We’re delighted to report that our purchase of the pub is complete: The Packhorse now belongs to the community!
And the applications for shares have continued to arrive: we now have over 236 investors who have contributed a total of £685,000. We are grateful to and inspired by everyone who has joined this worthwhile project.
Planning of the refurbishment is already well under way with the aim of reopening early Summer 2017. Our intent is to preserve the precious and historic charm of the old building but to include a new kitchen and indoor loos! We’ll share more details with our investors in due course.
We still have more capital to raise to pay for refurbishment and the share offer remains open, so there is still time for others to join in – just look for the prospectus and share application form here.
We also intend to be more creative in our fundraising. We’ll have details soon but we expect this to involve grant applications (we have our eye on the Heritage Lottery Fund), accepting smaller donations and, among other things, events.
Our next such fundraising event will be a public apple pressing in the pub garden at 12 noon on Sunday 23 October. Bring your own apples and see how it’s done! We’ll circulate more details nearer the time.
Just a quick reminder that there will be an illustrated talk on “A History of Bath Pubs” by Dr Andrew Swift this Wednesday (21st September) at 7:30pm in South Stoke Village Hall.
Andrew is a historian, an author of several books about local pubs, and an entertaining speaker. Entrance is free but arms may be twisted for a donation to the Save the Packhorse fund! Refreshments will be available and all are welcome.
UPDATE: A great turnout in the hall last night raised £250 for Packhorse refurbishment. Thanks to Andrew for a very engaging talk!
We’re delighted to report that our share issue has been a huge success! At 7pm yesterday, after a late flood of money, over 200 investors had contributed a total of £601,000 – and there are more share applications in the pipeline. We now have the capital both to buy the Packhorse for the community and to begin to develop detailed plans for the refurbishment!
We are thrilled, relieved and hugely grateful for the generosity of supporters of the Packhorse. Thank you so much! And to the two hundred or so people who assembled in the pub garden yesterday evening to hear the news – we hope you enjoyed the occasion as much as we did.
We’re not quite there yet – we still have to raise around £265,000 for refurbishment and working capital. But the money invested so far will not only buy the pub but also buy us time to raise money for building work in early 2017 with a view to reopening early Summer next year.
We are leaving the share issue open for the time being, so there is still time for others to join this special project – just look for the prospectus and share application form on our web site.
Meanwhile, we now have time to be more creative in our fundraising. We’ll have details in due course but we expect this to involve grant applications (we have our eye on the Heritage Lottery Fund), accepting smaller donations and, among other things, events.
One such event will be an illustrated talk on “A History of Bath Pubs” by Dr Andrew Swift at 7:30pm on Wednesday 21st September in South Stoke Village Hall. Andrew is a historian, an author of several books about local pubs, and an entertaining speaker. Entrance is free but arms may be twisted for a donation to the Packhorse fund! Refreshments will be available and all are welcome.
We’ll share more news soon!
We’re going to decide at the end of this week whether we’ve raised enough capital to buy the Packhorse for the community.
So come and join us, if you can, in the pub garden (or South Stoke Village Hall if wet) at 6:30pm to 8pm, Saturday 10 September to hear the news and what happens next. There will be a bar, a rustic musical interlude and possibly a TV camera crew!
By close of business today, the total raised to date was £498,000 towards the purchase cost of £525,000 so we just need a final push this week to make sure of good news at the weekend…
…so if you’ve not yet invested, please consider joining us today by reading our prospectus and sending us your completed share application form. Thanks!
Since the launch of our offer of community shares in the Packhorse we’ve now raised funds or firm commitments amounting to £474,950 [updated 3 September 2016] – 90% of the total required to buy the pub. Many thanks to all concerned!
In case that comes as a complete surprise, here’s the gist of what’s going on:
- the pub was closed and left empty four years ago; now the owner has agreed to sell it to us
- our community-based company has exchanged contracts with the owner; completion is due in September, subject to a successful fundraising campaign
- we need to raise £525,000 to buy the pub and then some more for refurbishment
- we hold pledges of nearly half this amount so we still face a huge challenge to raise the money to secure the pub and we need your help
- we plan to raise the money through selling shares to the people of South Stoke, Bath and beyond
- we have assembled an experienced team, prepared a credible business plan and are working with experts and B&NES planners to ensure a successful restoration and re-opening.
In parallel with the fundraising, we’re making tangible progress in saving the pub. Just in the last couple of weeks:
- we’ve had a very constructive meeting with a senior Conservation Officer from B&NES to discuss plans for refurbishment of the building – it highlighted to us all the opportunity we have to restore many features of this wonderful listed building, neglected for so long
- our pub garden restoration project continues – some unusual plants have been found there so we’re trying to preserve the good and clear the bad – volunteers meet each Wednesday evening so come along if you’re interested.
We’re going to hold another public meeting at 6:30pm on Saturday 10 September outside the pub and in South Stoke village hall to discuss progress and give shareholders and potential investors another opportunity to meet and question the team. We’ll publicise this more prominently nearer the time.
However, our key target remains raising the £525,000 required to complete the purchase of the pub as soon as we can. So if any of this is of interest:
Since our offer of community shares in the Packhorse went public just 3 weeks ago, we’ve received cash and commitments worth over £287,000. This is a significant first step towards the initial target of the £525,000 required to complete the purchase of the building. A huge thank you to all those who have committed so far!
This is great progress but we have a lot more to raise and don’t have much time. If we fail to raise the purchase price this summer, we will miss out on this unique opportunity to save the pub. So, if you are planning to buy shares, please don’t hesitate. The sooner we reach the initial target, the sooner we can buy the pub and start the refurbishment work.
So, please download and read our prospectus. If you can help then please complete a share application form. To find out more, including arrangements for electronic payment, simply complete our declaration of interest form.
After launching our “Offer for shares” at a public meeting in a busy South Stoke Village Hall last night, we are delighted to make available for download a copy of the official document and share application form.
Having recently exchanged contracts with the current owner, we now have a very real opportunity to save this much-loved local institution! The immediate target is to raise £525,000 this summer in order to buy the building. So please read our offer document today then get in touch!
To find out more, including arrangements for electronic payment, simply complete our declaration of interest form.
Thank you to all who came to our impromptu event in the village on Saturday! Quite a crowd turned up at short notice, and four years after the pub served it’s last pint, to hear the news…
…which is that Packhorse Community Pub Limited has secured the opportunity to raise funds from the local community, and interested investors, to purchase the pub. Contracts have been exchanged with the current owner with completion due in September, subject to a successful fundraising campaign.
The team plans to launch the share prospectus document at a public meeting in South Stoke Village Hall on 28 June, at 7.30pm. If you may be interested in investing, please complete our declaration of interest form.
The recently postponed “Not the Packhorse” event is now being held this coming Saturday, 11 June,
outside the pub in South Stoke village hall right beside the pub between 6 and 7:30pm.
Please come and join us for a drink – we have some interesting news!
This month’s South Stoke Parish Notes advertised a “Not The Packhorse – Anniversary Event” on Saturday 28th May. This event has been temporarily postponed.
We’ve just heard from B&NES that the current owner of the Packhorse has told them that he intends to dispose of the pub. We will, of course, let you know more as and when details become clearer…