Time for an update!

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:

Thanks!

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s