A Buchan community’s bid to buy out a local pub has failed.
The Crichie Community Hub Ltd, had hoped to purchase the popular Crichie Inn, but the group has now formally withdrawn its interest in buying the property after it failed to raise enough cash in share pledges.
In a letter to Stuartfield residents, group secretary, Geoff Ewing, stated: “After the Crichie Inn failed to sell at auction we invited all potential investors to our AGM in June.
“It was agreed that the project shold continue, although the potential investors made it clear they were not willing to take on a large bank loan.”
Mr Ewing said that a final appeal was made for people to invest in buying community shares.
“This resulted in an increase of £8,500, bringing the total to just under £80,000,” he continued. “Although this was still £20,000 short of our £100,000 target, we entered into negotiations with the selling agent.
“After making three unsuccessful offers, we formally withdrew all further interest in buying the Crichie Inn.”
Mr Ewing added that the steering group and the Crichie Community Hub will now be formally disolved.
“We have around £3,000 left from fundraising. After all expenses have been paid, the remaining money will be distributed to Stuartfield community groups.
“We are looking for suggestions as to how the money could be used. If you can help call (01771) 624512 or 622208.”
Meanwhile, a special meeting will be held in October to decide on dissolution and how the money will be distributed.