A new community group has secured the freehold of the pub and started the long journey to re-opening the doors to the public.
The Locks Inn has been the social and community hub of the Waveney Valley for generations. It is a place to meet old friends, to make new friends and a particularly special place for musicians and music lovers.
This September Graham Elliott discovered the pub was to be auctioned off on 21 October. The sale details implied that alternative uses for the site could be possible with a risk that, at auction, the pub could be brought by a developer with quite different plans, and that generations of social heritage could be lost.
A campaign group was formed with the view to creating a community-owned pub that retained all the positive elements of the past and reached out to an even greater range of people in the future. The response to the appeal was overwhelming. Staggered by the offers of help and investment, Graham said: “I knew it was a special place, but I didn’t realise quite how many other people felt the same way. It may be a tough time to be taking on a pub, but I know that in community ownership it will thrive.”
A new community group has secured the freehold of the pub and started the long journey to re-opening the doors to the public. There is now a fantastic opportunity to buy your very own piece of The Locks Inn, as the group are issuing hundreds of community shares. Large loans have been taken to secure the purchase and these community shares are absolutely vital to get the pub re-opened. The Community Shares will be a proper legal stake in the pub and will be accompanied by a share certificate that is evidence of ownership. Investments in Community Shares can qualify for significant tax relief for UK income taxpayers. This makes an attractive financial investment as well as helping to ensure the pub survives and thrives.
The pub will become a Community Benefit Society (CBS) which means it will be run for the benefit of the community and profits will be invested back into the pub or into the community.