We’ve got some real progress to report this month. We’ve agreed a price with the current owner that’s very close to the valuation that we had done back in April after a full survey.
It’s a huge relief for the management committee to know that all the hard work over the last year is paying off and the exciting phase is starting. We’ve got the expertise on board to manage a successful pub in the form of Andrew Mogford (who reinvigorated the Sea Trout, Staverton and The Maltsters, Tuckenhay) and Ali Batten, who’s run her own pubs and has worked behind the bar at the Tally Ho. But there are lots of detailed decisions to be made about the look and feel of a re-opened Tally, and if you want to be involved in those, you’ll need to be a member (shareholder) of Littlehempston Community Pub Limited (LCPL).
We’ve got the money to pay the agreed price. We’ve raised the majority by selling shares and have been offered loans to cover the rest. But shares are still available, and the more shares we sell, the less we’ll need to borrow. 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).
So if you’ve been waiting to see whether this project is really going to happen before investing, then now’s the time to put your money in. Shares are available at £250 each, and if you’re a UK tax payer then you should get 30% of your investment back from the taxman because we qualify for the government’s Enterprise Investment Scheme. Full details about buying shares are available on our Invest page.
Hopefully it won’t be too long now before we can meet up again for a drink and a meal in South Devon’s first community pub !