The Ye Olde Cross committee report as follows:
“We are thrilled to be able to announce that our community has raised enough money to be able to purchase our local pub, Ye Olde Cross. Our solicitor is working on our contract to purchase the pub, and all going well, we should become owners of the pub by the end of the month.
It’s not over yet though! We still need to keep raising money for refurbishment. We’ve raised more than £250,000 so far through community shares, a £50k grant and £50k loan – which is incredible! We’ve got enough to cover the sale of the pub, legal fees, stamp duty and VAT, and to have a little left over. But we’ll still need more to properly renovate the pub and ensure that when it reopens, we’ve done everything we possibly can to ensure its future success for our community and our 300 shareholders. We’re estimating that refurbishment will cost about £75,000, but until we have ownership of the pub, we can’t be sure. However, we’ll be able to reclaim VAT of nearly £37,000 – so it’s likely we’ll need to raise a further £35,000 at least for equipment and building work. As well as fundraising, we’ll also be spending 2019 looking at how and when we hire a tenant to run the business.
The share offer has now closed, but we’ll be making sure anyone who couldn’t afford to invest can still become a shareholder and have a stake, and a say, in the future of the pub once fundraising is complete. We’re very proud to know our pub will be at the heart of such an amazing community. The journey to this point, and meeting all of you, has been fantastic. A huge thank you to everyone for your support so far, whether it’s been financial support, your time, your skills or your ideas. It’s wonderful to see what can be achieved when a community comes together with a shared vision. What an excellent start to 2019!”