Here's a little update for you:
The Share Purchase
Wow, this is amazing. Together we've begun building a solid amount of funds to purchase The Crown. The amount raised so far has exceeded our expectations so - from everyone on the steering group - 'Thank You!'
Seeing your commitment to something that we've been working on for so long now is tremendously encouraging and our spirits are truly buoyed as we move on to the next step...
As you may or may not know, last week we made an offer to Dave & Cheryl who turned it down very quickly. We're currently considering our options here because the offer itself was high and at an amount that is already above the advised value of the premises.
Why did we offer more than the pub is worth?
It's our opinion that the pub means more to the village than 'just a pub'. Our offer reflected the value of the premises - as advised by an independent professional - plus a premium for the goodwill.
What happens now?
Whilst we ponder and deliberate our next steps we have to be mindful that our grant and loan, together worth £100,000, are only available to us for a limited time and that time is rapidly running out. If we lose those funds we'll need to make up the difference in order to keep the project going. Raising £100k takes time, so we'll have to be in it for the long haul and even after making up the difference we will still only be at our latest offer value - not any higher. It's anyone's guess how long it will take to raise that sort of money.
Is this bad news?
In a way, 'yes'. But also 'no, it's not'. There could still be a deal to be done, we just don't know what it is yet. We're taking advice on the next steps and realise that at the current level of human activity in The Crown it is unlikely the value of the pub will increase while we go about our duties.
How can you help?
Well, we've decided to keep the share offer open for the time being so if you've not bought shares you can still do so. Don't wait. Do it now.
Click this link for details.
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