Fontmell Magna Community Land Trust Ltd
Village Shop Project – Members’ Update – 14th November 2020
In our June update, we advised you we were satisfied with the due diligence to date. It identified no reasons why we should not proceed to prepare detailed plans for the purchase of the freehold of ‘The Post Office House’. We informed you that the Shop Project Working Group (SPG), chaired by Mark Edwards had been tasked to produce a work plan for taking the project forward.
Unfortunately, the Covid pandemic has meant we have been prevented from calling a public meeting of our FMCLT Members, so this note is to bring you up to date.
We take this opportunity to remind you that we are managing this project on the Members’ behalf and, most importantly, it is you the Members who have the final say on whether or not this project proceeds to completion. It is, of course, subject to FMCLT Rules, see website https://fmclt.org/documents/
Funding Requirements:
As stated, we have done the necessary investigations, business planning and due diligence into the project’s viability and it continues to have our full support. We hope it will receive your support too.
It is estimated that the amount required to buy the freehold of the property noted in the Land Registry as ‘The Post Office House’ (aka our village shop), which comprises the Post Office, café, tea garden and domestic residence is circa £385,000 (Note: this includes the capital cost of the freehold of the building, stamp duty, all relevant professional fees and a realistic contingency fund).
We are continuing to research the options for funding, including mortgage finance, grants and, most especially, local community support. On the latter point we have decided, as part of the overall funding package, to form a specific Fundraising Team to work under the direction of the FMCLT Directors. The Team’s brief is to work within the community to raise funds for this project.
We are pleased to report that the Plunkett Foundation has been most helpful and, more importantly, supportive of this project. They have agreed to fund the preliminary work regarding the legal aspects of the Community Share Offer which provides one of the key mechanisms for funding from local residents. We thank them for their support.
Your Help Please:
Regrettably, Mark Edwards has had to take a break from his role for the next few months. His huge contribution to this project in time, enthusiasm, and expertise have been much appreciated.
For that reason and as this project is approaching its mission-critical funding phase, the SPG urgently needs support from any Member (or non-member) willing to contribute time, energy and/or experience. In particular we are looking for support with fundraising and from those with expertise in property finance and legal matters.
If you can help in any way with this project please contact me, or email your contact details to fontmell.clt@gmail.com and we will contact you to discuss how you can help with this project.
The Next Steps:
We remain keen to hold a Members’ meeting as soon as possible, however, being realistic that is unlikely to be before the New Year.
We shall be tasking the Fundraising Team to contact you to explain why this project matters to the community and to discuss with you how you can help.
This year has provided clear evidence that our village shop is a key community asset, providing a significantly expanded range of products alongside its Post Office facilities, which now include banking services.
Now is the time for our community to take the necessary action to secure and protect its future by acquiring the freehold to the property.
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As before, if you have any questions, concerns or would like further information on this project or other FMCLT matters please do not hesitate to contact me or any of the directors, details below.
Thank you and regards,
Dick Stainer – Chairman, FMCLT
Dick Stainer: 01747 811153 email: dickstainer@phonecoop.coop
Robin East: 01747 812349 email: robinm47@gmail.com
Robert McCurrach: 01747 812077 email: robertmccurrach@aol.com
Roger Thomas: 01747 811440 email: drthomas.mfh@gmail.com