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

Yesterday, 19:25

An Alfington artist has shared his delight after his work was exhibited with art painted by the Prince of Wales.

Read more
Yesterday, 15:26

Young people’s neighbourhood plan survey ready to launch

Read more
Yesterday, 06:30

It is the season of goodwill and so the perfect time to thank someone who has made a real difference to life in the area – by nominating them for the 2016 Citizen of the Year award.

Read more
Fri, 14:57

Visitors looking to do Christmas shopping can benefit from cheaper parking in East Devon, thanks to a returning offer from the district council.

Read more
Fri, 14:40

A pair of babies are preparing for their debut performance in a nativity scene.

Read more
Fri, 13:58

An elderly pedestrian has been taken to hospital with non-life threatening conditions following a collision with a vehicle in Sidmouth.

Read more
Fri, 13:07

Father Christmas is coming to Ottery tonight (Friday) to mark the town’s late-night shopping event.

Read more
Fri, 12:50

Police have temporarily closed Sidmouth’s High Street after receiving reports of a collision involving a vehicle and an elderly pedestrian.

Read more
Fri, 11:58

Plans to improve pedestrian and driver safety in Ottery with new traffic restrictions have been announced.

Read more
Fri, 11:40

Late-night shopping returns to Sidmouth this evening (Friday) with festivities planned across the town.

Read more

Local Weather

Partly Cloudy

Partly Cloudy

max temp: 6°C

min temp: 5°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

Show Job Lists


Find planning applications