Project Update - 26th March 2019

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The Race for the Racehorse

Yesterday the vendor’s agent informed us that the Racehorse is, “no longer for sale.”

At this stage we don't have any further details, but we have heard that there has been at least one viewing at the pub in recent weeks.

As a committee we are happy if anyone else purchases the Racehorse and opens it as a pub, but until that happens “The Race for the Racehorse” continues.

The Racehorse is registered as an Asset of Community Value with East Suffolk Council. Under their planning policy, “Proposals to change the use, or redevelop for a non-community use, a facility registered as an asset of community value will not be permitted.” So please be reassured that the future use of the Racehorse as a pub is currently legally protected whatever happens.

We began the task of raising the money needed to buy the Racehorse only six months ago and we have been really encouraged by the pledges that we have received so far. We now have a total of nearly £133,000 in pledges for shares, £15,000 in loans from local benefactors and a grant of £10,000 from the Villages Community Fund.

This total of £158,000 has brought us within sight of achieving our aim to secure the Racehorse as a Community Pub and we recently made a second offer to purchase the Racehorse as we could see that we are very likely to be able to secure additional funding from The Plunkett Foundation if we had an offer of £200,000 accepted. Unfortunately, our offer was declined. For now, our share offer remains open and we will continue to encourage people to make pledges and consider offering a loan. We hope that you will help us with this by talking to friends, family, neighbours and business contacts about the project. Please spread the word.

We will publish any further news when we have it.

Stu Read