Barge Inn Cooperative Meeting Minutes 05/04/18
5th April 2018 Meeting 7
Present Andy and Nel Lingard, Sharyn Jarvis, Ben Pop, Sarah Huggins Steve Grist, Bethan Englefield
· Minutes of 27th March agreed
1. Email from Cooperative People
They say that we can’t be called a cooperative. So we need to vote on a new name.
Suggestions so far: Barge Collective, Save the Barge Inn, Pewsey Vale Pub Collective, The Barge Inn Preservation Society, The Shared Barge Company, The Barge Inn Community Benefit Society.
The surveyor (Ben to add name and contact details) says he can act as our negotiator but the fee would 1% of the sale price. Red book would be £2k + vat or £1.5k + vat if we use him as a negotiator.
Very helpful advice and suggests we look at the story of the Packhorse near Bath.
Ben feels that 1% of sale value is a lot. He may agree to a cap, eg. 1% of sales value or £x whatever is the lower. If a 5k cap was agreed, it would be inclusive of the valuation etc.
3. Overview of Ben’s conversation with Surveyor.
1. He has acted on both sides of the very similar transactions before.
2. He thinks the chance of the council doing a compulsory purchase order is at best slim.
3. Despite a valuation, it doesn’t mean the current owner needs to sell it at that price. The only way forward is to negotiate. He feels he can put a strong case to Christie’s man, help if we do want to submit anything to the council and do a valuation.
4. If a price is agreed, we need to be certain that we can fulfil the price + all costs, legal fees, stamp duty etc.
5. It would be unusual for a bank to want to lend more than 60% of the valuation value not any multiple of the eventual agreed price.
Suggestions from Ben for way forward:
1. Get the valuation, which will set our max borrowing and will determine max bid.