If you have been wondering what is going on behind the scenes at Save the Duke, here is a little update!
The work on the business plan has finally finished and we are about to start designing the share prospectus which we hope to publish by the end of the summer. We intend to announce the publish date soon, but it hinges on the eligibility of our application with the EIS (Enterprise Investment Scheme) which needed the completed business plan. (Everything always takes longer than expected!) The share price will be £50 and the minimum holding is 5 shares, so a £250 investment will be the minimum investment.
Once we have had confirmation we will be eligible for the EIS, we can go to print! The EIS will be the icing on the cake when buying shares, because it offers you 30% of your investment back in tax relief. We hope that this will be a very enticing reason for investing in the project. The main reason is, of course, to save our last remaining pub and ensure it reopens again as a great little local for everyone. Let's look forward to next summer's BBQ nights and maybe a little beer festival or somesuch, back in the Marlborough!
The committee continues to meet every 2 weeks and we are undertaking grant applications to help us cover the costs for what needs doing over the coming months. Grants for capital purchases are hard to come by so that's where we need you! We are currently researching and planning the methods and platforms through which we collect investors' money and we are also talking with Roger and Hazel at intervals, and continuing to work towards negotiating a sale price. We hope to have raised the money by the autumn and be in a position to make an offer! How exciting!
Our next fundraising event has something for everyone, it's on Friday July 17 so don't delay in buying your tickets! Click through HERE to see our events page for details.
There will follow a meeting for investors with the Share Launch, probably in the Village Hall in early September. We will publicise this widely by email and within the local area to try to get as many people attending as possible. This will be an opportunity for the committee to hopefully answer any questions you might have about the scheme.
In the meantime, if anyone wants to know anything at any time, all you have to do is just get in touch!