Community bids to save York pub under Cooperative Enterprise Hub scheme

The group is looking to raise £60,000 to buy the lease of the 19th-century pub, and has set up a website for investors to show interest. The minimum investment is £500, and the group said it aims to pay a 2% to 5% return.

It will appoint a new manager as the current licensee, Linda Foster, is looking to retire.

The Co-operative Group has already committed a further £6m, between 2012 and 2014, to developing its Co-operative Enterprise Hub service, giving free professional training to help community co-operatives get off the ground or grow.

Local resident Pete Kilbane, a member of the newly formed co-operative, said: “We are at the start of an exciting new era for this historic pub. We have been overwhelmed with initial support, with more than one quarter of the money needed already pledged.

“It’s a popular and profitable pub, but the current licensee, Linda Foster, wants to retire, so a group of locals decided to make an offer.

“To co-own a pub is a dream for many and we hope to encourage more than 100 members to join our co-operative. As well as fulfilling the traditional role, the Golden Ball could also cater for mums and toddlers, or hold coffee mornings. Surplus profits could be used to reinvest in the pub, support community activities, or even lower the price of a pint.”  

Michael Fairclough, the Co-operative Group’s head of community and co-operative investment, said: “The co-operative business model offers an alternative and robust approach to enterprise, one that can restore community cohesion, keep communities thriving and help to overcome some of the unprecedented challenges currently facing our society, environment and economy.”

Visit www.goldenballyork.co.uk for more details.