This is a pledge prospectus. We are preparing to form a Community Benefit Society to buy The Black Horse and reopen it as a community-owned pub and restaurant. Before we take that formal step, we want to understand the level of support in the community.

We are asking you to pledge your support - not to commit money today, but to tell us what you may be willing to contribute when the time comes. Your pledge helps us understand whether there is enough backing to proceed.

To buy The Black Horse, not only do we need a willing seller, but we also need to:

1. Form Stansted & Fairseat Community Group Limited as a Community Benefit Society (CBS), registered with the Financial Conduct Authority
2. Launch a formal community share offer to raise the purchase and initial repair funds to get us to the stage where we can reopen the pub and restaurant
3. Complete the purchase at independently verified market value

The Black Horse Hotel, circa 1920 - nearly two centuries of service to the community

Forming a CBS and launching a share offer costs time and money. Before we commit to that process, we need confidence that the community will back it. Your pledge gives us that confidence.

Once we have a willing seller and can agree a purchase price based on market value and have sufficient pledges, we will form the CBS, finalise the prospectus with confirmed figures, and open the formal share offer. We will then contact all pledgers to invite them to convert their pledges into actual investments.

Our Last Pub

The Black Horse has been at the heart of village life since it was first licensed as an inn in 1833 - nearly two centuries of continuous service. It was the last remaining pub in Stansted Parish (which includes the hamlets of Stansted and Fairseat) - the Horse and Groom, the Anchor and Hope, and the Vigo Inn have all already been lost.

The pub was closed by its current owner on 18 October 2024. Its closure leaves the community without any pub, meeting place, or focal point for village life.

The loss of a village pub affects more than just social life. Research by Northumbria University, published in the European Planning Studies journal, found a strong positive relationship between the presence of pubs and local house prices - with the effect significantly stronger in rural areas. Losing the last pub in a parish does not just diminish the community; it can reduce the value of every home in it.

If your property is worth, for example, £500,000, even a modest fall of just 2-3% in property values would represent a loss of £10,000-£15,000 on the value of your home. When considering how much to pledge, it is worth weighing the cost of investing against the cost of doing nothing.

The Black Horse is formally recognised as a non-designated heritage asset and a Positive Building within the Stansted Conservation Area. An independent Heritage Impact Assessment found the building has “Very High” communal value. It stands opposite the Grade II* Church of St Mary, forming the historic heart of the village.

What Happened

The current owner purchased the property for £495,000 in May 2022, when it was a functioning pub. The pub traded for a period before being closed in October 2024.

The pub and the land on which it sits are listed as Assets of Community Value (ACV). The owner submitted plans to convert the pub into flats (application 25/01596/PA). The community rallied - 280+ objections were submitted, and an independent Heritage Impact Assessment concluded the proposals would cause “major harm” to the building’s historic and communal significance. In February 2026 the application was considered by the Tonbridge & Malling Borough Council Planning Committee, where all 14 committee members voted to refuse the application (KentOnline).

In July 2026 a Permission in Principle application to build up to three houses in the garden (application 26/00695/PIP) was also refused.

Throughout this process, the community has consistently offered to buy The Black Horse at independently verified market value. The owner recently placed the property on the market at £650,000+ through Cradick Retail (KentOnline). This listing covers only the pub and car park - the garden is being retained by the owner. We believe their current asking price not only significantly overstates the market value of the property even with its full garden, but doesn’t reflect that it is no longer a Going Concern and doesn’t account for the current state of the property.

Because The Black Horse is registered as an Asset of Community Value, the sale has triggered a moratorium period. TMBC has issued a formal Notice of Intention to Dispose of a Community Asset, with the full moratorium period running until 16 January 2027. We have expressed our interest as an eligible community bidder, and the purchase price will ultimately be determined by independent valuation - not by the asking price.

Community Response

The community rallied in overwhelming numbers to save The Black Horse

Stansted Parish Council organised a public meeting on 4 November 2024, attended by 182 residents. A survey confirmed overwhelming support for saving the pub.

A Project Steering Group of ten residents was formed, with Yvonne Tisson representing the Parish Council. The group has:

• Met with the Trottiscliffe Community Group (The Plough - community-owned since 2017)
• Spoken with The Swan Community Project (West Peckham - completed their community purchase in January 2025)
• We have joined Plunkett UK, the national charity that helps communities own and run local assets
• Engaged with CAMRA (The Campaign For Real Ale), a leading industry organisation
• Established a monthly Pop-Up Pub evening, now run independently by a local organiser, to maintain community spirit and keep people connected while the pub remains closed
• Coordinated campaign signage and regular communications to keep residents informed of progress
• Mobilised the community to object to planning applications that would have changed the use of the building
• Prepared a draft Business Plan, ready to be finalised once the purchase price and repair costs are confirmed

Phase 1: Buy and Reopen

The Black Horse dining area - a welcoming space for food and community

Our immediate goal is to purchase The Black Horse, in its current form which would include the garden, at market value and reopen it as a pub and restaurant. The estimated cost of doing this is in the region of £600k to £650k.

Phase 1 will deliver:

• A traditional country pub with a quality food offering
• A welcoming space for the whole community
• An effective commercial kitchen
• An attractive outdoor seating area
• Re-introducing the existing B&B accommodation facilities

All estimations indicate that the purchase price is dropping the longer it stands empty and is now around £400k-£450k. The first phase of the works would cost around £200k however an accurate value can only be determined once a full survey is carried out and will be fully disclosed on the final pledge.

Phase 2: The Village’s Aspirations

The pub garden in its prime - a key part of the community vision

Once the pub is established, we will work with the community to deliver further improvements. Further fundraising rounds are anticipated for Phase 2. Ideas raised by the community include:

• Improving the restaurant facilities
• Disabled toilet facilities
• A community shop
• A children’s play area

A Community Benefit Society (CBS) is a legal structure designed to own assets for the benefit of a local community. It is a form of co-operative, registered with the Financial Conduct Authority.

When you buy shares in a CBS:

• One member, one vote - every member has an equal say, regardless of how many shares they hold
• Shares cannot increase in value - you will never receive more than the face value back
• Interest may be paid - once the business is profitable, the committee may pay interest on shares
• Shares can be withdrawn - subject to the Society’s rules and annual caps to protect the business
• Tax relief may apply - investors may benefit from Seed Enterprise Investment Scheme (SEIS) and/or Enterprise Investment Scheme (EIS) investment relief

Community-owned pubs are a growing and successful movement. There are now 210+ community-owned pubs in the UK, supported by organisations like Plunkett UK and the Community Shares Unit (Plunkett Impact Report 2025).

Final figures depend on an independent property valuation and a professional condition survey, both of which will be arranged when the time is right. The figures below are indicative and will be confirmed in the formal prospectus.

How It Will Be Funded

This section provides a brief overview of the business case for saving The Black Horse. A more detailed business plan, including full financial projections and a comprehensive risk assessment, will accompany the formal share offer prospectus once we have an agreed purchase price and a professional valuation of the renovation works.

The Market Opportunity

The Black Horse is the only pub in Stansted Parish. The nearest alternative is over two miles away. With a parish population of around 525 residents and strong footfall from walkers, cyclists and horse riders using the surrounding footpaths and bridleways, there is a clear and underserved market for a well-run village pub.

The strength of community feeling is not in doubt: 182 residents attended the initial public meeting, over 300 responded to our community survey, and the planning committee voted 14-0 to refuse the conversion application. The demand is there.

How the Pub Will Be Run

The Community Benefit Society intends to acquire the freehold and appoint a professional manager to run the day-to-day operations. This separates governance (the elected committee of members) from operations (the experienced publican), and is the proven model used by the majority of the UK’s 210+ community-owned pubs, which have a 99% survival rate.

Viability and Financial Projections

We are unable to provide detailed financial projections at this stage. Although the property is now on the market, the current asking price of £650,000+ significantly overstates the market value in our view, and we have not yet been granted access to the premises for a professional survey. Without confirmed figures for the purchase price or the cost of renovation works, any profit and loss forecast would be speculative.

What we can say is that community-owned pubs across the UK have an outstanding track record of commercial success. We are working with Plunkett UK, the national body for community-owned businesses, and we will produce a full business plan with detailed financial projections once the key cost assumptions can be confirmed. That business plan will accompany the formal share offer prospectus, giving investors the information they need to make an informed decision before any money changes hands.

Key Risks

The Black Horse in the 1960s, trading under the Fremlins brewery of Maidstone

As with any investment, community shares carry risk. Your capital is at risk and shares cannot increase in value. The principal risks at this stage include:

• Purchase price - without a market valuation, we are working with estimates. The final price may be higher or lower than anticipated.
• Renovation costs - until a full building survey is carried out, the scope and cost of works remain uncertain.
• Revenue assumptions - while the market opportunity is strong, actual trading performance will depend on management, economic conditions, and customer demand.
• Fundraising - if insufficient pledges are received, the project may not proceed. No money is collected at the pledge stage.

These risks will be assessed in full detail in the business plan that accompanies the formal share offer, at which point you will have all the information needed to decide whether to invest.

We are collecting three types of pledge:

How to Pledge

1. Online: Visit SaveTheBlackHorse.co.uk and complete the pledge form.
2. By email: Send your name, contact details (address and phone number), pledge type and amount to [email protected].
3. In person: Complete the enclosed pledge form and hand it to any member of the steering group at community events or around the village.

The Project Steering Group comprises ten residents selected by Stansted Parish Council following the public meeting of 4 November 2024.

The steering group is leading the campaign on behalf of the community. Once the Community Benefit Society is formed, a formal Management Committee will be elected by members at the first General Meeting. Steering group members may stand for election but the committee will ultimately be chosen by the Society’s members.

Tom Sheldon

Chair

Family moved to Fairseat in 1954. Retired Chartered Surveyor specialising in estate management, property development and valuation. Chaired the Steering Group that advised the Parish Council on the purchase of the former primary school now Grange Park at Stansted school. Chaired the Steering Group that built the Cloisters, the extension to St Mary's. Former PCC member and churchwarden. Acted as Chair and Project Manager for the installation of the new and reconditioned bells, the bell frame and ringers gallery at St Mary's. Project managed the conversion of the vestry at the Church of the Holy Innocents Fairseat into a kitchen and toilet, including rewiring of the church and installing a new heating system.

Lee Durrant

Committee Member

Moved to Stansted with his family in 2012 after falling in love with the village, with The Black Horse a big part of that attraction. Lee jointly runs a software consultancy specialising in Enterprise Resource Planning systems, and draws on a background of management accountancy and software development to contribute technical and financial skills to the steering group.

Tim Emmerson

Committee Member

Came to Stansted in 2011 with his wife Francine and is now largely retired from a 40 year career as a London and New York based corporate finance lawyer. Tim and Francine strongly believe a revived Black Horse would deliver important benefits for the communities of both Stansted and Fairseat.

David Epps

Committee Member

Grew up in Sevenoaks and moved to Stansted in 2012. Married his wife Anna at Stansted Church in 2019, with the pre-wedding dinner held at The Black Horse. David has a background in management consultancy and is now Group Strategy and M&A Director at Amey, a large infrastructure services company. He brings strategy, communications and project management skills to the steering group, and is passionate about bringing The Black Horse back as the beating heart of the village.

Daisy Estrada

Committee Member

Daisy grew up in the Parish and moved back six years ago to raise her own family. She is a town planner specialising in urban design and heritage. She successfully led the response to the planning applications submitted by the owners of the Black Horse, helping to secure the refusal of both applications. She has spent her career working in local authority planning departments and now runs her own consultancy, Estrada Planning Ltd. She has previously been a Parish Councillor for Stansted and still advises the Parish on planning matters.

Simon Gardiner

Committee Member

A real estate lawyer practising in the City, Simon and his family moved to Fairseat in June 2023. On their first night they walked through the fields and churchyard to Stansted to dine at the Black Horse, and it is a shame they are not able to do that now. Village pubs are well worth protecting.

Dick Hogbin

Committee Member

Moved to Compass Cottage in Stansted with his wife, Jane, in 1993 and immediately joined the village cricket team. On the village hall committee 1995-2007. Currently Chair of the History Society, Vice Chair of the Parish Council and a Trustee of the Almshouses.

Gary Ibbott

Committee Member

Married his wife Sue at Stansted Church in 1988 and moved to Tumblefield Road, Stansted with their two children in 1998. Gary is a Chartered Certified Accountant and was Chief Financial Officer of an investment management business in London from 2001 to 2019, now retired. Having the Black Horse "down the road" was a key attraction when buying their house and he is determined it is returned to its former glory for the benefit of the community.

Jonathan Rowe

Committee Member

Had lived in a neighbouring parish for 40 plus years being involved in many local events. Recently, 3 years ago, moved to Stansted and has been welcomed by the community. Jonathan has his own business employing local people. He is passionate about keeping the pub open and being owned and run by the community.

Yvonne Tisson

Parish Council Representative

Has lived in Stansted since 1985. During that time, has been a member of the Parochial Church Council, Chair of the Stansted School PTA, Chair of Governors at Stansted School, Trustee and Treasurer of the Alms Houses and part of the team that purchased the village school from Kent County Council and Rochester Diocese. Currently Chair of Stansted Parish Council.

The steering group is supported by Plunkett UK (the national charity for community-owned businesses), and has consulted with several successful community pub projects in Kent and beyond.

The Black Horse - a Free House at the heart of the village

We want to hear from you. Whether you have questions, want to pledge, or can offer help in any way, please get in touch:

Stansted from The Black Horse - a village and its pub, inseparable for generations

The Black Horse - at the heart of village life since 1833