RALLY ROUND THE TALLY!

 

Rally Round the Tally

 

We're close to agreeing a price...

Hello subscriber,

This e-mail's going out to supporters of the Tally Ho Inn, Littlehempston.  We're sorry that we haven't been in touch for a while, but there hasn't been anything new to report recently.  Share applications have continued to come in - the Pub-O-Meter on our website www.tallyhoinn.co.uk is up to £143,750 from 66 members at the time of writing - but otherwise nothing new has happened.

That all changed yesterday afternoon when six members of the Littlehempston Community Pub Limited (LCPL) management committee went to a meeting with the Tally Ho's current owner Phil Saint, his wife Liz, and their estate agent Matt Bettesworth.  We explained how much money we'd raised so far by selling shares, and also mentioned the offer of a £100,000 loan from the Architectural Heritage Fund, and a recent offer of a loan from an LCPL member to be paid back from future share sales.  Together that means we have the funds to back the offer of £260,000 that we made for the Tally Ho at the end of May.

We also explained that we'd had a professional valuation in January which valued the pub at £285,000, followed by a comprehensive survey report which we passed to the valuer who reduced his valuation to £265,000.  We said that we couldn't pay more than that valuation for the Tally Ho without consulting our membership.

Matt Bettesworth explained that there'd been an offer of £300,000 for the Tally in February, but that the potential buyer hadn't been able to proceed at the time because the Right to Buy moratorium was in place which prevented the pub being sold to anyone except a community group until after 10th July.  That buyer didn't want to wait and bought a different pub, but it meant that Phil Saint felt the pub was worth £300,000.

Phil and Matt then went outside for a quick discussion, and when they returned Matt said they'd be prepared to accept £275,000.  We thanked them for that very significant movement, but said that we'd need to consult the LCPL membership.  That consultation is already underway.

We've said all along that we want to borrow as little money as possible.  The less we borrow, the easier it will be to make the Tally Ho successful, and the better the returns will be for our investors (the members of LCPL).  To reduce the amount we need to borrow, we need to sell more shares !  So if you've been thinking of buying shares in LCPL but haven't quite got round to it yet, now would be a really good time !

If you think you might like to buy one or more £250 shares, have a look at the Invest page on our website www.tallyhoinn.co.uk where you'll find links to more detailed information, and you can download our Share Prospectus and Business Plan, or use our online application form.

It's looking like this project might really be about to get off the ground...

Cheers,

Littlehempston Community Pub Ltd.

PS - If you want to get in touch with us, just reply to this e-mail, use the contact form or phone Mike Thomas on 01803 865058. Do you know anybody else who would like to receive these newsletters? Tell them they can sign up online by clicking on Get Rally Round the Tally update e-mails in the Contact menu of www.tallyhoinn.co.uk.