We’re now exactly half-way through our Community Share Offer which is running from the 1st November until the 13th December to raise £250,000 to buy the Weston Pantry and bring it into community ownership.
So far we’ve raised a fantastic sum of £86,975 made up of:
- £5,975 of donations
- £81,000 of community shares purchased from over 40 investors
Thank-you so much to everyone that has bought shares or made a donation so far!
Local business support
It’s looking really promising that we’ll meet our minimum target of £105,000. However, we still have a long way to go to our target of £250,000 so please help us to spread the word!
If we raise less than our target of £250,000, we would need to secure a lender who will fund the remaining £283,500 of loan/mortgage that we would need to purchase the Shop and Post Office. We’ve been making enquiries with a lender who would offer this much in principle, but this is still subject to further investigations and would be offered at a much higher interest rate than we’d projected/planned for (9.5% currently).
If we’re able to meet our target of £250,000, we have an option of a loan/mortgage of up to £150,000 from Co-operative and Community Finance, at a reduced interest rate of 8.25% (currently).
Updates at a glance
- Our share offer was awarded an equity match investment of up to £15,000 from the Community Shares Booster Fund
- Our campaign appeared on the front page of the Bicester Advertiser
- News from the Community Ownership Fund means we don’t expect the outcome of our £250,000 grant application until the end of December – so it’s crucial that you support us now!