Wiliam Hague declares co-op pub open

Not every pub opening ceremony can boast a government minister, so it helps if your local MP also happens to be the Foreign Secretary.

William Hague, MP for Richmond, Yorkshire, was on hand recently to cut the cake at the George & Dragon in Hudswell, a village which lies within his constituency and whose pub he helped return to trading via a co-operative scheme.

The recently-elected MP has even put some of his own money into the scheme to the restore the pub's fortunes, according to local villager and co-op founder member Martin Booth.

The George & Dragon had closed its doors two years ago after the previous owner went bust, and with potential buyers thin on the ground the villagers, including Booth, rallied round to form the co-operative with a view to buying the property from Commercial First, the previous owner¹s bank.

With the help of grants from local business organisations the co-op finally completed the £209,000 purchase of the pub in February.

Booth said around 170 co-op members have invested between £500 and £1,000 - the maximum allowed into the scheme - £1 shares, with nearly 80 co-op members living in the village.

The group sought advice from other communities that had gone through a similar process, "which was a great help" he added.

The financial freedom of the co-op was very satisfying, Booth said. "We owe no-one any money, we've no loans or debts, and we'll be paying a dividend," he added.

The free-of-tie pub, which offers Black Sheep cask ale, brewed in nearby Masham, is being run by a mother and daughter team, Margaret and Jackie Stubbs. "They've got a lot of experience working in pubs and have lots of ideas and enthusiasm," Booth said.

Rent is being fixed at a low rate for the first three years: £9,500 rent in the first year, £11,000 in year two and £13,500 in year three. "This means they have an opportunity to make it work. Food sales will be key," Booth said.

The pub, which has allotments in the grounds, will also have a 300-book library facility.

"Buying the pub has brought the village back together. People are getting to know each other again," Booth said.