Mayday at The Geldeston Locks
Geldeston Locks Saved
On 21st September Graham discovered the pub was up for sale and would
go under the hammer at auction on 21st October. The sale details
stated that alternative uses for the site could be possible, meaning
that there is a real risk the pub could be snapped up by a developer
with very different plans, and that generations of social heritage
could be lost.
Graham immediately formed a group with the view to creating a
community-owned and community-run pub that retained all the positive
elements of the past and reached out to an even greater range of
people in the future.
The response to his appeal was overwhelming, with the group raising
the loans to guarantee the purchase for £405,000 - with the sale
agreed before it was due to go up for auction.
Graham said, “I have been staggered by the offers of help and
investment. I knew it was a special place but I didn't realise quite
how many other people felt the same way. It's a tough time to be
taking on a pub but I am absolutely convinced that in community
ownership we can do it”
The group has now issued hundreds of community shares which will
represent a legal stake in the pub and will be accompanied by a share
certificate as evidence of ownership. These shares are vital to help
repay the loans which guaranteed the purchase of the pub.
Now the group are working flat out on fund raising and making
improvements to the premises to get the pub open and get the Locks
customers rolling in again.
If you would like to invest in the pub please email:
invest@savethelocks.com
or phone Graham Elliott on 01502 714661.