News
Periodic updates on our progress, with the most recent first..
Update Sunday 25th May 2025
We hope everyone is having a good Bank Holiday weekend.
Investments into The Hollybush bank account have continued this week and we have now reached £119,000; this represents over 25% of our Minimum Target.
In addition we have received a donation of £250 from DWRCC for which we’re very grateful. 👏
We also (yesterday) received the long awaited information from HMRC meaning that we can press on with our application for tax relief. To repeat what we said last week, HMRC advises a 6-8 week period to process such applications once received.
We are very aware just how important this is for a number of potential investors and we’ll continue to update you as to its progress. We’re also committed to extend the Community Share Offer for a minimum of 1 month after we receive HMRC’s decision to allow further investments to be made and acknowledging that your funds may require a period of notice before they can be withdrawn.
Other updates are:
• 5 additional banners have been ordered and will be put up soon as they are received. We have recommendations for 3 sites and are still open to suggestions for the others
• we’re working on the posters/flyers and will let everyone know when they’ve been received
• we are approaching local businesses to see if we can drum up support and investment from them
In order to streamline the process the next and future updates will follow Management Committee meetings, which typically take place on a Monday or Tuesday.
However, as in previous weeks, please all continue to make investments, spread the word as widely as possible and raise any questions, observations and suggestions to this group.
Thanks for your support.
Update Sunday 18th May 2025
Investments have continued to be made at a steady, if unspectacular, rate. £12,000 has been received this week meaning that the grand total is now £112,000.
Clarifying that figure, we noticed that last week’s figure was overstated. This was due to a timing issue with money already in the bank and on the application forms, meaning that some investments were double counted. Many apologies for that confusion.
We have also discovered a mistake by HMRC with our UTRN (unique tax reference number), which is needed for our advance assurance application. We hope that has now been resolved – we’re waiting for the physical confirmation- but it does mean that the timescale for dealing with the application has been reset at an estimated 6-8 weeks.
We do know that SEIS relief is limited to the first £250,000 received. We already have more than 40% of that so if SEIS tax relief is important to you the message is to make your investment NOW so that you don’t risk losing out.
We’re also continuing to cross reference investments received against original pledges made so that we can stop guessing their intentions and will also be contacting those who attended the public meeting, but who haven’t yet invested, to find out if any further information is needed and to confirm the intentions of those individuals.
As to other matters:
• the 3 banners are now in place and are generating interest. We’re very happy to purchase more and would welcome recommendations of prime spots for them
• to further raise awareness, as we’ve learned this week of groups that aren’t yet aware of our project, we’re also producing posters/flyers for placing on any notice board locally and for distribution to households in the vicinity. Once those are ready we’ll again ask for recommendations for where to display them and for volunteers to deliver them
• we now have access to the old Hollybush Facebook page and its 1,400 followers so will be updating it when we can to reflect what’s now happening and further spread the message
Finally, to reiterate the response to a question that was raised this week in this group and has also been raised by others:”What happens to my investment if either someone else buys The Hollybush or we don’t raise enough to go ahead? The answer is that it will be returned to you net of your share of any costs incurred such as the cost of the banners/posters. Meanwhile the money is held in the CBS account with Co-op Bank, the majority of which is held on deposit so earning interest to set against costs.
Another full update will be sent next Sunday. Meanwhile continue to make investments, spread the word and post questions, observations and suggestions to this group.
Update Friday 9th May 2025
Investments are still being received. We would very much like to say that money is pouring in, but in truth it’s being received at a slower rate than we had hoped – £11,000 since Monday.
To all potential investors – please don’t wait until the end of June to invest. The sooner we have a significant proportion of the Minimum Target, the sooner we can open negotiations with proof of funding.
As to other matters:
• we are chasing HMRC re advance assurance for the tax reliefs, which will be important for some larger investors
• we will be contacting all those who originally pledged, but who have not yet invested, to see if they are able to honour their original pledge
• we have sourced a community minded surveyor to undertake a pro bono structural survey
• we have ordered some banners to advertise the community share offer
Further updates will follow, most likely weekly on Sundays starting, now, on 18th May.
Meanwhile please all get in touch with your friends and any other contacts to keep up the momentum.
We remain optimistic and enthusiastic and our project is receiving many positive comments. Let’s turn it into a reality!