Purchase update – fund passes £300,000 mark

Just a quick update on how things are progressing. To date we have
received payments of £310,000 – money deposited in the bank.
Well over half of the original pledges have been fulfilled including
most of the bigger ones. A number of investments have been bigger than
the original pledge and new investors have also come forward. We have
no reason to think that most of the remaining pledges will not be met.

We do need this to happen as we require to stock the pub and we need
to upgrade the building. How quickly we can do this will depend on
this further investment.
Ideally we would like to get as close to the £400,000 target as
possible but realistically the committee believes in the short and
medium term we need to reach around the £340,000 mark before we
instruct our lawyer to proceed with the purchase – so for that to
happen we need the outstanding pledges.
Once contracts have been exchanged we will issue the share
certificates to the investors, take action on recruiting a manager and
proceed with all the various operational issues. We would welcome any
suggestions regarding contacts and skills which will help us in these
tasks.
As before, all the information is on the website
www.backthebrook.co.uk with the relevant documents located in the
‘documents’ section of the Home page, in between Contact and Links,
underneath the photo of the pub.