November is here and we're still closing in on a final deal for the purchase of The Crown.
We have been very careful to ensure we strike a balance between good value for the community and a fair deal for the vendors.
Some of you have commented on Facebook that with the pub now closed the value of the business is affected. You are correct; there are varying market values for The Crown depending on the state of trading. As a group, we have been very careful to ensure we strike a balance between good value for the community and a fair deal for the vendors. Our offer, which was generous at the outset, was based on the business trading as a 'going concern' but this situation has recently changed. We have informed Cheryl & Dave that our initial offer is now reduced to more reflect the current state of affairs and their unwillingness or inability to co-operate in helping us to make this a straightforward business transaction.
It is not enough for us to accept the vendor's word that their trade was legally above-board.
We are still waiting to receive copies of statutory certification from the owners. This important legal documentation cannot be ignored, it is necessary for trading and can be expensive to replace. That expense could have a seriously detrimental effect on our plans for the pub and may jeopardise the business itself. We can only guess why it cannot be supplied. Let me be absolutely clear that it is not enough for us to accept the vendor's word that their trade was legally above-board. The onus is on them to prove that this was the case or to accept that we as a group will need to secure these details at our expense with the consequence that we must reduce our offer.
As the situation now stands, we are waiting to hear from the vendor how they wish to proceed with our revised offer and timetable. If there's any news to report between now and Christmas you'll hear about it here. Should you want to be among the first to know, you can subscribe to get a weekly digest of the posts on this site.
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