Now for the Refurbishment!
The Share Offer is Extended Indefinitely beyond July 14th 2018
Over the last few months, we were asking anyone and everyone to participate in the community buyout of The Thorold Arms and assist in the purchase of the pub from a property developer. Money raised through a community share offer has now been spent and the pub itself is saved.
Phase two of the project is to renovate and re-open. More money is desperately needed. The pub was stripped bare and has been closed for 3 years. Additionally, the internal layout needs modification to meet modern standards and a decent manager’s flat must be created.
This share offer has been awarded the Community Shares Standard Mark and is compatible with HMRC rules for their Enterprise Investment Scheme (EIS). Qualifying shares come with a nice refund for taxpayers once the business is trading.
The initial target of raising £210,000 has been met and, despite the developer demanding more money at the last minute, threatening a further huge price rise and reducing the time available, we made it! The pub now belongs to the community thanks to our very generous donors and shareholders.
Beyond acquisition, a further £200,000 is now needed to renovate and refurbish the building, making it fit for purpose by bringing it into the 21st century!
Having had detailed discussions with many funding bodies, we have recently received:
However a further £100,000 is required after we failed to secure a hoped for £100,000 investment from the Community Shares Booster Programme.
The pub is in rural Lincolnshire close to the towns of Grantham and Newark, a mile or so from the A1, and on the Viking Way national footpath. It lies in classic Lincolnshire countryside close to the River Witham. This is prime “let’s go out for a pub meal” territory. There are several highly successful pubs in the area and there is no intrinsic reason for this pub to be any less successful.
The renovations will include an excellent 2 bedroom flat to enable an experienced managing couple to be hired. A friendly face, quality produce and good value will be the key to sustained success. Investors will share in the pub’s success by way of interest payments. These are currently projected in the business plan at 3%.
The share offer prospectus & application form and business plan are available to download from the website Document Store, along with all other available documentation. If you support the ideal but do not want shares we would be delighted to receive a donation through our donate button above and to the right.
If you would like further information, the names and contact details of the committee members are in the literature or you can get in touch through the website Contact page. We can post you a printed prospectus and application form – just send us your address.
We look forward to hearing from you and seeing you soon in the pub!