilities here but communities are going to need some basic business planning and financial advice to understand how to access them. A future of community-owned and managed assets is possible but it will require a clever and imaginative mix of expertise and ideas to become a reality.