ERMINGTON STORE AND MORE
Information for Shareholders
Ermington Store & More Limited is a Community Benefit Society, serving as a vibrant hub for our village and wider community. Since opening in February 2020, just before the COVID-19 pandemic, we’ve not only endured but thrived, becoming a cornerstone of local life.
Our shop, café, and community space have gained a strong reputation for bringing people together. We owe much of our success to our dedicated volunteers, whose passion and hard work help make Ermington Store & More the warm, welcoming place it is today.
Supported by the Community
From the start, the local community embraced our vision. Many invested in our future by purchasing community shares and becoming members of our Society. We now proudly count 178 members, a testament to the strong support and trust we’ve earned.
Join Us – Become a Shareholder
Since our original share offer in 2020, many new residents have joined the community. We’re excited to offer them, and anyone interested, the opportunity to become shareholders and members of Ermington Store & More.
This open share offer is designed to be flexible, with no deadline or maximum target. Whether you’re a longtime resident or new to the village, we welcome your involvement in helping us grow and continue offering essential services to the community.
To learn more about becoming a shareholder, or how you can contribute as a volunteer, get in touch today!
Read the full details of our 2024 Share Offer
Complete this form to nominate someone to receive your shares in the event of your death
Download and complete this application form to get your shares
The rules that govern Ermington Store and More
If you want to withdraw your shares, please read this and complete the form
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Why should I invest?You are being invited to become a Member and contribute financially to maintain and develop a community resource. Your dividend will be a social one rather than one resulting in any financial gain.
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Who runs the shop and the Society?The shop is be run by volunteers and by paid staff, employed on the Society's behalf. The Society is run by the Management Committee which is re-elected each year by your vote at the AGM.
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Who benefits from this venture?Ermington and the surrounding community do. Ermington Store & More is a vital village amenity which you will help to sustain. It is run by a democratic, not-for-profit organisation called a Community Benefit Society. Embedded in its Rules is the principle that the Society's surpluses will be available for distribution to other community projects.
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What is my liability should I invest?Your liability is limited to the value of your shares.
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What voting rights do I have as a shareholder?As a shareholder you are also a Member of the Society. In a Community Benefit Society, the rule is One Member – One Vote. No matter how large or small your shareholding, you have an equal voice. If shares are bought by an organisation including a company, then a representative will have to be appointed to vote on matters concerning the Society.
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What is the minimum and maximum I can invest?The minimum share is £20, and the maximum amount that can be invested by an individual in the Society is £1,500. The minimum age for members is 16.
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Will my investment increase in value?Shares can go down in value but they cannot increase in value above their original price.
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Will my investment remain confidential?The Management Committee will keep a share register separate to the members' register. Members are entitled to request a view of the members' register, however this is not to be encouraged. We anticipate that the great majority of shareholders will respect that others may not wish their shareholding to be general knowledge
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How can I get my money back if and when I need it?The Management Committee has stipulated a minimum of one year before you can apply to withdraw any share. Three months' notice for withdrawals is required and withdrawal will be at the discretion of the Management Committee.
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What happens if the Shop becomes insolvent or in the solvent winding up?If there remain, after the satisfaction of all its debts and liabilities and the repayment of the paid-up share capital, any assets whatsoever, such assets shall be transferred to one or more community organisations that support the objects of the Society chosen by the Members at a Members’ Meeting. Under our Rules, a statutory asset lock ensures that any remaining assets of the society have to be handed over to a “similar not-for-profit or community benefit society" (see society Rules 7.5 to 7.9)
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What happens to my shares if I die?In the event of the death of a member, the repaid value of the shares will normally be added to the estate for probate purposes. You may (if you wish) elect to nominate a recipient for the value of the shares and thus remove shares from your estate for probate purposes (i.e. the shares may pass to the nominee outside the Will of the deceased). Our rules allow shares to be transferred on a death or they can be withdrawn, but only if the Society can afford to do so.
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What redress do I have if I lose the value of my shares?The sale of community shares is not regulated by the Financial Services Authority because investors are deemed to be investing for social returns, not for financial gain. There is no right of complaint to the Financial Ombudsman, nor can you apply to the Financial Services Compensation Scheme. Investment cannot be viewed in the same way as an investment in a building society or a bank, where currently the first £85,000 is protected. Potentially you can lose everything you invest in a community share offer. If you are in any doubt about investing in the share offer, you should seek further financial advice
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Can I afford to lose some or all of this investment?If you can't, please don't invest!