Deadline extended in bid to buy Minting's Sebastopol Inn
A ‘Community Benefit Society’ has been set up in a bid to purchase the former award-winning Sebastopol Inn in Minting.
The public can buy shares and are automatically installed as members of the society which aims to raise £250,000.
Their campaign has been boosted by the offer of a ‘short-term loan’ of up to £100,000, provided by 10 society members.
The society is still keen to attract additional cash from potential new shareholders and a deadline has been extended to June 22.
An initial period to purchase shares expired in April.
At the first meeting of the society, it was revealed 78 individuals had bought shares and had been registered as members.
Fifty three members attended the meeting, Proposals on how to take the project forward were made by a management committee.
Members heard £75,000 had been received by the sale of shares up until April 22 when the initial offer period ended.
As the minimum share target had not been achieved, members agreed to extend the offer until June 22 to raise additional funding.
A separate proposal for existing members to increase their investment raised potential share capital of over £20,000. Members also agreed to take up the offer of the loan.
*The Society has produced a revised business plan and details are available at HTTP://mintingandgautby.co.uk/sebastopol–inn–community–pub/