What we need to do now

Timeline

• Raise share funds of a minimum of £180,000 and finalise the More Than A Pub funding of £100,000 by end January 2021

• Complete purchase of the Blue Bell January 2021

• Renovation begins February, ends July 2021

• Reopening July 2021

The sale of the Blue Bell Pub

The current owner of The Blue Bell has put the pub and surrounding land – including the pub garden and car park up for sale by auction on 16th December. Another part of the site, land to the rear of the property, has been listed for sale separately and with access through the pub car park.

If we have raised sufficient funds to make a bid on the pub at auction on 16th December, we will do so. This is why we are encouraging people to act now and buy shares. If we fall short but are close to the amount we need, we will have the confidence to secure short-term bridging finance to allow us to complete the purchase whilst we continue our campaign to reach our target figure.

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It is also important to note that our own independently commissioned valuation of the pub is slightly lower than the guide price it is listed for at auction. The reserve price is never revealed but it is usually within 10% of the guide price, so it is likely within a range of £162,000 - £198,000. Given that the owner has consistently over-valued the premises, we are expecting the reserve to be towards the higher end of the scale. That, coupled with the terms of sale set out in the auction pack, whereby the buyer must pay ALL of the sellers costs, means that even if we bid at auction, we are unlikely to be able to purchase it for our maximum of £180,000.

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However, we also think that the only other potential buyer (if any) will be someone wishing to run the premises as a pub. If such a buyer steps forward, we will not stand in their way because the village has been clear that it would prefer a private buyer to take over the pub. We would then work with them to help them make a success of the pub. We think it unlikely that there will be another potential buyer who intends to convert the pub to residential use given that two such planning applications have been refused in the last year.

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In short, if it fails to sell at auction (to us at a realistic price, or to anyone else), we believe we will be in a stronger position to negotiate a fair price immediately after.

Asset of Community Value Status

The Borough Council has accepted as valid our application for The Blue Bell to be listed again as an Asset of Community Value. This will make it even more difficult for the current or any future owner to change the use of the premises.

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What you can do

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Apply for your shares as soon as possible so that we can see whether we are going to reach our target and to help us get to a much stronger negotiating position.