Don't miss a story sign up to Sidmouth Herald's FREE daily newsletter CLICK HERE

Residents’ Red Lion bid nets £100,000

17:00 10 June 2014

The Red Lion Inn in Sidbury

The Red Lion Inn in Sidbury

Archant

Campaigners aiming to buy Sidbury’s Red Lion pub have raised a ‘heartening’ £100,000 of investment in just five weeks.

The cash is half of what residents needed to see their local become East Devon’s first community-owned inn.

Sidbury Community Enterprises (SCE) distributed share prospectuses across the village and also held two public open days in village hall, displaying refurbishment plans that were worked up for a future business model.

Chairman Fred Burnett said: “It has been most heartening to have received investments from more than 150 investors who have provided in excess of £100,000.

“We are incredibly proud to have raised so much money from such a large number of investors in a relatively short period of time.

“This, we believe, demonstrates that our vision for retaining the Red Lion has significant support.

“We always knew that our target to raise £200,000 through the share offer was challenging to say the least.”

Because the full amount was not raised, the committee met at the weekend to discuss what its response should be.

The group reaffirmed that it would only proceed to purchase the Red Lion on the basis of the proposals as set out in its vision statement and in the share offer prospectus – meaning it needs to generate around £133,000 from a mortgage and around £200,000 through shares, short-term low loans and 
donations.

Another option the group discussed was applying for a £100,000 non-refundable capital grant from Social Investment Business, a government-funded organisation that supports social 
enterprises.

If successful, the money would not be paid out until mid-September, which would delay the proposed purchase of the pub, but allow campaigners the opportunity to continue to seek additional investors who could purchase shares or provide their bid with donations.

The group has written to all those who invested to seek their agreement to the approach, and determined that it will not cash any investments that have been made either through cheques or online until it is clear that it has the full amount of funds required to commence a viable business.

0 comments

Welcome , please leave your message below.

Optional - JPG files only
Optional - MP3 files only
Optional - 3GP, AVI, MOV, MPG or WMV files
Comments

Please log in to leave a comment and share your views with other Sidmouth Herald visitors.

We enable people to post comments with the aim of encouraging open debate.

Only people who register and sign up to our terms and conditions can post comments. These terms and conditions explain our house rules and legal guidelines.

Comments are not edited by Sidmouth Herald staff prior to publication but may be automatically filtered.

If you have a complaint about a comment please contact us by clicking on the Report This Comment button next to the comment.

Not a member yet?

Register to create your own unique Sidmouth Herald account for free.

Signing up is free, quick and easy and offers you the chance to add comments, personalise the site with local information picked just for you, and more.

Sign up now

Other News Stories

19:30
Sidmouth Town Band performed The Last Night of The Proms at Connaight Gardens. Picture: Kyle Baker

An acclaimed broadcaster could think of ‘nothing better’ when Sidmouth Town Band (STB) asked him to compére its Last Night of the Proms concert on Saturday.

Read more
Walkers set off for their final trek of the Sidmouth Walking Festival in 2014. Ref shs 6125-40-14AW. Picture: Alex Walton

Ramblers can travel the length of East Devon when a popular walking festival returns next month.

Read more
Yesterday, 19:30

There will be winners and losers after district chiefs revealed that all sports clubs will be charged on a level playing field for their facilities.

Read more
Yesterday, 16:30

A handbag was stolen after thieves smashed the rear window of a vehicle parked on a Sidmouth car park.

Read more
Yesterday, 12:30
Ollie holding his cards next to his mum Karen.

When single mum Karen Jones discovered her autistic son making himself birthday cards because he has no friends, she set upon a crusade – appealing to strangers to make his special day one to remember.

Read more
Yesterday, 11:37
Guy Russell took this shot moments after the latest cliff fall happened.

These pictures shows the moments after another cliff fall on Sidmouth’s east beach, which have been described by one eyewitness as ‘the biggest one yet.’

Read more
Yesterday, 10:15
The Red Arrows at Sidmouth. Ref shs 5777-35-15TI. Picture: Terry Ife

Crowds are expected to pack onto the beach and the Esplanade to welcome back the Red Arrows this evening.

Read more
Yesterday, 06:30
Carol Muldoon, from Newton Poppleford, who died in the Age Concern coach crash on May 13, 2014.

The family of a Newton Poppleford woman killed on a coach trip have called on motorists to think before taking phone calls while driving.

Read more
Thu, 16:30

Youths have been warned about entering a ‘dangerous’ derelict building in Sidford.

Read more
Thu, 14:23
The syringe found in the phone box.

A dog walker was shocked to find a syringe in a Sidmouth phone box (pictured).

Read more

Local Weather

Partly Cloudy

Partly Cloudy

max temp: 21°C

min temp: 17°C

Most Read News

Useful Links

Family notices
Advertise in the paper
Submit a Story
Submit a Story
Buy Photos
Competitions
iwitness24
Facebook
Twitter
Google Plus Page
Reader Travel

Family Notices 24

Read Online

Image
Read the Sidmouth Herald e-edition E-edition

Newsletter Sign Up

Local business directory

Devon's trusted business finder

HOT JOBS

Show Job Lists


Find planning applications