The Three Horseshoes (Wistow) Ltd (TTHWL), operating independently from Keep Wistow Flowing (KWF) since May 2018, continues in its efforts to see the Three Horseshoes Pub reopen in Wistow.
The monetary pledges to TTHWL, made by potential investors from the village in February 2018, enabled a purchase offer to be made to the pub’s current owners at the end of the moratorium period granted by the pub’s status as an Asset of Community Value (ACV). When our offer was declined, as it did not meet their expectations, the current owners instructed Christies and Co Commercial Business Agents to market the sale of the pub.
At the meeting of TTHWL potential investors at end of May 2018, which also appointed the five directors, the question of whether we should increase our offer was discussed. TTHWL purchase offer is based on a market rate survey valuation figure of the pub as a closed non-operational business. Together with the purchase offer cost there is the additional cost of undertaking the compliance work now needed for the current Fire, Environmental and Health and Safety regulations as well as the additional cost of any repairs and refurbishments needed to restore the operational viability for a tenant. It was decided, following a vote by TTHWL potential investors, that our purchase price offer would not be increased. The current owners were told of our decision and we respectfully advised them, however, that our offer currently continues to remain open for their consideration.
This market valued offer does register our commitment, a village interest group, to buy the pub, preserves the ACV status of the pub and protects the pub being sold as land for development, especially if the pub remains unsold at the 5yr ACV renewal stage.
The process of securing all the funds that would needed to get the tenant operated pub back up and running, should our offer be accepted, is ongoing. Talks are resuming, after a very busy summer, with one potential major investor. Updates, to the potential investors, on progress or about meetings continues to be via email.
As at the time of writing this article the pub, despite being marketed on the commercial business market for approx. 3 months at a reduced price of £330K, remains unsold. However, we genuinely hope that the current owners will soon receive an offer they can accept or reconsider the THSWL offer, as it will a very happy day for everyone when we see The Three Horseshoes Pub open, once again in Wistow.
The Three Horseshoes (Wistow) Ltd