Time running out to secure pub for community

Project team needs £230,000 in shares

The team behind a project to bring The Globe Hotel in Torrington back to life is urging local people not to delay in buying a share in the building which will secure its future.

It needs to raise £230,000 by June 24 to purchase The Globe or it will go on the open market and a half a million pound government grant could be lost.

The hotel is one of 12 schemes in line for a share of the £20 million of funding awarded to Torridge District Council under the community regeneration partnership scheme, formally known as the levelling up partnership.

All the money will be administered by the council even though around half of the projects are independent, including The Globe Hotel, a Grade II-listed long-time derelict building which will be redeveloped into an 11-bed hotel and restaurant with a strong training presence.

The £520,000 for the Torrington plan will be unlocked once the community has purchased the building through a community share scheme, which launched on this month and has 100 shareholders so far.

Project manager Rachel Kelly said it was fantastic that £18,000 was pledged within the first 24 hours, but they need to keep the momentum going.

“We have had a really good response and lots of investors because the shares, which start at £50, are cheaper than most share schemes, but it means we have to have a lot more to get to the target.

“We have about 11 per cent of the money at the moment and the deadline is approaching. I know some people hold back to see how the fund is going but if we don’t reach the target the project won’t go ahead.”

Supporters can review the share offer prospectus and business plan on a Crowdfunder page and the project website www.theglobetorrington.co.uk

Investments are long term and any profits made go back into the community, but investors will get interest from year five if the hotel is a success.

If the project fails to go ahead they will get their money back.

Public events are being held at The Globe on Saturday 24 May, next Thursday, and on 1 June to explain more.

Former mayor of Torrington and councillor Doug Smith, who is on the board of directors of the community benefit society, was delighted by the turnout of 200 people to a public meeting last autumn showing “real excitement” about the scheme.

“People have shown a lot of interest. We just need to remind them now that they shouldn’t wait in getting involved as a delay might jeopardise the project.”

The estimated total costs of getting the hotel to opening stage is £5 million. When the government money is unlocked, it’s hoped that heritage grant bids will follow.

There are no other hotels in Torridge, or restaurants of this nature. It’s been a long term ambition to reopen The Globe, which was built in the 1830s.