We hope everyone has had a good summer as the nights start to close in on us.
Flat roof
For those who can remember the detail of the Business Plan we identified that the flat roof (above the restaurant) would be something that would need to be addressed at some point as part of the major renovations. We have now reached that point. The state of the roof has been assessed and whilst watertight, it is coming to the end of its useful life. A judgement has been made that now is the time to tackle this whilst it is possible to re-lay the roof rather than have to deal with more extensive renovations if weather gets into the structure etc..
We have been through a process to identify suitable companies that can do the work and we have a preferred contractor - FREEWARM - from Crakehall. We have used this company before for a new flat roof on the cottage when that was being renovated and they have a good industry reputation. The cost will be around £45,000. Now that I have everyone's attention, the next issue is how to pay for it.
I reported at the last Annual Members Meeting that we have been able to put together a medium-term budget outlook and this has been useful in identifying options. The project was not funded in the original Business Plan and basically, we need to take out a loan.
We have an existing loan of £50,000 from the Key Fund which helped us with the purchase and renovation costs. This loan will be repaid next year, and we are able to take another loan with the Key Fund at a preferential fixed rate of 4.4% for 5 years.
The medium-term budget outlook indicates this is affordable and we are unlikely to get a loan on these terms again in the immediate future. So that is the plan and hopefully the works will be completed in spring 2023.
Community Pubs
When we set out, we were the 53rd pub to go down the route of community ownership. The sector continues to grow and there are now 146 and with a 99% success rate. Against this, according to CAMRA, 290 pubs closed permanently in 2021. The average cost of purchase is £314,000, with renovations at £244,000 and mortgage of £80,000. The average share capital raised is £276,000 with 200 members. So, with inflation we are somewhere near what is happening today. In the same way that we received help and advice we continue to meet groups who are thinking about their own local circumstances. I'm still glad we took the plunge and have something to be proud of.
The 'C' word
Can't avoid it! I did mention the darker nights and that means we are edging towards Christmas. The good news is that the village Christmas tree will be back on the green so look out for future details of the switch on carolling, dancing and much merriment!
Think that is it for now. Cheers
Peter
Chairman and on behalf of the Management Committee (Gerry, Mark, Alasdair, Lucinda, Cathy, Linda, George and John)
Events at the pub
The igloos are back at the pub soon and as always you can keep up to date with pub events, opening times, menus, accommodation bookings and other services on Tom & Becci's website here: