Here's a little more information after our public meeting at the Northwold Sport & Social Club on 30 August.
As mentioned at the meeting, communication of what we’ve been doing behind the scenes has been difficult as we’ve been in negotiations with Dave and Cheryl. Since we have now had our offer to purchase agreed the real work begins. The process will be very similar to that when any of us has purchased a house; survey, solicitors, going back and forth between us the purchasers and the owners of the pub. You know how difficult that can be. Add the fact that the pub is a running business and which means there's a whole lot more paperwork to get through than if it were closed and that we're volunteers with jobs, families and other responsibilities and you'll have some idea of the scale of this endeavour.
One point was made clear: acknowledgement of share purchases and feedback to those who pledged and/or invested hasn’t been to the high standard we know you expect. We did reach a bottleneck where we couldn't process your receipts fast enough. We will do better going forward (did I mention we do this in our spare time?). One thing we have noticed is that receipts have been arriving in spam folders all around Northwold! If you didn't yet receive any notification from us, please check your email spam folder.
One of our primary goals is to lower our commercial loan level and offer you a greater opportunity to invest. We aim to do this by providing loan notes. We've prepared the paperwork for these and it's being checked over by a solicitor. When the note is final you'll find it on this website and advertised elsewhere so you can decide if shares or loans are better for you. From our perspective, shares are preferred. Having a lower debt to begin with will greatly strengthen our ability to fulfil our community-led ambitions.
The Steering Group is small and will need help from our community as we
move forward. Many of you have skills in areas that will be essential in making our shared dream a reality. We will be reaching out and asking for your help in the very near future. You can always let us know in advance if you're willing to help.
In the meantime please check out our social media pages for more up-to-date info as it happens. If you're not involved in social media then please accept it will take longer for information to get to you. Leaflet drops do have a cost implication and it takes valuable time to deliver leaflets. Time that we could be spending raising funds, for example. The Village Life is another means we’ll be using to keep you in the loop (thanks Jonathan!). As ever, word of mouth is still a good means of making sure everyone knows what is happening. Please spread the word.
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