Locals who launched an ambitious bid to take the local pub into community ownership are now facing a race against time.
Crichie Inn, which has been on the market for the last three years, is going to auction on June 10.
The community-buyout campaign was launched after residents raised concerns that the pub could be closed as has happened in other villages.
The group have now been successful in forming an ‘Industrial and Provident Society’, known as The Crichie Community Hub Ltd which provides them the legal status to sell community shares.
Assuming a realistic purchase price, including fees and an allowance for essential refurbishment costs, it is estimated that a minimum of £160,000 will need to be raised by selling community shares.
With a sound business plan, a bank loan could be secured allowing them to realistically compete at auction.
While th egroup has revealed artist’s impressions of how the pub could look, the shares appeal and loan is only for the first phase which is to purchase the property and fund the minimal amount of refurbishment necessary to get the community hub operational.
The second phase would be financed with grants and fundraising in the future.
Last year there was a total expression of interest of £68,400 in shares and following a renewed appeal in light of the auction date, some people have already increased their original offer.
The share price has been set at £50 per share, with a maximum holding of 400 shares per person or organisation. However the venture will only succeed with more people willing to buy community shares.
If you would like further information in the bid to buy Crichie Inn and have not already expressed an interest in buying shares please email firstname.lastname@example.org or contact Allan Gillies (Chairman) 01771 624512 or Geoff Ewing (Secretary) 01771 622208 before May 19.
If you then decide you wish to buy shares, the money would need to be deposited into the bank account by May 30.
If unsuccessful at auction all monies will be returned by mid-June.