Last night the Save the Crown Steering Group hosted a get together at the Sports and Social Club to get the village up to speed with the campaign. And to share some big news. HUGE NEWS.
Our final offer has been accepted by the vendors.
Dave and Cheryl have shown great flexibility in helping us finalise the financing - £250,000 is payable on completion and the balance of £25,000 payable over a 5-year period. That’s just about doable. The village could have a fully functioning pub in the next few months. Let that simmer while we summarise the evening.
Cliff did an excellent job of standing in for Mark as the presenter for the evening, owing to Mark’s indisposition following a recent serious back operation. He gave a summary of the journey so far, outlining the sequence of offers and counter-offers, the legendary pop-up-pub events, grant and loan applications and other sundry topics. He, with the assistance of Tom our Treasurer, also talked about the Share Offer, and the Loan Note options. More on that later.
Then they fielded questions, from how many investors have brought about the £71,000 pledged for shares, to the potential use of Crowd Funding, to what’s going to be on the menu (I made that one up). It was a good, up-beat meeting with reason to celebrate. WE’RE GOING TO HAVE A PUB AGAIN. And the village can make it what it wants it to be. It can expand what it offers beyond a traditional pub to serve our needs.
And we need more money.
Currently £71,000 has been raised through shares via 112 different persons and/or companies within the village. £50,000 has been awarded via a grant. There is a £50,000 agreed loan from the More than a Pub group, connected to Plunkett. And a major brewer is prepared to lend £70,000 in return for a deal on the supply of drinks, help with refurbishment of the cellar etc. You’ll appreciate, that’s a lot of debt to launch a business. And it doesn’t leave us a lot to refurbish with.
So, here’s the thing. We’ve got to the end of stage one. Northwold can now have a pub if it wants one. Do you? We need to raise more money. We need you to give what you can. Every pound off the initial loans gives us a better chance of making the pub what we want it to be. There are two ways of investing your money. Buying shares or lending it to us. Here’s how they work:
If you purchase shares in your community pub, our Seed Enterprise Investment Scheme (SEIS) accreditation allows us to raise money by offering tax reliefs to individual investors. The relief is 50% of the sum invested payable either directly from HMRC or by adjustment to PAYE code. SEIS shares are also free of Capital Gains Tax and Inheritance Tax
Following on from our SITR advanced approval we’re able to offer investors who have a minimum of £5k to loan the community pub the opportunity to deduct 30% of the cost of their investment from their income tax liability, either for the tax year in which the investment is made or the previous tax year. The investment must be held for a minimum period of 3 years for the relief to be retained.
To find out more of the benefits and details of both please ask us for a fact sheet, email or ring us.
The clock is ticking now, and we’re so very close to pulling off something that has seemed unlikely quite often. Everyone in the village counts in this. Do you want a pub? Time to step up.
For further information please contact our Treasurer on 01366 727037 or email [email protected].
EDIT: Amended to update share purchase figures.
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