Share Offer Extension: what you need to know …

The Greyhound Community Pub Share Offer was set to end on 1st March, 2022.

Throughout the share offer it had become obvious that two key things were stopping us from reaching our target:

  1. The community expected both Ewelme and the current tenants to make significant contributions towards the dilapidation costs
  2. Unless these contributions were negotiated, many in the community did not feel that it would be a fair deal and were therefore withholding their potential investments until a suitable agreement had been reached

In the final days of the share offer some significant progress was made towards this deal:

  1. The community itself had raised over £70,000, putting us in a very credible position for negotiations
  2. Ewelme recognised that it might be possible for the Community Pub to be a success so, on top of the clear communication they had already sent to the current tenants to formally serve them with the responsibility for the dilapidation costs, they increased their contribution to £50,000 of rent free period and offered to pay for a full building survey to ensure that all potential costs were uncovered
  3. The current tenants, having previously offered £20,000 which we rejected, have instructed a solicitor to negotiate the surrender or transfer of the lease on their behalf having told them that they understood their responsibility for the dilapidations and would like to make a deal. Proper discussion would only be possible on, or after, Monday 28th Feb, the day before the share offer ended

Knowing that the further negotiations could enable us to be successful in taking over The Greyhound Inn, and knowing that these would definitely not conclude in a single day, we immediately contacted the current share investors to inform them of the situation and to ask them if they would be willing for us to hold onto their money for a further month in order that we could properly conclude these discussions. We provided the rationale that the ‘fair deal’ was potentially close and that this could provide us with:

  1. A significant contribution from the current tenants directly towards the dilapidation costs, reflecting their responsibility for the current state of the building
  2. The necessary ‘trigger’ to release investment from those in the community who have been waiting for this ‘fair deal’

None of the investors objected to this extension so we announced it at the village hall update meeting on Sat 26th Feb, after providing all of those who attended with the information described above.

The new end date for the share offer is 31st March 2022 and the CBS Management Committee will of course keep the community updated on progress throughout the month.

Any questions, please get in touch at marshgibboncp@gmail.com