Acv - Right To Bid - How Long To Raise Funds?

[LittleSquidge]

Good morning

If a pub is secured as an ACV, I understand the group have to give notice to trigger a moratorium of six months.

Do we then only have six months to raise the funds to buy?

Can we trigger the moratorium after four and a half years to fully utilised the five year protection of the ACV?

It's not going to be easy to raise £500,000 (minimum) in six months . . . !

[Old_Geezer]

Not that I know owt about this subject but isn't a moratorium a legal to postpone payment ? In which case don't you trigger it and then have a period to find the cash ?

[Old_Geezer]

PS get 160,000 potential customers to pay for a pint in advance ;-)

[cassa333]

Don't know your legal answer but I would have thought your first thing before activating the moratorium was to seriously look at how you will raise the funds.

Can the action group realistically raise £500k? And if so how long will it take?

Once you have that and save this pub what are you going to do to repay the loan/s? Consider also more people will support your cause than actually will frequent, if the pub has been closed for some time how will you attract people back to it?

Basicly what I am asking is What is the plan?

[Old_Geezer]

... a legal right to ...
sigh

[LittleSquidge]

There are various grants, etc available for funding.

If we have five years, £500,000 is perfectly feasible.

But do we have five years?

[cassa333]

This says you have six months to raise the funds.

http://www.camra.org.uk/community-right-to-buy

[atalanta]

In our village, we tried this, and reached deadlock. We did everything we could, sold shares, held events, and lots more, but only got up to about four-fifths of the asking price. The owners stuck to their asking price, we couldn't get any more funds or promises of funds, so the whole thing eventually fell to bits and the share-holders were given their money back. Wouldn't you think, if it is a genuinely socially-valuable property, the local council should be able to make a compulsory purchase at a not-unreasonable price ( at least to stop the property deteriorating) and then sell it on to a local charitable or social group ?

[EDDIE51]

I assume you are still talking about the same pub in your last posts?
Have you actually got the ACV as it was mentioned that this was one of four pubs in the village ?.
I do not think you will get an ACV if there are other pubs, in is normally just the last remaining one to stand a chance.
No way can I see them holding off the sale for 5 years, I also think it is 6 months.

[bednobs]

http://www.bbc.co.uk/news/uk-england-berkshire-36716284

[EDDIE51]

Thanks, that link makes it obvious that they have 6 months only to come up with the money.
Little Squidge, I wish you well , hope you do it.

[LittleSquidge]

What's the point of the five year protection of the ACV?

We we trigger the moratorium multiple times? How often?

If not, can we wait until 4.5 years remains on the ACV and trigger then?

[EDDIE51]

Where does the 5 year bit come into it? I have never heard of that.
All the ones I have heard of, you get the ACV which holds off the sale for 6 months to allow you to put your bid in.

[EDDIE51]

Just Googled it. If a property is registered as an ACV the owners have to give notice if they wish to sell, it stays on the register for 5 years.
If notice of intended sale is given then a group of local people can put in a bid to buy it.
Once the bid is in the group have 6 months to raise the cash or the property gets sold as planned.
So, though a property stays on the register for 5 years nothing happens unless the owner gives notice they want to sell.
Once the notice of sale is given the bidders have 6 months to raise the cash then if they can't the sale goes ahead anyway.
I think you have misunderstood the situation. You only have 6 months from the day you put your bid in to raise the cash.