Rally Round the Tally campaign news !

 

The money's coming in...

Hello subscriber,

The share offer to raise the funds to buy, re-open and secure the future of the Tally Ho Inn in Littlehempston has been open for a couple of weeks now.  £60,000 has been subscribed so far which is a good start, but we're going to have to do better than that if we're to succeed in buying and re-opening the Tally as South Devon's only community owned pub.

So what do I need to do ?

If you've thought you might like to buy shares in the Tally Ho but haven't quite got round to checking out the details - now's the time !  Visit www.tallyhoinn.co.uk, have a good look round - particularly at the Share Prospectus - and if you're happy, apply for some shares!  You can read the documents, fill in the application form, and transfer the money all online.  If you prefer you can print out the documents, fill in the paper application form at the end of the prospectus, and post it to us with a cheque.  Or you can choose any combination of paper and online that suits you!  If you want more information, or you've got any questions, reply to this e-mail, use our contact form or phone Mike Thomas on 01803 865058.

If you're one of those supporters that told us months ago you'd be interested in investing - you do need to actually fill in an application form and send us the payment for the shares.  If you haven't done that, you're not a shareholder, and you're not helping save the Tally - yet !

And if you already are a shareholder - thank you very much for your application, but please don't just sit back and feel you've done your bit.  Or if you're keen to help save the Tally Ho, but simply can't afford to buy a share or two, you can join in now too.  It would really help our project succeed if all of you could spread the word.  We can supply you with leaflets, posters etc. - just reply to this e-mail, use our contact form or phone Mike Thomas on 01803 865058.

Who's applied so far ?

As well as Littlehempston we’ve received share applications from Marldon, Galmpton, Torquay and Bridgetown – and even one from Hertfordshire !  We've had serious enquiries from Totnes and Dartington, and are now in touch with a couple who got engaged in the Tally.  It's clear that there's a wide network of people across South Devon who remember the Tally fondly when it was thriving 10, 20 or more years ago - and can't see any reason why it shouldn't thrive again.

But is it really viable ?

The main thrust of last year’s planning applications was that the Tally Ho isn’t viable.  However, the clearly expressed view of the 50 people who attended the Extraordinary Parish Meeting last October, and the 75 or so who responded to SHDC planners, was that the Tally's viability hadn’t been properly tested in recent years.  The management committee of Littlehempston Community Pub Limited believe that the Tally Ho is viable if it’s run in the right way, and our intention is to test that viability properly.  By raising the purchase price through a share issue (rather than a loan), buying the pub at a realistic price, and being careful not to get into debt, we plan to safeguard the bulk of our investors’ funds even if the Tally turns out not to be viable.  Essentially, even if the pub fails we’ll be able to sell the building and get your (and our) money back.

What happens if we don't buy it ?

What happens if we don’t raise enough money, or the owner refuses to sell the pub to us ?  The answer is simple – all investors will get their money back in full.  Investors’ money is being paid into a separate bank account which will only be used for buying and re-opening the Tally Ho, or repaying investors if the purchase fails.  All other expenses (valuation, survey, publicity, setting up the co-operative, etc.) are being funded from grants that we’ve received, and that money is held separately.

Won't running a pub be a lot of work ?

We won't be relying on volunteers to run the Tally - we'll employ a manager, chef, and other staff.  So don't think we're creating a lot of work for Littlehempston residents way into the future - that's not our plan.  However we do intend to provide opportunities behind the bar and in the kitchen for volunteers - if you're interested.

Wouldn't it be simpler to let someone else buy the Tally Ho ?

It's true that the planning applications have been withdrawn, and the Tally is on sale at a much more realistic price (£325,000).  If we don't buy it and someone else does, then the Tally will re-open.  That would be great of course, but the worry is that we'll be going through this all over again in a few years time.  If we, the community, buy the pub, we're in control and can ensure it's run properly and stays as a pub.  We'll want to visit our own pub, and other people will want to try out South Devon's only community owned pub - which can only help improve trade !

Pub closes - house prices fall !

Something else you might like to bear in mind is that the villagers of Shottisham, Suffolk, who bought their pub The Sorrel Horse, calculated that property values in their village could fall by £20,000 to £30,000 if the pub closed.

Investors' meeting

We’re holding a meeting for investors and potential investors in Littlehempston Church on Tuesday 11th June at 7.30 pm.  Please come along if you’ve got any questions, suggestions, offers of help etc. - or if you simply want to see what the people behind Littlehempston Community Pub Limited look and sound like !

Tax rebates !!!

Don't forget that if you plan to hold your investment for at least three years and are a UK tax-payer, you should be able to get 30% of your investment back as a tax rebate under the government’s Enterprise Investment Scheme !

This is truly a community effort to preserve a piece of heritage and a focal point in the village.  We’ve always felt this is important, but it simply can’t be done without you !  We’ll be the only community owned pub in South Devon, making us unique.  All the community pubs in the country are thriving !

If you think this is an attractive offer, please let your family and friends know about it too.  You can just forward this e-mail to them or simply send them a link to www.tallyhoinn.co.uk.  Building a network of friends and relatives will be the way that we'll get enough of us working together to buy the Tally and re-open it !

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.