Update on recent developments

Our committee of volunteers has been working hard over recent months to progress this project – here is a selection of what we have been doing:

Fundraising

  • 400+ pledges totalling £280,000+
  • Still £70,000 short of original pledge target of £350,000
  • Neither commercial mortgage nor Public Works Loan via Parish Council will be available in short term (ie. by the time the pub will be sold)
  • No grants available to support purchase price
  • Some grants available to help fund certain administration costs, working capital and/or building/energy efficiency improvements following purchase
  • We are launching a ‘Pub Bond’ offer to bridge gap between pledges and purchase price
  • Pub Christmas cards printed to encourage pledges as Christmas gifts
  • Will continue to seek pledges following acceptance of offer, to support working capital requirements

Profile raising

  • BBC Look East and ITV News features on our YouTube channel
  • Social media presence across Facebook, Instagram and youtube, including ‘vox pop’ videos and LCPL website
  • Monthly pub adverts delivered in the ‘Village Views’ parish newsletter
  • Leafleting of Littlebury, Littlebury Green, Little Chesterford & Strethall completed
  • Roadside banners on village entry signs and on two bends
  • The Railway Arms have held two pub quizzes with our team present, displayed our banners and pushed the campaign on their own supporters email list.
  • Leveraging Cliff Parisi’s support for the campaign
  • Market stall outside Saffron Walden Town Hall on Saturday mornings for the last 6 weeks
  • Village Hall meetings and updates at Littlebury Pop-Up Pub
  • Beautiful drone video footage recorded of the pub.

Administration

  • Littlebury Community Pub Limited incorporated
  • Awaiting final approval of Financial Conduct Authority to convert to Community Benefit Society
  • Detailed operating and capital expenditure financial modelling and business plan prepared
  • Joined the Plunkett Foundation for their advice and support.
  • Using Plunkett Foundation standard rules for company organisation
  • Applying for the Co-op’s Community Shares Standard Mark, a ‘kite mark’ for Community Benefit Societies’ share issues

The Queen’s Head Building

  • Building survey undertaken by Christopher Barker, and report delivered
  • Trade valuation (RICS Red Book valuation) performed by David Broschomb MRICS, result expected shortly
  • Determined and costed in detail what works required for:
    • Essential day 1 works to open for drinks, and for food service
    • Year 1 works to improve efficiency
    • Future capital expenditure to enhance and maintain the building

Investment Terms

We have prepared a separate document outlining the full terms that would apply to your pledged investments. We will only ask supporters to send us their pledged money when the following conditions have been satisfied:

  • Offer accepted in principle by Green King
  • FCA approval of LCP as Community Benefit Society
  • Bank account set up with Co-op
  • HMRC advance approval of (Seed) Enterprise Investment Scheme tax relief

As a result, you can pledge with confidence that you will obtain tax relief (if applicable) as we will not ask for your money unless and until we have that confirmation.

We also have a separate document outlining the ‘Pub Bond’ detailed terms for those willing to lend £10,000 or more.

If you would like to increase your pledge or find out more details out Pub Bonds, email chris@littleburypub.co.uk