NACBS News update 28th December 2022

Merry Christmas to all. We hope you have had lots of presents.

On Thursday the 22ⁿᵈ of December, following the completion of the legalities, the ownership of the
Lochranza Hotel transferred to the community. The NACBS collected the keys from George, who has
been really great in providing information on providers, paperwork, how things work and what needs
to be done to keep the place from deteriorating while it is still empty.

Meanwhile, following the advertising for the position of Inn Manager, we have started interviewing
potential candidates and hope to have a shortlist soon. Once the Manager is appointed, recruitment
for the other positions, training and preparation for opening can proceed.

We are very grateful to all of you who are supporting the NACBS by becoming members and buying
shares. This is absolutely key for not only determining how soon the Lochranza Country Inn will
open but also is vital for the NACBS to secure grants which require matched funding.

In addition to the Scottish Land Fund grant which enabled us to purchase the Hotel and fund hiring
of a Development Officer, the NACBS has been offered a grant from the Community Ownership Fund of
£300,000 which requires matched funding. This grant is also restricted with
£250,000 of capital spend for the refurbishment of the hotel and £50,000 of expenses all to be
spent during 2023. We are getting further details and clarification in the beginning of January.

Although, it looks as if the Society has more money than we expected, because of the restrictions
we have still not reached the target needed for our working capital for an early opening. For this
reason, as stated in our last news update, we are keeping the share offer open at least until we
have reached our target of £110,000. So if you have not bought any Contributor Shares or wish to
purchase a few more please do consider it.

Thank you and have a Happy New Year.