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Mintingandgautby.co.uk was established in 2010 and is run by the Minting, Gautby and District Heritage Society. Our mission has been to provide a focal point for anyone with an interest in our area. If you’re living in Minting, Gautby, Waddingworth or Wispington or visiting the area this website is for you!

We provide information on what’s on locally, links to relevant sites, clubs, businesses and charities.    Constructive comments are welcome.

 

Final Press Release June 29th 2017

The Sebastopol Inn Community Pub

Bid Unsuccessful

The Sebastopol Inn is a historic public house at the heart of the village of Minting, opposite St Andrew’s Church and next to the village green. It has been an integral part of the community since 1836.  In spite of raising nearly £200,000, we have unfortunately not been successful in our bid to purchase the pub.

Background

The Sebastopol Inn, Minting, well-known throughout Lincolnshire, is up for sale. The current owners ceased trading in August, 2016.

The Sebastopol Inn, Minting Community Pub Limited was registered as a Community Benefit Society on 9 January 2017.

A community share offer provides an opportunity for local people and businesses to buy into the community. It helps to ensure a truly local enterprise, accountable to the community whilst serving and benefitting it.

A Business Plan and Share Prospectus were published on the share launch day 22 February 2017 and were revised at the end of April 2017 when the initial share offer was extended to 22 June 2017.

Result

We attracted investment both from the local area and from across Lincolnshire and raised a total of £93,500 plus the short-term loan of £100,000 by the end of the extended share offer period. This is a fantastic result from such a small community and we are proud of what we have achieved.

In line with our revised business plan, an initial offer was made in the middle of May. The vendors were not willing to consider this offer until the end of the share offer period so we reaffirmed the offer on 19 June 2017 and it was declined. We then made a final offer (increased by 10%) which was also declined. Unfortunately we now have to declare that the share offer has failed and we have started the process of refunding all share capital to investors.  However, with over 80 individual investors, this will take a few days to complete.

On a positive note, we believe that the project has clearly demonstrated very strong community support to retain The Sebastopol Inn as a village pub. This will help to attract potential new owners/landlords who can be confident of this when drawing up their business plans.

We would like to thank The Plunkett Foundation and East Lindsey District Council who have helped/advised us on the project.

ENDS

Issued by The Sebastopol Inn Minting, Community Pub Limited (a Community Benefit Society registered with the Financial Conduct Authority, registration number 7472)

Secretary Sarah Smith 01507 578193

 

Registered office:

Garth House, Grundy’s Lane, Minting, Horncastle LN9 5SB

For more information,

email sarahmaryanne@aol.com

or call the Parish Clerk on 01507 578 755.