The George Community Pub (Wickham Market) Ltd
The George Community Pub (Wickham Market) Ltd is what is known as an Industrial and Provident Society for Community Benefit commonly known as a BenCom. A BenCom is a special sort of company which operates to serve the community in which it is situated.
A BenCom has the ability to raise finance through the sale of shares usually known as community shares. However, unlike other shareholding bodies, any profit has to be used for community benefit and cannot be distributed amongst members. It is permitted to pay interest to shareholders on the sums invested. BenComs adhere to the principle of ‘one member, one vote’ irrespective of the number of shares held or financial contribution made. BenComs are not charities and do not have charitable status.
How does a BenCom work?
BenComs are run by a Management Committee under a set of rules approved by the Financial Conduct Authority. A copy of our rules can be found here in the form of an electronic document known as a PDF. These rules are very strict and must be adhered to.
The George Community Pub (Wickham Market) Ltd (normally referred to as the “Society”) was set up in December 2016. It is managed and operated by the founding Management Committee until community share are offered to the community in which the Bencom is located. Soon after that sale a meeting of all shareholder is held to elect a new Management Committee; members of the founding Management Committee can be nominated for election and they stand for election alongside any other person who is nominated.
After that election the new Management Committee take office to run the Society until the next annual general meeting of the shareholders.
The Management Committee
The Society is run by its Management Committee and it is answerable to the members.
There are fourteen initial members of the Society’s Management Committee. They all live and/or work within the village of Wickham Market and come from a variety of professional backgrounds and have a range of relevant skills and experience, Click here to see the list of members of the committee.