Published in the Darlington & Stockton Times Friday 1st July 2011
The organising committee trying to buy a community pub is urging people who have pledged support, to invest cash as the deadline for a bid draws nearer.
With less than a week until contracts are to be exchanged for the Foresters Arms, Carlton in Coverdale, the community pub co-operative has raised £160,000 in cash. Following a public meeting, prospective members initially came forward very quickly to invest with £105,000 in the bank after the first week. This is still short of the purchase price.
However, Raymond Brown, Chairman of the management committee, said: " I cannot emphasise enough the urgency there is to turn the pledges of support previously given to us into share applications. We are so close to achieving the first step of our goal, buying the pub. We now have just days to reach our initial target."
The community pub co-operative has until Thursday to raise the cash, and exchange contracts, with a completion date of August 18th. They then have a further amount to find to pay for renovations necessary to open the premises.
Mr Brown added: "If everyone acts soon to return their share application forms, we will all be sitting in the Foresters Arms by Christmas toasting our success."
For further information, or to view or download an application for shares, please visit the pub website www.coverdalecommunitypub.co.uk