General meeting minutes

Back The Brook Ltd

 Minutes of the General Meeting held Thursday 4th September 2014

The meeting commenced at 7.30 pm

Directors present: Keith Armes, Ian Evans, David Lincoln, Alan Amphlett Lewis, Andrew Burl

There were no nominations for new directors and the five existing directors were approved by the meeting.

Ian Evans opened the meeting with a general welcome and update of progress. He thanked Simon Bissett, George Wiseman and Amanda Males for their work as committee members and he thanked Sue Bush for her support in issuing the share certificates.

He noted the appointment of  the new Manager, Mr David Clarke, and the new chef, Mr Nigel Paul, both of whom are experienced in the pub and restaurant trade.

Alan Amphlett Lewis introduced the enterprise investment scheme (EIS), explaining the tax benefits and setting out the conditions of the scheme.

David Lincoln advised that £373,000 had been raised from investors and there were 90 shareholders.  He then outlined the expenditure to date in broad terms £290,000 urchase price for the pub, in addition there was stamp duty of over £10,000 and vat of £52,000.  The vat will be recovered in October.  So far £15,000 – £20,000 in set up costs.  He said that board policy was to keep £30,000 to cover contingencies.  With the development ideas to improve facilities and décor, the share offer would remain open until at least the £400,000 was achieved.

Keith Armes and Andrew Burl are overseeing the revamping of the pub. It was pointed out that Punch Taverns had not invested in the upkeep since they took the pub over.  Keith stated that a large number of volunteers had come forward and the intention was to allocate small tasks to be carried out as soon as possible.  Closing the pub for 2 or 3 days in January is being considered in order to re do the interior.

The meeting was then thrown over to the investors to raise questions and make suggestions on how to ensure the pub`s success.  The new management have worked tirelessly to get the pub open in the last week and the ideas put forward will be considered as the business progresses.

On behalf of the Directors, Ian Evans said that any suggestions and queries and indeed rumours relating to the pub could always be raised and discussed with the Directors.

The meeting ended at 8.40 pm.