Update on Progress

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Tebworth Community Pub.

Progress is being made in our efforts to purchase the Queens Head.

It is anticipated that the Share Offer will be issued by the 1st week in November.

A major item required for this is to make a decision on a value that we consider appropriate for the purchase of the Queens Head. An indicative value of £300,000 has been given by the agent, however it is felt that this overvalues the business. A valuation of the pub will be made by end of October and this will be used as the platform of our offer for the purchase.

As the Pub is currently a business asset of Charles Wells, the purchase price will be subject to VAT and Stamp Duty on the sales value. In addition we will have to allow for legal fees, surveyor reports, fixtures and fittings, plus any refurbishment costs. The total of these costs will be used to refresh the Share Offer and Business Plan which will be available on the Parish website and be issued to all interested parties.

The current draft Business Plan has been forwarded to HMRC for an assessment as to the likelihood of share purchases qualifying for Social Investment Tax Relief. The Plan will also be required by the Plunkett Foundation as evidence in our application for Grants and Loans.

The above has taken a little longer than originally anticipated, however the Pub cannot be sold to a purchaser other than the Tebworth Community Pub Ltd prior to the 1st Feb 2017 thus time is still on our side to complete our programme by that date.

If there are any questions you can contact:

Ian Lothian  
Ilothian@aol.com or tel 01525874166

Roger Masters
roger.masters@btinternet.com or tel 07775851275

 

Ian Lothian
Chairman
Tebworth Community Pub Ltd

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