We’re delighted to announce that after two years and a lot of hard work, today we successfully purchased The Prince of Wales Inn in Newtown St Martin.
The group, which began its efforts in June 2020 after the pub closed due to lockdown has recently completed purchase of the pub. The group raised around £500,000 to secure the business thanks to support from shareholders and funders including The Plunkett Foundation and the Government’s levelling up scheme the Community Ownership Fund.
“We are so grateful to all the shareholders and our funders as well as members of our local community who have offered support, both financial and otherwise.,” says Chair of the group Katie Nightingale. “We have all had a challenging journey but we are a strong community and I would also like to thank the committee, being Viki and Adam Carpenter and Mark Gittins who have worked so incredibly hard through this process. We’re also grateful to Sarah Doolin who put in so much work and to the Briants the former owners.
We’re looking forward to opening our doors very soon and are excited to really bring this pub alive to restore it to the heart of our local community.”
The opening party takes place from 5pm, Friday 11th November at The Prince of Wales, Newtown St Martin. Early birds can enjoy the first drink for free and there will also be a buffet.
Huge, huge thanks to all of you who have invested in our community share offer to save our local pub, which has been at the heart of the local community here on the south side of the Helford River for centuries!
We are currently waiting for news on a funding decision from the Community Ownership Fund, promised very soon and with that in mind we are just extending our share offer for another seven days while we wait until 7th March, 2022. Huge thanks also to Sir Tim Rice who has retweeted the campaign today. We’ve been overwhelmed by the support of so many people who have put in as much as they possibly can to try to save our beautiful little pub and we will be keeping you updated with news in the crucial next couple of weeks.
Hi everyone, just a reminder that we are very close to the deadline of the share offer and those investor members who have attended meetings know how much every penny counts right now.
For anyone holding back to see if we’ll make it, now’s the time to decide if you are going to invest. And please share with others. You can also print this flyer and use it as a poster or to pass to anyone you know who is not online.
Thank you for all your support and huge thanks to all of you who have been out and about with leaflets — we did get some big investments as a result of all your hard work.
Feb 28th is the deadline!!! Get your application form and all the information here: friendsoftheprinceofwales.org or Mark Gittins has paper copies which we will drop into Mawgan Stores too.
Our local pub needs you! We are in an exciting position where we have the chance to raise funds to save our local pub, the historic and charming Prince of Wales Inn in Newtown, St Martin, Cornwall. This 17th Century pub has the chance to be saved and brought into community ownership. We have already raised over £100,000 in conditional funding and now we are at the crucial juncture of raising further funds through our share offer, giving you the chance to contribute to saving and protecting the future of our pub.Our share offer is now live! You could become part-owner of our lovely pub with investments starting at £200. For more information and to apply to become a shareholder, please proceed to our share offer brochure via the following link:
Cornwall Council have recently rejected planning applications to change the use of the Prince of Wales pub in Newtown St Martin and to develop bungalows on the current car parking area.
We have been waiting for the outcome of the decisions on the planning applications before launching our share offer to raise the funds necessary to save the pub in the hope that as a community, we can come to an agreement with the current owners.
Our business plan for the pub has already secured £125,000 in funding, beating other applications from around the UK.
We will soon launch our share offer which gives the public a chance to become a shareholder of The Prince of Wales, supporting our vision of it becoming a community-owned hub for clubs, community groups, a small shop and educational drop-in sessions.
If you wish to, you can buy shares and this money will be added to our funding pot to allow us to purchase the pub and begin its journey under community ownership. If we do not buy the pub all funds would be returned.
We also have a Facebook group where you can receive updates and if you click here, you will be signed up to a mailing list so you can receive news when the share offer is launched and more information about what to do next if you’d like to support the campaign.
You can also contact Viki Carpenter, Sarah Doolin or Mark Gittins directly via a letter to Lyncot, Newtown St Martin, TR12 6DP
A huge amount of work has been done by the committee and volunteers of the Friends of Newtown St Martin Pub limited and you can see more about the research and plans for the pub in this Community Benefit Report.
We have more news and things are getting a lot more shall we say ‘active’ now.
Firstly we had a letter from the owners saying they will be open to our offer if we can raise the funds, their main objection at this point is that we haven’t raised the money. We’ve tried to explain how the process works — we need to know how much to raise so we can write a business plan share offer and raise it!
So now we have been given their word they will consider our offer, should we be able to raise the money, we will be issuing our share offer as soon as the committee can get that work done.
Secondly we will also be asking your support in opposing the planning applications.
One application to build two bungalows on the pub car park is now live and you have a short time to object this.
We have been informed by the owners that they will also be submitting a planning application for Change of Use to a dwelling. The owners say they need to get on with this process in case we cannot raise the money. We say, it will be much harder for us to get the pub for a fair price for the community, if this planning permission goes through and have asked numerous times for them to let us raise the money and then put in for planning if we cannot raise it.
This isn’t going to happen so we are asking for two things:
Help us raise the money (if we don’t get the pub you don’t lose a single penny)
As you know we have drafted a a share offer where we ask for the community to invest in saving the pub ready to go out.
Before we can run the share offer which is supported by our business plan with all the financial detail, we obviously have to agree a price with the owners.We’ve been negotiating and have just offered £440,000 at the current time with the agreement of our funders, as the maximum we can go to.
This is very close to the pre COVID asking price of the pub and we feel it is more than generous and a price we have been professionally advised upon by our various professional advisers to increase our chances of success in buying and eventually saving and running the pub. Currently we have no agreement from the owners but are waiting to hear back from them.
We will keep you updated and thank you for your support.