Regulars at The Trafalgar in Wimbledon have raised more than £400,000 to buy the historic pub and keep it from closing. The pub, which has been serving customers since 1868, has been under threat from developers. The group, called Save the Traf, hopes to run the pub collectively through a community ownership model.
The campaign is aiming to raise £500,000 through share sales, and with £415,000-worth already purchased, the customers are taking control. The price of the freehold is £500,000, but they are looking to raise £530,000 to cover associated costs, such as fundraising platform fees and conveyancing.
Community ownership model
By using a Community Benefit Society (CBS) model, Save the Traf plan to acquire the pub's freehold, ensuring it is owned by the community and run for the benefit of the people who call it their local. Voting is based on a one-member, one-vote principle, meaning members have equal voting rights regardless of the number of shares they hold.
The society, registered with the Financial Conduct Authority as Cabo Trafalgar Limited, is still aiming to raise another £100,000 through share sales. The campaign launched in April, and the share offer ends on 17 November.
Landlord's reaction
Landlord Oli Carter-Esdale, who has been at the pub for three years, said he is thrilled the historic venue looks like it will remain in local hands. He told the Mirror: "People see this as investing socially as well as investing financially. It's something to be proud of. We just see ourselves as custodians. We want people to be drinking here many years from now, with the same sense of togetherness and community as there has always been."
He added: "There are such a wide variety of people who visit us. You see people from all walks of life. You'll have 19-year-olds sat next to 90-year-olds and that's part of the charm. We're a south London local, but we're not just for the local people of south London."
Community response
Rebecca Coleman, a local resident who joined the campaign after attending a rallying community meeting, said there's still a month to go and confirmed that if the CBS is successful in purchasing the freehold, they would also inherit the existing 10 year lease with Oli. She said: "When you rent in London, it's really hard to find a sense of community, and the Trafalgar's really helped my fiancé and me find a community base and put down roots."
She added: "The response from the community so far has been amazing. Since we launched in April, the momentum behind the campaign has really been the reason we have been able to get this far and were even able to launch the community share offer. We're now in week five of the campaign and have raised almost 80 per cent of the money we need to purchase the freehold, which is £530,000. Every £1 we raise between now and the 17 November, when our share offer ends, is a £1 less debt the CBS will need to take on to purchase the pub. That means less money spent on repaying loans and more available to reinvest."
The campaign has bucked the trend of pub closures, with community-owned taverns having a near 99 per cent survival rate, according to the British Beer and Pub Association. More info about the Save the Traf campaign can be found on its website.
