Stockland Community Pub Limited – Kings Arms – Announcement!
Stockland Community Pub Limited (SCPL) reaches outline agreement to purchase the kings arms inn
We are delighted to announce that we have recently agreed outline terms to acquire the Kings Arms Inn in Stockland on behalf of the community.
The deal is subject to finance, contract and a full structural survey of the property.
The summary terms of the agreement are as follows: SCPL will acquire the property from Horatio Properties (Guernsey) Ltd (HPL) for £350,000. In addition, HPL has agreed to provide finance to SCPL of up to £200,000 for four years at an effective rate of 7% per annum. In the unlikely event that the site, or any part of the site is sold, over the next 20 years, HPL will share in any resulting profit. Detailed contracts for these matters are yet to be finalised.
We are most grateful to Tony Todd and Mike Flood of HPL for their assistance in enabling this historic opportunity to acquire the pub which will ensure it is both brought back into use and retained for the benefit of the community in perpetuity.
SCPL intends to raise at least £260,000 in community shares which together with the finance from HPL will fund the acquisition and refurbishment. Preliminary discussions with potential tenants have already begun.
Preparing the necessary documentation will take some time and as soon as this is ready we will be inviting all interested parties and prospective investors to attend a meeting in the Victory Hall Stockland at which we will present our proposals and launch our share offer. We will of course be available to answer any questions. A Pop-up Pub / bar will be available after the meeting.
We hope that this meeting can take place within the next month and will announce the date as soon as possible.
The Share Offer document and application forms will be available at the meeting and also from our website www.scpl.org.uk in due course.
Our Business Plan will also be available for download from our website prior to this meeting, and a limited supply of printed copies will be available at the meeting.
Over the next few months we will be working hard to execute our plans for the acquisition, renovation and reopening of the core pub business and intend to consult further with the community as to which additional services are both desirable and deliverable in the future.
We look forward to seeing you at the Village Hall at the launch meeting – don’t forget to bring your chequebook!
SCPL Management Committee