The committee has organised a meeting for Tuesday 8th April at 7pm at the Brook Inn and we urge everyone who has pledged support – and others – to attend.
We will outline the progress made to date, the mechanics of the proposed purchase and how we think things will develop. We are approaching the ‘business end’ of the process so it is important as many people attend to hear the developments and ask questions.
To date we are still £64,000 short of the overall £400,000 target to purchase the pub and have enough over for stock and investment. We have had a lot of people saying they intend to invest but have not put it down in writing so we’d urge them to contact us via email@example.com and come along on the 8th together with those who have already committed a pledge.
There have been a few developments to date:
1) The committee has received the survey conducted by James Aldridge, Chartered Surveyors in Ipswich. It concluded that the building is structurally sound but did highlight a few issues of concern which we will investigating. Anyone wanting to read the survey can email us at firstname.lastname@example.org and we will send you a pdf copy.
2) John Phillips & Co Ltd accountants have agreed to act on our behalf on future financial-related matters.
3) Back the Brook Ltd has been formed and provisional clearance granted by HMRC.
4) Lawyer Toby Kramers at Ellisons solicitors in Colchester has agreed to act for us in any future purchase.
5) The committee has opened a business account with Barclays Bank in Ipswich – more information to be given in due course.
Work is going on behind the scenes…slowly but surely. A survey of the pub is scheduled to take place on Friday morning, the results of which will be available to would-be investors in due course. We are also speaking to a local solicitor who has agreed to carry out the conveyancing.
The directors are in the process of setting up a bank account with Barclays Bank in Ipswich, appointing local accountants and the articles of association for the new venture are being drawn up.
Until these administrative tasks are completed, we feel it would be premature to hold the public meeting to talk people through the purchase process – although we still hope it will be before or just after Easter. Please bear with us but in the meantime the pub is open for business and ready for your custom.
So far we have received pledges from 58 individuals/couples totalling £318,750 – £81,250 short of the £400,000 overall target.
While the bid can proceed once we collect the pledges, we still need to raise the additional money so it’s important we reach out to new would-be investors. For that we need everyone’s help to act as cheerleaders for the bid.
If you know anyone who might be interested or have shown interest, please direct them to the website and get them to join our bid to buy the Brook.
Punch Taverns have this week accepted an offer of £290,000 to buy the Brook Inn. After months of talks, offers and counter offers, the pub company agreed to the figure put forward by the committee on behalf of would-be investors.
We hope to have a public meeting in the coming weeks, before Easter, to discuss how we proceed. That will include where and when money pledged should be paid; the financial implications, when a structural survey will take place; how the EIS scheme will work etc
We will update this website in due course once we have the details of the public meeting. However we are still short of the £400,000 target to buy stock, pay VAT and other costs so it’s important we receive more pledges.
Please keep in touch via this website – please spread the word.