Branches Foxham and Lyneham News
Dauntsey Lock - Loan Investment Appeal
Wednesday, 07 August 2013 00:00

DLCC Front cover

 

Dear Member and Supporter,

 

I am conscious that we have made great demands recently on the dedication and generosity of our members.  The amount raised for the Seven Locks appeal, and the initial response to the Dauntsey Lock Canal Centre Appeal, have been heart-warming.  However I am writing to you again to ask for your help in an urgent appeal to make sure we acquire the Peterborough Arms.

The Wilts & Berks Canal Trust is seeking loan funding to purchase the Peterborough Arms and adjacent canal at Dauntsey Lock, Wiltshire. Securing the freehold is crucial, and is phase 1 in the creation of a thriving and commercially viable, mixed use, waterside-side hub:

 

• Refurbished, destination pub, restaurant and café

• Visitor centre with the restored canal and lock acting as a tourist attraction

• Boat trips, canoe and cycle hire, and disabled access to the towpath

• Community (farm) shop, and possible microbrewery

• Wilts & Berks Canal Trust offices and meeting rooms

• A showcase project to accelerate the pace of canal restoration

The Trust has secured the listing of the pub as an Asset of Community Value and needs to act quickly to raise the £250,000 asking price.

We are working with external advisors to develop a viable business plan for the refurbishment, and implementation of the various revenue-generating business opportunities, post purchase. We expect this to be available soon but we need to act before then to secure the freehold. Initial advice indicates that this should be a viable venture, and that public funding should be available to help with the development.

Why invest

The Peterborough Arms is an historic Grade II listed building and has a long association with the adjacent Wilts & Berks Canal. This is a unique opportunity to combine the attractions of the canal and the Peterborough Arms to create an amenity and tourist attraction of choice in North West Wiltshire.

We hope to facilitate and encourage local partnerships and social enterprises.

There are a multitude of benefits including social wellbeing and health, collaboration, education, environment, employment and business creation, regeneration, and economic growth.

If we can deliver this project it will clearly demonstrate the Trust’s credibility to restore the whole canal. It will pave the way for the early restoration of the towpath, connecting the communities of Chippenham, Calne, Royal Wootton Bassett, and Swindon with a traffic-free trail.

The overall project will become a showcase for canal restoration and put this part of Wiltshire on the map. It will act as a catalyst to attract further support and funding for the Wilts & Berks Canal Trust.

Without this project, the pub will probably be converted into residential housing, resulting in this historic village pub and the canal lock-side being lost forever.

Your investment

This is not a donation appeal; this is a request for loan funding. The Trust plans to pay interest on the loan, probably after an interest free period of 3-5 years, but the precise details and figures are yet to be determined by the business plan and trading circumstances.

In the event that we do take up your loan offer, there will be a formal loan agreement setting out the terms and conditions.

The minimum investment is £1,000. Please contact us if you want to donate smaller sums.

If you have already donated £1,000 or more and wish to convert this into a loan, please contact us.

If 250 people invest £1,000 each or if 25 people invest £10,000 each we will reach our target. It is a big challenge, but a very achievable one.

Your loan will not secure any rights of ownership or occupancy.  All decisions relating to the Peterborough Arms will be taken by the Council of Management of the Trust.

When will I get my money back?

After the initial interest-free period, the Trust will consider the repayment of the loans, provided certain criteria and business conditions have been met.

Like all investments there are risks, and it is possible that you will not get back the money you lend.  However, your investment will be used to purchase a capital asset (a freehold property) that should maintain its value.

You should not offer money which you cannot afford to loan and which you might need back before the end of the interest free period. You should consider this a long-term investment with a social return. With interest rates so low, why not use some of your savings to make a huge difference to the local community, the canal restoration, and the environment.

The scheme is not protected by the FCA.

DLCC Appeal form 200

Summary

We are seeking your help to make this happen. So please join us if you can. Your decision to offer a loan will protect the future of the Peterborough Arms and the Wilts & Berks Canal for future generations.

Chris Coyle

Acting Chairman

 

Click here to download a printable version of this form