The following letter has been posted to villagers:
The community’s efforts to buy the Brook Inn are drawing to a conclusion with the appointed solicitors continuing with the purchase procedure. We have pencilled in a mid-June date for exchange and completion four weeks later after which we will issue share certificates…barring any hiccups.
So far we have raised nearly £340,000 towards the original £400,000 target – enough for the £290,000 purchase price. If you have contributed to that total, the committee would like to extend its gratitude for your investment and support.
However…we are still £60,000 short, money we need for stock, cash flow and future capital expenditure. There are plans to borrow a sum to pay for the VAT on the purchase which we will get back from the Government after a short delay but we would like to keep future borrowings to a minimum.
Therefore the fundraising is continuing and we’re keen to attract new investors to the cause. If you have not done so already, would you consider investing in the pub or do you know others who would?
Not only would you and they be helping to secure the future of the pub, but there attractive tax benefits including the Enterprise Investment Scheme for taxpayers who can claim back nearly a third of their share costs. There are also income tax, capital gains tax and inheritance tax benefits. All the details can be found on the business plan on our website www.backthebrook.co.uk.
One of the key aspects of the project is obtaining a good manager. We have put adverts in the East Anglian Daily Times/Evening Star and on the website and received an encouraging response with interviews due to be held in the coming weeks.
Looking further forward clearly there are a lot of things to do. Some of this will involve the hands-on work of upgrading The Brook Inn and the flat above. The committee is considering the establishment of a working party to co-ordinate that work and so are looking for volunteers to carry out the plans. Can you volunteer your time or skills? If so contact us via the website email firstname.lastname@example.org
The committee also needs strengthening for the tasks ahead. Encouragingly we have recently had two people enquire about joining it. Unfortunately George Wiseman has had to withdraw from the committee for health reasons so we are looking for someone with accountancy skills who can help steer the project.
As stated earlier, we are very grateful to all those who have invested in the pub and/or offered their services to the Back the Brook initiative. However we do need that extra push to get us over the finishing line and beyond. If you can help the committee in any way, we would be very grateful.
The committee, Back the Brook