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

Shares on offer for Sidbury pub

17:30 20 April 2014

The Red Lion Inn, Sidbury. Picture by Alex Walton. Ref shb 4432-40-13AW

The Red Lion Inn, Sidbury. Picture by Alex Walton. Ref shb 4432-40-13AW

Archant

Regulars at Sidbury’s last pub are seeking support as they offer villagers a £200,000 stake in the burgeoning business.

Sidbury Community Enterprises (SCE) needs to hit the six-figure share target in five weeks if it is to see the Red Lion become East Devon’s first community-owned inn.

The campaigners have drawn up a business plan and are confident it is viable, and now hope drinkers will put their money where their mouth is and give their backing.

Group chairman Fred Burnett said: “We have a vision that a future Red Lion business will be more than just a successful village pub.

“Since the outset the objective has been to retain it as a community asset.

“We want the pub to be at the heart of the community. We want to support and work with local community groups and events. We also want to use the pub as a base from which new services can be provided to the community.

“Being a community-centred pub is key to our ethos and future success.”

Campaigners have been working for 11 months to ensure the Red Lion is retained in the village as Sidbury’s last pub, and used the skills of a property valuer, a building surveyor, a quantity surveyor and an architect to develop a business plan.

Owners Punch Taverns have agreed to sell the freehold for £190,000 – significantly below the £295,000 asking price – and now SCE need to take out a mortgage and sell shares to reach that target and fund its refurbishment.

But leaders say £200,000 is the least they will need as they develop its food, drink and accommodation offerings and add a café for daytime use. If the shares sold exceed this then the upgrade will be more extensive or the size of the mortgage will be reduced.

Individuals can buy shares for £50 each, up to a total value of £20,000.

For more information on them and to see illustrations of the revamped Red Lion’s interior, attend one of the open days at the village hall next Friday (April 25) and on May 3.

The share offer closes on May 23.

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

11:37

A whopper of a pumpkin - equivalent in weight to a grown man - landed top prize at a traditional Beer event.

Read more
07:00

There’s a charity fun day today (Saturday, October 1) at The Phoenix pub in Exmouth’s Exeter Road.

Read more

The Queen has honoured Sidmouth Parish Church with a donation to restore a window gifted to the people of the town by her great-great-grandmother 150 years ago.

Read more
Yesterday, 18:31

A storytelling for grown-ups workshop takes place tomorrow (Saturday, October 1) at Twyford House, Sidmouth.

Read more
Yesterday, 16:08

A devastated widow has appeal to Herald readers in the hope she can be reunited with her lost wedding ring.

Read more
Yesterday, 11:11

‘Loss of Kings Arms as a pub could safeguard building’

Read more
Yesterday, 11:00

The first Exmouth Community Market (ECM) is tomorrow (Saturday, October 1), from 10am to 6pm, in The Strand.

Read more
Yesterday, 09:30

Wildwood Escot staff are welcoming back a pair of hedgehogs they helped to rescue, by releasing them into the park.

Read more
Thu, 18:30

There’s still time to discover toys that are not only educational but have a serious adult message.

Read more
Thu, 15:17

The refusal of controversial plans for a 9.3-acre Sid Valley business park has been hailed as ‘a victory for common sense’ – but the land is still set to be developed.

Read more

Local Weather

Overcast

Overcast

max temp: 14°C

min temp: 8°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