Silence is golden. Unless you're trying to negotiate a community purchase.
Shareholders will by now be aware that we recently reduced our offer on the pub to a more realistic value. We agreed our original price in good faith but certain facts have since come to light that mean in order for us to continue we need to revise that offer to one that takes into account the potentially large amount of work needed and the lack of information supplied by the vendors.
I hope to explain here some of the background that led to that decision and give details of the latest offer.
Since 30th August, the date we announced that we had finally agreed an amount with Dave and Cheryl, our solicitor has been actively pursuing some of the finer details of the arrangement. He has received mostly straightforward answers, but there's still too many details going unanswered for us to feel comfortable in making a purchase.
- We still do not have a definite list of fixtures and fittings.
- Accounts have still not been made available.
- There has been no response to our request for a formal viewing.
- Only a Summary Licence has been made available. No full licence has been produced.
- There is no sign of the statutory certification necessary to open and trade at the property.
At a recent committee meeting we decided that all of the above points leave too much risk to continue at the previously agreed purchase price. We simply cannot be certain of what exactly we're buying. Any buyer would almost certainly feel the same way.
Further, we had tradesmen prepare quotes for remedial work on the building. Taking into account the results of the survey and the possible work required to answer the points above we adjusted our initial offer.
Our generous and justified revised offer, of £220,000, subject to a formal viewing by one member of the committee, made on 23rd November, remains unacknowledged. If there are further updates on this, you'll find out here.
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