It was a busy evening and it was fantastic to see everyone enjoying the event and such great community engagement and support for saving the pub. We also had a guest speaker, Bernard Lee, from Pub is the Hub who shared some information about other saved pubs – and was very complimentary of our efforts!
Much like our first meeting, the Village Hall was full with standing room only and again the audience listened attentively to our update and there was a good Q&A session at the end. We believe we managed to answer all questions to everyone’s satisfaction, but as was said in the meeting we are always open to any questions so if you still want answers to any aspect of our effort please send an email to:
Following are some of the important points from meeting.
Our pledge-o-meter continues to be updated regularly and is still climbing! Although we have passed our August 1st deadline and have reached over 72% of our target we still need to achieve £250,000 of pledges so we are still taking pledges, and will continue to do so until we launch the formal share offer.
We produced a graph for the meeting showing the pledge amounts coming in over time – it shows that there has been consistent pledging throughout – and therefore if we continue to raise pledges at the same rate we should have £250,000 some time mid-end August.
After much effort, and input from our various experts and advisors our business plan is almost complete. We hope to publish this very soon, all going well. Within the plan we have tried to offer the most important services as identified by our community survey, but also be realistic in what we can do given there will need to be a relatively large sum spent just on bringing the pub back up to a good state of repair and refitting the (currently stripped out) fixtures and fittings such as the kitchen.
FORMAL SHARE OFFER
During the meeting we spent some time going over a little more technical detail of the formal share offer and how the shares work. A lot of this info can be found in the notes on the PLEDGE page, and the soon-to-be-published business plan has a section which explains the important bits of how the shares work in an easy to digest manner.
We will launch the formal share offer once we have:
- The published business plan (coming soon!)
- The SITR tax-relief scheme approved on the share offer (ongoing with HMRC)
- An offer in principle accepted by the owner of the Black Horse
An initial, formal offer for the freehold of the pub has been made to the agents based on our professional valuation (and copied to South Cambs District Council). Although the offer has been rejected, we will continue our dialog with the agent. We are also trying to contact the owners of the pub to try and engage them in honest dialog about our efforts, the valuation of the pub and if they were willing to come to a deal. It is still our intent to try and buy the freehold of the Black Horse and we have taken the first steps to do this well before the ACV moratorium ends on the 6th September so we are doing very well!
Even though this initial offer has been turned down it has provided very strong evidence (to the council) that the community want to keep the pub, and therefore makes it very unlikely that the council would grant change of use of the property.
Here’s anther slide from the meeting showing the key next steps we need to take to re-open the pub. Note that DDCE is “Dry Drayton Community Enterprises Ltd.” the Community Benefit Society we have set up to buy and run the Black Horse for the community.
Finally – thanks to all who attended, we’ll say it again that we are truly humbled by the support of the community and it’s always very rewarding to set up an event or meeting and see the community get together!
Also very sincere thanks to those who have pledged – without pledges we would not be in the strong position we are today, having already made an offer for the pub!
So thank you!