Pub issues own bonds to raise cash

A pub has issued its own £500 bonds in an attempt to raise money.

The Brewery Tap in Ipswich will sell the bonds to customers who will get a 10% discount on food and drink in return, writes the BBC.

Mike Keen, landlord, said he had failed to secure lending from banks.

He hopes to raise £20,000 and claimed he would start repaying bond holders their £500 from June 2012.

The pub said the bonds were effectively loans made to them by customers, who would get a financial return in the form of the 10% discount rather than as interest.