Committee Meeting – 18 December 2021

Having been scheduled for Castle Rock Brewery, Nottingham, this meeting was held via Zoom on Saturday, 18 December 2021 because of concerns over the C-19 Omicron variant. Apologies were received from Ann Mace and Bob Crumpton. Also present were Paul Horrocks and Mike Sangster (Allens) and Nick Metcalfe (Co. Sec.)

Minutes of the previous meeting were approved without comment.

Mike Sangster was welcomed to his first meeting.

Nick Metcalfe reported significant activity on the BME front over the 2-month period since the last Committee meeting. All issues noted and ratified by the Committee (in particular, success in a recent auction of Hydes ‘B’ Ordinary shares).

Admin issues dealt with, including Barclays Bank signatory update, recent performance of James Sharp, year-to-date joiners and leavers stats etc.

After full and final discussion, a decision was taken to ask Peter Darby (an authority on hops) whether he would be kind enough to address the 2022 AGM.

Lengthy discussion on possible brewery trips in 2022, with Holts, Shepherd Neame and Black Sheep emerging as favourites, all three having already agreed to the proposition in principle, albeit with C19-influenced restriction on attendee numbers. Committee ‘leads’ to firm up dates with Admin Team, organize publicity etc.

Report-backs were received on existing investees, including Loungers and West Berkshire. Loungers’ present stance on ‘cask’ isn’t ideal in terms of CMIC’s remit, and recent developments at West Berkshire indicate a serious, imminent problem. Committee members reported back on AGM/shareholder meetings at Shepherd Neame and Hydes, respectively. BrewDog noted as continuing to attract press attention in respect of possible flotation.

Lengthy round-the-table on investment policy in micro-breweries, along the lines should we or shouldn’t we, and if so how much? Inconclusive and to be revisited – 2017 paper on this subject to be refreshed and possibility of a joint workshop with SIBA on this subject also raised.

With monies available to invest, a further round-the-table as to investment appetite, eventually agreeing that some monies should be invested now into 6 existing investees.

Chair offered best wishes to all for a safe and happy Xmas and New Year.

Report on Shepherd Neame AGM – 9th December 2021

The Shepherd Neame AGM was held in Faversham on 09 December 2021. Chris Excell and Ian Brindley attended on behalf of the committee and several other club members attended as shareholders in their own right. There were around 100 shareholders present in total.

A number of presentations were delivered by members of the board who did a good job in providing updates on recent trading and an explanation of the impact of changes in accounting standards using language that was easy to follow. The Chairman reported that the company was in a strong financial position thanks to strict financial controls and a reduction in capital expenditure.  Two hotels that relied mainly upon business led bookings have been sold whilst those that benefit from staycation business are doing very well, the London pubs business has bounced back faster than expected and most are open for open for business as usual.

After the presentations there were a number of questions that were answered by the board.

Following the meeting a buffet lunch was provided together with an opportunity to sample some of the company’s ales and to meet informally with the board. Overall, we would consider the company’s performance to be satisfactory, especially in the circumstances.

Ian Brindley and Chris Excell

CMIC Committee Members

Timing, Technology and Long-Term Values

It is always tempting to question one’s approach to investing if you are suffering from a period of disappointing performance so having had five consecutive declines in unit value since May 2021 it is an appropriate time for the Committee to reflect upon the way it invests your money.

The advances in technology over the past few years have transformed how the fund management industry operates with trading platforms and internet dealing opening up many more opportunities than were available before and attracting many more, usually younger and less risk-averse, players into the space. Today, investing is accessible to almost everyone. The switch to digital trading systems means millions of trades can be processed every day and the outcome is usually faster, simpler and cheaper than it was. But that does not mean it is necessarily better.

Nowadays investors are trading more frequently and holding shares for shorter time periods. Lower fees and fingertip tools have resulted in many investors taking less time over their decision making. This can lead to knee-jerk reactions especially if market sentiment suddenly changes and emotions come into play. Dipping into and out of stocks, trying to time the market and take advantage of anomalies has always enticed some players out there but the emergence of day trading has added a new volatility to equity markets. It is a high-risk approach and even the most sophisticated computer led firms struggle to get it right consistently.

Your Committee eschews such an approach because it is just too risky. We all know, but occasionally forget, that investments can rise and fall in value. We all know that we might get less back than we invest but the short-term appeal of the cut and thrust of active dealing is difficult to resist. However, the new technologies do not, in themselves, refute or disable the fundamental attraction of long-term investing. They do, though, cause it to be often overlooked.

Working on a time frame of, say, five to ten years used to be the advice doled out by stockbrokers to their individual account customers. Having that sort of time horizon does not, in itself, guarantee success but it certainly makes it more likely.   Recent statistics published by Lipper IM analysing the performance of the FTSE 100 Index over ten year rolling periods since 1990 (with income reinvested and before tax or charges) to 2020 show that long time investors were rewarded in all periods: the average return was 95% with dividends reinvested. Of course, past performance does not provide a guide to the future but it is difficult to imagine a time when patience and perseverance won’t contribute to successful investing.

The pandemic has altered many things and affected human behaviours in ways we are still struggling to get to grips with. One outcome has been deeper reflection upon fragility but also a willingness to make the most of what we’ve got now before we lose it. Newer investors have embraced the newer technologies and some are making – and losing – quick fortunes at the touch of a button. But your Committee, ever conscious that it is investing your money, is mindful of the old adages that have stood the test of time. Phrases like “don’t try to run before you can walk “and recognising that “ investing is a case of mind over matter“ remain as relevant as ever.

Stock market ups and downs are part of the territory of investing. Accepting how to handle and avoid bumps in the road is as key an element of investing psychology as is carefully identifying talented boards and sound balance sheets. If you’re lucky you might make a quick buck but that should not be the driving force behind joining the Club. Rather, your aim ought to be to benefit over time from a diversified portfolio of well managed companies that can adapt to change and prosper. The investment world has changed and continues to evolve. We need to understand that and embrace it. The pandemic has made that truer than ever. Whilst understanding that everyone’s goals and circumstances are different and investing isn’t a one-size fits all science your Committee believes that its approach of steady investing across a range of opportunities isn’t going to go out of date any time soon.

John Hattersley – Club Chairman
November 2021

Report on The Beer Consortium AGM – 11th November 2021

Needless to say, the Company has been through a difficult time, but all the venues are now up and running again and, with the exception of one, trading profitably.  Indeed, although there will be no dividend this time the board anticipate that they will be able to resume payments next year.  A new office block close to the Barley Twist for 4,000 plus HMRC staff is due to open within the next 12 months, which should help boost trade, failing which there is an early get out clause for the property.

Going forward, the Company intends to concentrate on maximising value out of the existing estate rather than any thought of acquisitions.  Two special resolutions regarding a conflict of interest affecting three of the directors, including Colin Wilde (MD of Castle Rock), who recently took over as chairman, were put to the meeting and approved.  These related to the fact that all three are also directors of Lady Bay Inns (a similar, crowd funded, single pub co-managed by CRB) and Castle Rock Brewery (who also manage the Beer Consortium pubs), in order to satisfy the Companies Act 2006.

The meeting concluded with a few excellent pints of Harvest Pale.


John Westlake – CMIC Committee Member

Report on Loungers AGM – 15 October 2021

On Friday 15th October I travelled to Guildford to attend the AGM of Loungers. The company operates 150 Lounge cafe-bars and 31 Cosy Club restaurant-bars and, prior to the pandemic, cask ale was available in a number of the Cosy Clubs. However, the committee had received reports that since reopening very little cask ale was now being sold, so I attended the AGM to raise the issue with the board. I wanted to find out if the reduction in availability was temporary while the economy continues to recover, or if a strategic decision had been made to exit the cask ale market.

I was the only shareholder who attended the meeting, so I was able to ask a question during the formal part of the meeting and then speak to the Chief Executive and Finance Director afterwards.

The CEO said that availability of cask is not something they’ve discussed at board level and no strategic decision has been made. They don’t want to compromise on quality so there have been times during the last 18 months where it’s not been possible to stock. They see their drinks offer as being customer led and the CEO believes that there are some venues where cask is still available, although he agreed to check. He agreed that they will have a discussion about cask over the next couple of months and then provide a more considered response.

The club’s committee will continue to engage with the company and use our shareholding as a means to encourage them to make cask ale more widely available through their large and growing state. However, depending on future updates from the company, we will continue to evaluate whether our continued shareholding remains consistent with our policy to invest ‘in shares of companies whose activities include brewing and/or retailing real ale’.


Ian Brindley – CMIC Committee Member

AGM – 28 Aug 2021


Minutes of the AGM held at The Victoria Hotel, Beeston on Saturday 28 August 2021, as approved by the Committee on the 9 October 2021 and subject to approval by the Members at the 2022 AGM

Present: 76 Club Members; the Committee (10 of 12, with appropriate apologies); Allens, the Club administrators; Hadfields, the Club’s independent examiner/reporting accountants; the Company Secretary.

1) Chairman’s welcome – The Chairman briefly summarised the position the Committee had found itself in over the pandemic, both in terms of investing members’ funds and administratively. Thankfully, the Club had held up – withdrawals had been low and membership numbers had actually risen slightly. The imminent ending of furlough arrangements would, however, represent a further challenge to stability, in our industry as well as elsewhere, and the consequences could not be known. Apologies that the enforced rescheduling of the AGM had resulted in there being no guest speaker this year; normal service would, hopefully, be resumed in 2022. With lunch now to be served at 13-00hrs, the Chairman suggested a slight revision to the agenda running order, thus…….

2) Members’ questions and observations – No written questions had been received prior to the meeting and there were none from the floor either. Neil Kellett asked the members to remember two club stalwarts, Clive Poge and Dave Smith, who had sadly passed since the last AGM, as well as others known to have been adversely affected by Covid.

3) Approval of minutes of 2020 AGM – These were approved and seconded from the floor. Also from the floor, the Chairman and wider Committee were thanked for their efforts in successfully navigating the Club through the Covid pandemic.

4) Election of Committee 2021 – 2022 – There being no new nominations, the re-election of the four retiring Committee members was proposed and seconded from the floor.

5) Approval of Accounts for ye 31 March 2021 – Proposed and seconded from the floor – no questions.

6) Appointment of Reporting Accountants for 2021-2022 – Proposed and seconded from the floor.

7) Proposed Rule change Resolution – One question from the floor regarding dormant bank accounts and the proposed change to Rule 3(vi). The Chairman explained that any write-off process was not automatic and that no stone would be left unturned in terms of contacting an apparently lapsed member before taking such action. The Resolution was overwhelmingly approved via a show of hands.

8) Any other business – The Chairman thanked the members for their forbearance during the pandemic, Allens, Hadfields and the Company Secretary for their efforts during the year and Linda, Hannah and James for managing today’s arrangements so well, and Castle Rock for its continued sponsorship of the lunch and meeting.

Nick Metcalfe, Company Secretary, 31 August 2021

Committee Meeting – 9 October 2021

This meeting was held at the offices of Allens at Stockport on Saturday, 9 October 2021. Apologies were received from Dave Goodwin, Sean Murphy, Chris Excell, John Westlake, Chris Holmes, and Ian Brindley. Also present were Paul Horrocks and Richard Dawson (Allens) and Nick Metcalfe (Co. Sec).

Minutes of the previous meeting were approved without comment.

Allens explained to the meeting (having previously advised the Chair via telephone) that Martin Hilton wished to stand down from the CMIC Admin Team because of pressures of other work and then outlined the continuity arrangements the firm proposed to put in place to ensure business-as-usual (to include new faces, Mike Sangster and Paul Wright).  Committee put on record their thanks for a job well done.

‘Between meeting events’ (BME) were largely dealt with by a detailed note pre-circulated to the Committee by Nick Metcalfe. The share related issues were all noted and approved.

The recent AGM was discussed at some length – although a little disappointing in terms of member questions and challenges on the day itself, the meeting was considered a great success and a welcome relief from lockdown tribulations. Member feedback received had invariably been positive and supportive.

Upcoming investee AGMs were noted (x2), with Committee members indicating their intentions to attend both.

A hard copy of the Club’s rules, as amended following the AGM, was circulated and the Committee confirmed that they accepted the revisions as correct.

Various ‘report backs’ were received on existing investees (in particular Black Sheep, Black Eagle and New River Retail), and recent developments at BrewDog noted.

With monies to invest, a round-the-table produced a spectrum of views, eventually settling on placing £100K into 6 existing investees.

With the grapevine suggesting a handful of breweries are about to restart their tour/visit programs, the Committee agreed to put their thinking caps on with a view to proposing some CMIC action on this front early in 2022.

MPs says urgent help is needed to save UK breweries and pubs

A report, issued by the All–Party Parliamentary Beer Group (APPBG) of MPs, has called on the Government to deliver urgent support to save pubs and breweries. Click here to read ‘Caskenomics: Cask beer’s COVID crisis and the impact on people, pubs and places’.


Annual General Meeting, held on Saturday, 28 August 2021 at 12noon


76 Members, the majority of the Committee, Allens’ Admin Team and Hadfields attended the AGM on Saturday, 28 August at The Victoria Hotel, Beeston.

All resolutions were passed, full minutes of the meeting will be uploaded after the October Committee meeting and please be advised that the date for the 2022 AGM is now set for Saturday, 18 June; same time, same place

Nick Metcalfe

Company Secretary

7th September 2021

Committee Meeting – 7 August 2021

This meeting was held at The Victoria Hotel, Beeston on Saturday, 7 August 2021. Apologies were received from AM, CB, BC, DG and SM. Also present were Martin Hilton (Allens) and Nick Metcalfe (Co. Sec).

The Chairman welcomed the Committee to its first face-to-face meeting since February 2020.

Minutes of the previous Zoom meeting were approved without comment.

‘Between-meeting’ share related activity was noted and approved.

All papers necessary for the 2021 AGM now uploaded to the website; the recent CAMRA ‘ad’ had resulted in 2 new joiners and a short article authored by Committee members had been published in the most recent digital What’s Brewing. Once again, members leaving and citing ‘leaving CAMRA’ as their reason for doing so was a point of concern.

Some critical member feedback on ‘modern slavery’ had been received – JNH to respond.

Arrangements for the AGM on 28 August were fine-tuned and generally considered to be in good order. Some thought was given (but more required please…) on a guest speaker for the 2022 AGM.

Upcoming investee AGMs were all noted, as well as other activity and publicity at other investees and targets, in particular the emerging position at New River Retail/Hawthorn Leisure.

Following a recent meeting between JNH/NK and Allens, the latter’s services contract was discussed and revisions agreed, with a commencement date of 1 April 2022 and a 3-year stand-still thereafter.

With £166K declared as available to invest, it was agreed to invest £100K now, being £10K into each of 7 existing investees, with the balance to be used to participate in two imminent auctions.

Preliminary discussion about dates and venues for 2022 Committee meetings, with face-to-face considered preferable to Zoom.

AGM Agenda 2021

CAMRA Members’ Investment Club


Annual General Meeting, to be held on Saturday, 28 August 2021 at 12noon
  1. Chairman’s welcome
  2. Approval of minutes of 2020 AGM
  3. Election of Committee 2021-2022 (note 1)
  4. Approval of Accounts for ye 31 March 2021
  5. Appointment of Reporting Accountants for 2021-2022 (note 2)
  6. Members’ questions and observations (note 3)
  7. Proposed rule change Resolution (note 4)
  8. Any other business


Nick Metcalfe

Company Secretary

30th July 2021

Notes to the Annual General Meeting Agenda – to be circulated with the Agenda

CAMRA Members’ Investment Club

Notes to the Annual General Meeting Agenda – to be circulated with the Agenda

Note 1) No nominations for election to the Committee had been received at the Admin Office by 15 May. Under Club rule 4, four existing Committee members are due to retire by rotation (Colin Bodimeade, Iain Loe, Sean Murphy and John Westlake), all of whom have expressed their willingness to continue in office.

Note 2) Hadfield’s have expressed their willingness to continue in office.

Note 3) Questions and observations were solicited from the members via a ‘Message from the Chairman’ posting to the Club’s website on 30 June 2021 and will also be welcome ‘from the floor’ at the AGM itself.

Note 4) As part of a general tidying up, as well as to validate certain actions which have been necessary during the Covid crisis, the Committee would like to amend the existing Club rules by inserting the red text and deleting the blue text, as below.

  1. Committee

The Club Committee is appointed by the membership of the Club to operate the Club on their behalf other than by way of business. The membership of the Club Committee is elected annually at the Club AGM. The Club Committee will meet when necessary, at least 6 times yearly, physically or using an electronic platform, and is responsible for investment decisions which have the approval of the membership. Suggested investments from individual Club members are welcomed by the Club Committee at any time and will be discussed at its next meeting. The Club Committee membership is limited to a maximum of 12, at least 4 of whom to be present for any meeting to be considered quorate. One third of the Committee will retire by rotation each year and be eligible for re-election at the AGM. Nominations for election as a Committee member at the AGM should be received by the 15 May preceding the AGM at the administrative offices of the Club. All members present at the AGM shall be eligible to vote.

  1. Annual General Meeting

The Annual General Meeting will take place within six months of the Club’s year-end and the Club membership will be notified in advance of the date and the venue. There will be one vote per member present irrespective of the size of that member’s investment. An AGM may be held physically or using an electronic platform, or a combination of both, and any accidental omission to inform any Club member of the meeting or the non-receipt of such notice by a member shall not invalidate the proceedings at the meeting.

  1. (vi) Membership

The Committee reserves the right to write off all unclaimed monies after a period of 6 years, including but not limited to deceased or untraceable members’ funds.


Nick Metcalfe

Company Secretary

30th July 2021

AGM 2020

CAMRA Members’ Investment Club

AGM 2020


Minutes of the AGM held virtually on Saturday, 13 June 2020, as approved by the Committee on Thursday, 18 June 2020 and subject to approval by the Members at the 2021 AGM.

Present : this meeting was held virtually via a series of telephone conversations and e-mails involving Committee members and the Company Secretary in the days leading up to 13 June.

1) Chairman’s welcome – the full text of the Chairman’s virtual welcome address will be posted to the website later this week and will also appear in the June edition of Club Matters.

2) Approval of minutes of 2019 AGM – these were duly approved (proposed by Iain Loe, seconded by John Westlake).

3) Election of Committee 2020-2021 – four members of the Committee were eligible for re-election (John Hattersley, Chris Excell, Dave Goodwin and Ian Brindley), and with no other nominations having been received all four were duly re-elected (proposed by Neil Kellett, seconded by John Westlake).

4) Approval of accounts for ye 31 March 2020 – it was noted that Hadfields had now finalised the accounts, which were duly approved (proposed by John Westlake, seconded by Neil Kellett).

5) Appointment of Reporting Accountants 2020-2021 – Hadfields, having expressed their willingness to continue in office for the coming year, were duly appointed (proposed by Iain Loe, seconded by John Westlake).

6) Members’ questions and observations – the Company Secretary reported that a small amount of correspondence had been received and that it was supportive of the Committee’s position. In particular, it seems there is appetite for a members’ ‘social’ later in the year, if possible.

7) Proposed rule change Resolution – the resolution to change Rule 3.(v) was approved (proposed by Neil Kellett, seconded (remotely) by Bob Martin).

8) Any other business – there being no further business, the meeting was closed.

Nick Metcalfe

Company Secretary

18 June 2020

Committee Meeting – 10 July 2021

This meeting was held via Zoom on Saturday, 10 July 2021. Apologies were received from AM, JW and BC. Also present were Martin Hilton (Allens) and Nick Metcalfe (Co. Sec).

Minutes of the previous Zoom meeting were approved without comment.

The Committee agreed the terms of a pre-circulated paper on individual roles and responsibilities – bank signatories, Directors and trustee shareholders in CMIC Ltd etc – and the paper was appended to the minutes as a permanent record.

‘Between-meeting’ share related and other associated activity discussed and ratified, in particular the investment decisions made via e-mail on 15 June.

Brief joiners and leavers update provided by MXH, who also advised that the recently received Youngs’ discount vouchers were proving popular with the members.

As predicted, guest speaker for the rescheduled AGM now not available – Committee agreement to proceed without one this year. 18 June was agreed as the date for the 2022 AGM.

CMIC’s Scottish Widows account reported as having been closed and residual funds transferred across to Barclays.

Some discussion on Committee member individual portfolio allocations, and a revised strategy was agreed to try to ensure CMIC always casts its vote at all future investee AGMs.

With £192K declared as available to invest, the usual round-the-table discussion took place – agreed £75K total should be invested across 5 existing investees.


The last quarter has been a period of continuing muddy water with occasional pools of clarity as far as the emergence of the hospitality industry from lockdown has been concerned.
Accordingly, your committee has continued to proceed with its cautious approach to investing your funds.

Compared to the heavy spending of the months of the 2020-2021 financial year, during which the Club supported refinancings via rights issues etc, the period just ended has been relatively quiet. A few carefully selected investments in companies believed to be in a good position to benefit the most from the phased return were made whilst at the same time the opportunity was taken to gradually replenish the Club’s cash reserves. We have already enjoyed a strong share recovery from the lows of early 2020 so we may find that although company profits should improve as 2022 approaches financial markets might be subdued for some time: much of that improvement has already been discounted in share prices. Many individuals and businesses have borne a huge cost from the pandemic and the impacts will reverberate for many years. Quite how the picture unfolds as we move through into 2022 and beyond is unclear and reasonable arguments can be made for a wide range of potential outcomes.

The Committee is always pleased to receive feedback from members and one subject that has been raised is that of “modern slavery” in the UK hospitality sector. The stimulus for the enquiry was a report published by CCLA, a London based fund management group, highlighting the issue: it mentioned some companies in which the Club has holdings. A copy of the report was obtained from CCLA and the Committee, who regards the stewardship responsibilities of share ownership very seriously, has begun its own review. The Committee recognises that corporate governance and socially responsible investment is a complex area that is constantly changing but retains the clear view that its principal mandate is to strive to deliver a positive financial return to Club members. The Committee will, nonetheless, consider environmental, socially responsible and governance issues as far as is practicable and appropriate for the resources that it has at its disposal.

So far as membership news is concerned it remains encouraging with 14 new members joining and only 10 leaving the Club. I’m pleased to report that there are now eleven branch                 ambassadors in post and that there is now also a brief PowerPoint presentation available for use by anybody prepared to try and recruit more members! Please contact the office if you’re           interested in obtaining a copy.

As you’re aware the changes to the exit timetable out of lockdown forced the Committee to cancel the July date for the Annual General Meeting. Unfortunately, that meant our guest speaker had to withdraw. At the time of writing we are still hoping to hold a physical event at Beeston on 28 August but this remains subject to change. Please continue to visit the website for updates.

Looking forward there is always the risk of further viral waves causing frustration, but a recovery does seem tangible. Patience is a virtue in investment markets and history does show that when economic conditions resume a more normal pattern sensibly priced assets should do well. Let’s keep our fingers crossed but remain both aware and agile….. and safe!

John Hattersley  – Club Chairman
June 2021


Notice of 2021 Annual General Meeting

The 2021 AGM has now been rescheduled to take place on its reserve date, Saturday, 28th August 2021 at the Victoria Hotel, Dovecote Lane, Beeston, Nottingham NG9 1JG at 11-30am.

Although this date lies well beyond the Government’s target ‘unlocking’ date of 19 July it cannot be guaranteed, so please keep checking the website for any updates. An agenda, together with last year’s minutes, will be uploaded to the website later this month for the benefit of all members, as well as being sent by e-mail to all those planning to attend on the day.

Members who wish to raise questions regarding the agenda, or who wish to comment generally, are asked to contact the Admin Office by email by no later than close of business on Thursday 26 August (citing ‘AGM question’ in the heading). Should the meeting proceed as planned, then questions and observations from the floor will of course be welcome as well.

If the reserve date once again proves to be unviable, the Committee, sadly, will then have little alternative but to repeat last year’s virtual AGM arrangement before the end of September.

Nick Metcalfe – Company Secretary – 30th June 2021


Members’ Luncheon

The cost for luncheon has been held at the 2019 price of £16.95 which includes the usual buffet and a pint of real ale.

If you wish to attend and haven’t already let the Admin Team know, please contact the office to book your place. We are restricted to 100 places so must insist on Members Only please and on pre-booking only.


Change of Contact Details

Please let us know if you have changed your email or postal address or your contact phone number recently, we must receive this from you in writing which can be by email or letter. Please remember we will always acknowledge your communication and if you do not hear back from us then likely we have not received it so please then give us a call. Please REMEMBER also that we operate totally separately from CAMRA in these matters and you must notify both parties independently of any changes to personal information.


Youngs Vouchers

We have now received our new supply of Youngs Hotel Vouchers which are valid to June 2022, if you require a voucher, please contact the Admin Team by email or phone.  Max 2 per member.

We look forward to seeing you in August.

From your CMIC Committee and Admin Team



Committee Meeting – 8 May 2021

This meeting was held via Zoom on Saturday 8 May 2021. Apologies were received from Ann Mace and Bob Crumpton. Also present were Martin Hilton (Allens) and Nick Metcalfe (Co. Sec.).

Minutes of the previous Zoom meeting were approved, subject to minor amendment, and previous Action Points agreed as having been dealt with.

It was reported, encouragingly, that CMIC now had 11 branch ambassadors – an existing, themed PowerPoint presentation would be further refined and made generally available to all actual and potential ambassadors.

April contributions noted as a monthly record (£221K), with withdrawals a record monthly low (£18K).

Member feedback received on the ‘modern slavery’ and its possible existence in the supply chains of CMIC investees. Agreed as something the Committee needs to be alert to and a review of investees’ annual report disclosures on this matter will be undertaken over time.

Prospects for the July AGM taking place at Beeston still considered favorable but agreed to defer a final decision until shortly after indoor reopening date on 17 May subject to Government guidance. Feedback on trading post-April outdoor reopening date all good.

Permission had been received from CAMRA to upload the parliamentary inquiry paper (sponsor Charlotte Nichols MP) to the CMIC site and this would be done forthwith. Ongoing issue regarding a possible ‘pubs recovery fund’ continuing to draw blanks and agreed it would now be dropped as an agenda item.

Approximately £200K notified as available to invest – a round-the-table, after noting there were no obvious contenders and the continuing uncertainties etc, initially agreed not to invest anything, but, on reflection, to allocate £20K each into 5 existing investees with a known ‘tourism angle’ to their activities.

CMIC – New AGM Date 2021

Due to the Government’s announcement yesterday regarding the delay in the easing of lockdown restrictions, the Committee, sadly, has no alternative but to postpone the 17th July AGM to its reserve date of 28th August 2021. This new date is, of course, itself subject to possible further change in accordance with any new Government guidelines that might appear – further information will be posted on the website, so please continue to look out for it.

If you have already added your name to the attendance list you will be contacted separately by our Admin team to confirm if you wish to attend the new date; for those who have paid and cannot attend a Refund will be arranged.

If you haven’t already booked your place and would now like to attend, please email – the cost of the AGM Luncheon has been held at the 2019 price of £16.95 and also includes a free pint.

Committee Meeting – 12 June 2021

This meeting was held via Zoom on Saturday, 12 June 2021. Apologies were received from CRH. Also present were Martin Hilton (Allens) and Nick Metcalfe (Co. Sec).

Minutes of the previous Zoom meeting were approved without comment.

‘Between-meeting’ share related and other associated activity was discussed and ratified.

A discounted-rate, quarter page ‘we-are-here’ advertisement with CAMRA was discussed and agreed to.

A small number of proposed revisions to the Club rules had been pre-circulated to the Committee; these were discussed, amended where necessary, and should now go forward to the membership for their consideration at the upcoming AGM.

Physical AGM at Beeston still considered feasible, but imminent government announcement (14 June) regarding ‘unlocking’ means that it cannot realistically proceed on 17 July, so running it on the reserve date, 28 August, agreed. Likely to hinder guest speaker arrangements. Urgent publicity to membership required over this.

Upcoming investee AGMs were all noted, as well as other activity and publicity at other investees and targets.

With £173K declared as available to invest, the usual round-the-table discussion took place – agreed that £75K should be the investment ceiling for now, with details to be worked out via an e-mail discussion on 15 June, following the previous day’s government announcement.

Committee Meeting – 10 April 2021

This meeting was held via Zoom on Saturday 10 April 2021. Apologies were received from John Westlake and Ann Mace. Also present were Martin Hilton (Allen’s) and Nick Metcalfe (Co. Sec.).

Minutes of the previous Zoom meeting were approved, and previous Action Points agreed as having been dealt with.

‘Investment’ was dealt with first – with little in the way of funds available to invest (excluding the buffer), a unanimous decision was quickly reached to make no investment at all this month.

A report-back of the James Sharp investment valuation meeting was provided – all non-listed valuations agreed, and various service/admin matters also dealt with.

It was noted that no ‘trimming’ of M+B holding had been considered appropriate – see last Action Points.

Hadfields, CMIC’s reporting accountants, visit to Stockport to verify/agree the year end accounts had resulted in no changes being made to any of the figures previously presented to the Committee.

March’s Club Matters, including Chairman’s year-end report etc, had been successfully compiled, now with printers and to be distributed to full membership next week.

AGM at Beeston still considered to be on-track; social distancing regime will hopefully be a thing of the past by 17 July so no need yet to consider limiting the number of attendees beyond normal capacity.

Website matters – Committee should review, and if necessary, update their ‘biopics; the recent small brewers funding petition to be uploaded for the benefit of CMIC members who might otherwise have missed it; some unauthorised wording to be removed.
Attempts to stimulate and further develop the cause of a ‘pub / brewer recovery fund’ still drawing a blank – there is currently nobody in the marketplace, it seems, interested in such a proposition.

Agreed that no attempts would be made to try to arrange any UK brewery visits for the remainder of 2021. Some possible for next year discussed.

Customary round-the-table discussion about recent press announcements and other developments affecting investees.

Dates and times of future meetings confirmed through to December 2021.