Newport's community shop launches share offer to raise vital funds

A COMMUNITY shop committee in North Pembrokeshire has launched a share offer this week (May 30).

Havards Shop, Newport, has been operating as a traditional ironmonger from the same site in Newport, Pembrokeshire since 1881. Today it provides a wide range of everyday items including hand tools, nails and screws, key cutting, cookware and crockery, gardening equipment, outdoor clothing, walking boots and wetsuits.

The aim is to raise sufficient funds to buy Havards to save this historic institution for the community and also help preserve the character and self-sufficiency of the town.

If the share offer is successful, Havards will operate as a cooperative community shop, owned by the members for the benefit of the community and future generations.

A total of £475,000 is needed to buy the shop and all money raised will be used to buy the building and the shop’s stock as well as to provide set-up funds and working capital.

The good news is that anyone can become part of the venture by investing and buying shares or gifting money to the fund.

Shares will cost £1 each – the minimum shareholding is £200 (i.e. 200 shares) with a maximum shareholding of £33,000 (i.e. 33,000 shares) or 10% of the total share capital raised, whichever is the greater. A Share Save option is available allowing anyone to build a shareholding.

The Share Offer to raise funds to buy Havards will open from Monday the 30th of May 2022.

Everyone buying a share will become a Member of the Society, giving them a say in how it runs with each member having one vote no matter how many shares they buy.

Clive Hooper from the fundraising organisers, Siop Havards Gymunedol Tydrath/SHGT said “this is an opportunity for residents of Newport and the local area as well as visitors and friends wherever they may be, to be part of the future of the town helping to preserve a unique example of a shop that can provide almost everything you need, right on your doorstep”

Cris Tomos of PLANED Community development charity noted “It is fantastic that there has been such a positive response from questionnaires and meetings that have taken place over the past few months. There is a full business plan and share offer document on the bilingual website. We plan to offer a good return on investment and are applying for the Social Investment Tax relief, which once clinched will allow qualifying taxpayers to have 30% of their investment back as a tax refund. So if you ever wished to be a co-owner of a hardware shop such as Havards in Tydrath, now’s your chance, while ensuring the shop remains open to the community for decades to come!”