For those of you who invested after the last email update, or who weren’t at the village hall update last Saturday, we thought it would be useful to confirm where we have got to and the decision which has been made to extend the share offer, to the end of March, in order to give us sufficient time to conclude negotiations.
The share offer has now raised £76,400. Thank you.
This is a fantastic total that has given us real credibility in our negotiations with both Ewelme and the current tenants ,and has put us in reach of making the Community Pub a reality. We can’t thank you enough for your investment in the community.
As you will probably be aware, there are many in the village who have been waiting for what they see as a ‘fairer’ contribution from both Ewelme and the current tenants to trigger their investment. We feel that we have moved a step closer to this deal in the last week and therefore this warranted us asking you, those who have invested already, to give us a bit more time to get there.
Our current position is as follows:
1) The share offer has raised £76,400 so far.
2) Ewelme has contributed £50,000 in rent free period that will not factor into the £160,000K that we need to raise directly, but will allow us to setup the business effectively and provide contingency for what we know to be big hikes in the costs of materials etc. Ewelme has also agreed to pay for a full building survey that is now being arranged.
3) The current tenants have now instructed a solicitor to negotiate the terms of the surrender or transfer of their lease, which is a very promising step but now requires time to work through discussions with the solicitor and to try to steer them towards a positive conclusion.
4) The community then needs time to respond to the final deal, which will hopefully release investment, matching the optimism and commitment that existing investors have thankfully shown.
We will stay in touch over the coming weeks as the negotiations unfold and, as always, do reach out with any questions that you have to firstname.lastname@example.org
The Marsh Gibbon CBS Management Committee