Futures Forum: Save The Red Lion Campaign: launch of ‘Sidbury Community Enterprises Limited’ share offer
Futures Forum: Save The Red Lion Campaign: meeting Tues 24th Sept
Futures Forum: Red Lion Sidbury: now an Asset of Community Value
... a vital stage has now been reached.
Support it if you can - by buying shares in the Enterprise:
Saturday, 22 March 2014
Sidbury pub sale could bring back Red Lion’s roar
By Exeter Express and Echo | Posted: March 25, 2014
Regulars have struck a deal to buy their local from pub giant Punch Taverns in the latest community-sponsored takeover plan.
Campaigners in Sidbury have clubbed together to save the Red Lion, the last remaining pub in the village, after the brewing company placed it on the open market last year. Locals secured much-needed time to put together a buyout plan by getting the business listed as an asset of community value, a scheme which blocks any sale for six months to allow residents a chance to take over culturally important buildings when they are threatened.
The pub company has accepted an offer for the Red Lion, which is less than two miles from Regency Sidmouth, making it the first community-run ale house in East Devon.
Fred Burnett, chairman of Sidbury Community Enterprises, said a figure below the asking price had been agreed but more work was now needed to get the business up and running. “We have a solid business plan and this has allowed us to determine what we think the Red Lion is worth and what we can afford to pay for it,” he added. “We are very pleased to have agreed a purchase price that is below what the owner has been asking for it. We need the community in Sidbury, and the wider Sid Valley, to now open their wallets and purses in order to raise the funds we need to establish a new Red Lion business.”
Punch Taverns put the pub up for sale in April 2013 and have now (Monday) agreed to sell it to Sidbury Community Enterprises, which is run as a co-operative enterprise. In a bid to raise the asking price and start-up costs, such as refurbishment works, the group will next month be launching its community share offer in the next few weeks, allowing investors to plough in up to £20,000, divided into £50 shares.
Company Secretary John Loudoun said: “We really need everyone to buy as many shares as they can in the new Red Lion business because if we cannot raise all the money needed in the next couple of months then we will not be able to purchase the pub. We really need local people to help us give the Red Lion back its roar.”
Sidbury pub sale could bring back Red Lion’s roar | Exeter Express and Echo
Pub sale could bring back the Red Lion's roar | Western Morning News