Dear Supporters,

We wanted to share a quick update on the state of our bid to buy The Queen’s Head.

Our initial offer based on a premium to the formal valuation (dated 15th Nov) to Greene King was rejected (on the 18th Nov), and then confirmed as rejected on further correspondence (dated 25th Nov). Greene King’s agent confirmed verbally to us (on the 28th Nov) that they had received a higher offer, but have not the price offered, nor any information about the other party. They invited a higher bid from our group by email (on Fri 5th December) indicating in writing that they were ‘progressing with another party at a higher level’.

We have now submitted a significantly increased offer, subject to an additional underground drainage/chamber survey to satisfy concerns raised about former caves/fuel tanks. The management committee believes at this level the proposed business remains viable and would allow us to meet the significant costs expected and the challenges facing the hospitality sector.

Our modelling of the pub business is cle ar that at GK’s (still higher) asking price, the pub is unviable and we would likely go bust operating it, after taking on the additional debt to reach their price.

We will continue to update you as and when there is anything concrete to report. In the meantime we hope you understand that we do not want to put information about the amount of our bids in the public domain. Thank you for your continued support!

best wishes,

Chris

PS. If you are a party bidding for the Queen’s Head, please get in touch team@littleburypub.co.uk - the management committee does not wish to engage in bidding against a genuine operator.

PPS. We were invited to, and submitted, one more ‘best and final’ offer on Friday the 13th of December, which was time limited until close of business on Tuesday, 17th December.