NACBS News Update: 8th December 2022

December 7, 2022

NACBS News Update: 8th December 2022

The NACBS has received notification that it has received the grant from the Scottish Land Fund to buy the Lochranza Hotel. We have been unable to notify you until now as it has been under a news embargo until this morning. Here are the details of the award.

“The North Arran Community Benefit Society has been awarded £483,643 with which to purchase the hotel, which they intend to operate as an inn with a bar and a community space, in order to combat rural isolation and provide a year-round meeting space as well as staff accommodation.”

The grant is made up of capital spend of £446,643 and revenue spend of £37,000 which are restricted as follows:

Capital spend of £440,000 for the purchase of the hotel plus £6,643 to cover legal costs and 1 year insurance.

Revenue spend totalling £37,000 for costs for development of the project covering organisation, systems, processes, procedures, communication, and project management.

We are working towards an entry date of December 22nd but this is dependent on the date the fund is transferred to our account.

Meanwhile

a) We are continuing with the registration of Community Members and have now 70

b) And are actively seeking the necessary working capital through the contributor share offer. We currently have around £40,000 of the £100,000 we require to open the Lochranza Country Inn before March 2023.

c) We have placed adverts for the position of Hotel Manager

d) We are arranging for the transfer of the hotel licence

e) And are finalising insurance.

The contributor share offer will remain open until we near our target.

While we may not be in a position to open the hotel while we need both staff and working capital, we hope to arrange a purchase celebration when the deal goes through.

Thanks to all who are supporting us.

Hopefully it will not be too long before the Lochranza Country Inn opens its doors to us all.

© NACBS.CO.UK. All rights reserved. Powered by Eyespace Digital on Arran.

dept of levelling up logo