CONCERNS that work has stopped on a community pub have been put to bed by the director.
Rob Stark, one of the four key players in saving the Fox and Hounds pub, in Denmead, from developers, has moved to allay fears no more progress has been made following last month’s community-assistant clear-out.
Mr Stark said a lot has been happening behind the scenes, including surveys by the interior design firm, and structural checks which will confirm whether the proposed layout is feasible.
The selection process for the new landlord is also under way with the applicants whittled down to 10.
So far £225,000 has been raised through donations, pledges, and Community Share Options which will go to repaying the £300,000 loan for the building and the £200,000 estimated cost of refurbishing the pub.
But the target is £550,000 to give a £50,000 buffer zone.
Mr Stark said: ‘There have been a few comments and concerns about there being no building works.
‘The board made a promise that we will not use one penny of the pledged money until we reach the safety point of £400,000 in pledged support.
‘So, in the very unlikely event that for whatever reason the project stopped, everybody would get their money back.
‘The whole project makes financial sense and will work as long as we raise the necessary investor levels and, with up to three per cent interest on offer for holding redeemable shares, it is an opportunity not to be missed with the miserable interest rates available on the high street.’
He added: ‘Please be patient and as soon as we are confident of the funds building work will start in earnest.’
There is still time to invest in the pub.
Individuals can invest between £250 and £20,000 in exchange for shares in the Community Co-operative.
Alternatively, gifts can be made of a minimum of £50.
The co-operative can also accept five-year interest free loans of a minimum of £1,000.
Go to foxandhounds-pub.co.uk.