7th November 2016
The share offer was launched on 16th August 2016 and recently closed with a total of £70,330. This money will be held in our bank account and is ring fenced so that in the event of us being unable to buy the pub investors money will be returned in full.
The very fact that we have raised this substantial sum gives further credibility to our plan. 78.4% (£55,350) was raised from within the PE32 post code area with 90% (£62,430) from Norfolk residents overall.
We are currently in the final stages of negotiation for funding of £100,000 from The Plunkett Foundation which we expect to secure by the end of November. This will take the total raised to a figure in excess of £175,000 when including money from other fund raising events and our initial £2,500 bursary grant from Plunkett. We have also applied for further grant funding from several sources and expect to hear from them before Christmas.
It is likely we will open a second share offer early next spring as some people who would have liked to invest this time were unable to. It will give these people a second opportunity.
Our goal to buy The Ploughshare and reopen it as a Community Pub remains the same and in accordance with the governing rules we will hold an Annual General Meeting in May/June 2017 for all share holders to attend.
Should you require any information about the progress we are making or would like to offer your support please contact me on 07702 481984 or email@example.com