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Community Effort to Save Iconic Globe Hotel in Torrington Reaches Critical Stage

Strategic Insights

— 2 min read

As the Torrington community faces a pressing deadline of June 24, efforts are underway to raise £230,000 through a community share offer to rescue the historic Globe Hotel, a Grade II listed building that has stood vacant since 2018. The project aims to transform the hotel into a sustainable business, providing fair-wage jobs, training, and apprenticeships for local young people, as well as supporting local tourism. With the help of a £5,000 grant from the UK Government's Revitalising Devon Towns initiative, the project team is seeking to unlock a £526,000 government grant if the community share offer is successful.

Key Takeaways:

  • The Globe Hotel in Torrington, a Grade II listed building, has been derelict since 2018 and a project team is working to restore it as a hotel, bar, and restaurant, with a focus on training and re-investing in the town.
  • A community share offer has been launched to raise £230,000, with shares starting at £50, offering people the opportunity to co-own the hotel and contribute to its revival.
  • The project aims to re-open The Globe Hotel as a sustainable business, supporting local tourism, providing fair-wage jobs, and training and apprenticeships for local young people.
  • The project has received a £5,000 grant from the UK Government's Revitalising Devon Towns initiative to help launch the share offer.
  • Councillor Cheryl Cottle-Hunkin, Cabinet Member for Rural Affairs and Local Councillor for Torrington Rural, emphasizes the importance of community involvement, stating that "a relatively small investment can unlock a huge opportunity."
  • Rachel Kelly, Broadband Project Manager, urges the community to come together and support the project, highlighting the potential benefits of preserving the hotel and revitalizing Torrington's economy.
  • The project offers potential returns on investment through interest payments from year five, and investors will receive their money back if the project fails to go ahead.

Statistics:

  • £230,000: The amount needed to be raised through a community share offer by June 24.
  • £50: The starting price for shares in the community share offer.
  • £526,000: The government grant that will be unlocked if the community share offer is successful.
  • £5,000: The grant received from the UK Government's Revitalising Devon Towns initiative to support the project.
  • £230,000: The amount that will be invested by the community to co-own the hotel.

Sources:

  • Devon County Council
  • UK Government's Revitalising Devon Towns initiative
  • Crowdfunder.co.uk (https://www.crowdfunder.co.uk/p/the-globe-hotel-torrington)
  • The project website (including the Share Offer Prospectus and Business Plan)

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