Save The Red Lion Campaign would prefer that an investor purchased the Red Lion with a vision for it to be a successful pub in the heart of the village. But we have to be mindful that this such a person may not come forward & so the possibility of having to consider a community purchase of the pub has to be an option that is considered.
Two financial hurdles would need to be got over in any attempt to turn the Red Lion into a community pub. Firstly, obtaining sufficient funds to develop a business plan & prepare a viable bid for the Red Lion. Secondly, putting in place a funding structure to both buy the pub & get it operational. We have to bear in mind that the asking price for the pub is £295,000 + VAT, and that a considerable investment would be required to modernise the property.
So the headline in an article in the Daily Telegraph the other day caught our eye - "David Cameron pledges £250m for local communities to buy pubs & shops".
The Prime Minister is reported as saying "Everyone knows how vital institutions in our towns & villages, like village halls, playing field, local pubs. And everyone knows how - despite best efforts of parish & local councils - these can face closure. I want our social investment funds to give people the opportunity to take them over & run them".
The Prime Minister said that Big Society Capital & the Big Lottery Fund will make a long-term commitment of £250m to "communities with amitions to own local assets like pubs, shops, community centres & affordable housing". Of this money £50m will go into a community asset fund to provide grants & loans to help get projects off the ground which could go on to be commercially viable over the long term.
The Daily Telegraph article can be read by following the link - http://www.telegraph.co.uk/news/politics/conservative/10102846/David-Cameron-pledges-250m-for-local-communities-to-buy-pubs-and-shops.html.
It looks as if the Prime Minister's announcement could be just the thing to allow the Camapign to develop real plans to purchase the Red Lion should our dragon/fairy godmother not materialise. It is said that in life timing is everything. That could be so right in this case!
Save The Red Lion Campaign Patrons
- Sidbury Community Enterprises' community share offer launched to buy the Red Lion
- Save The Red Lion Campaign Patrons - Rt Hon Hugo Swire MP & The Reverend Susie Williams
- Campaign's company - Sidbury Community Enterprises - has made an offer to buy the Red Lion
- East Devon District Council has listed the Red Lion pub as an Asset of Community Value - a significant Campaign milestone