The Steering Committee has remained unable to progress the village proposal to purchase the Red LIon site and reopen as a community venture because Fullers will not sell save at a development price. That is a price perhaps two or three times the market value of the buildings as they stand. This sum is beyond the means of the village. Even if we could raise the necessary funds from a lender the community venture would be unable to service or repay such a huge debt.
We have been investigating a number of possible partnership projects which might enable us to break this impasse. These negotiations are at an early stage. We will inform all subscribers immediately if any progresses to the stage where we might put a proposal to the village which differs from that set out in the share prospectus and business plan.
The alternative is patience. We are confident that the likelihood of either Fullers itself or any developer obtaining change of use and planning consent for this site is small. We believe that as the months meander by there will sooner or later be a change of heart and the premises will be offered for a fair market price. Our offer backed by the funds generously subscribed and pledged by the village is presently the only one on the table for Fullers to consider.
We hope to have more positive news to circulate in December. For the moment we can do no more than extend to the whole village a huge thank you for your support in this venture.
Bloxham Red Lion Hub Ltd
The Steering Committee.