Not surprisingly the AMM is being put off until circumstances allow. However, there are a couple of bits of business that need to be dealt with. Firstly, this would have been our first AMM to consider the payment of interest on shares. Had circumstances been different we would have been proposing to pay interest at 1% - which amounts to £2,500 in total. Instead we are now using that resource to support the pub and Tom and Becci during closoure (see below). Whilst not being able to pay the interest as planned we hope that everyone is understanding. The other thing is the accounts. Our accountants have prepared the usual accounts for last year and the Directors have agreed them. There is nothing unusual to report and they will be posted below for your reference.
As all will know the pub has had to shut and the Directors have reviewed how we can support the pub and Tom and Becci's business during this time. Our principal source of income is from the pub and cottage. Our main expenditure is in the loan repayment and share interest - as well as compliance issues and building up funds to deal with future renewals post the major renovation works underway.
So, we are asking our funders for a holiday on the loan repayment which we are hopeful will be agreed. Also, not to pay interest on shares as mentioned above. If we do not set any money aside for now for such as future renewals we have a fund which we can use to support the pub.
With the funds available we have agreed to a rent free period for the pub and shop of 3 months to help with cash flow which is being kept under scrutiny jointly with Tom and Becci. The buildings insurance is normally reimbursed with the rent but for the time being we will maintain payments and Tom and Becci will catch up with this once trading recommences. We are also asking Tom and Becci to pursue other Government support that is available and we hope theses joint actions will see us through, with payment of the cottage rent also being reviewed as we move forward as part of this.
We were doing so well and then....The re roofing works were underway before circumstances changed. Whilst there are mixed messages on construction work at the moment the contractors have decided to stop work. They have made the building weather tight as far as they are able where the roofs had already been stripped and we hope that will be sufficient before works can resume. Again in the circumstances there was little else that could be done.
We hope that this newsletter finds everyone well and coping.
We will be back in touch when there is anything significant to say.
Take care all.