Peter Lang

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.

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