A Grantham Journal Update on our Progress.
Judith Hawkins updates Grantham on the progress we have made getting ready to buy the pub for the community.
Villagers are setting up a limited company in order to purchase their much-loved pub and preserve it for future generations…
…By incorporating as the Thorold Arms Community Benefit Society, they will be able to raise money with a share offer, in line with the regulations of the financial conduct authority (FCA).
“The company is ultimately controlled by its shareholder members on the basis of one vote per member rather than the conventional one vote per share. In brief, the purpose of the company will be to buy the pub, renovate it, reopen it and then run the business at a profit and use the profits to benefit the local community,” explained Ian.
They have also received a £2,000 bursary as part of ongoing support from the Plunkett Foundation, whose expertise in establishing rural co-operatives is proving invaluable. Along with a £500 donation from Marston Parish Council, these funds have enabled them to hire a surveyor to carry out a condition check, and an architect to draw up a new layout for the pub and its accompanying shop.
It should be pointed out that although buying, renovating and running the pub are the ultimate aims of The Thorold Arms (CBS) Limited. The first aim is to raise the substantial amount of money necessary to carry this out. The receivers are now applying pressure to get a deal done and we are required to present a credible, funded offer for the premises by the 31st of May 2016 or the pub may go to auction.
Please read Judith’s whole article in the “Towering Inferno” edition of newspaper itself published on Friday 25th March 2016 or online in GranthamJournal.co.uk.
If you want to find out any details or register your interest or support please get in touch with us via the contact page on this website.