Dear Shareholder,
Welcome to the exclusive group of exactly 250 shareholders of the future Owain Glyndwr Community Hotel Limited. A huge thank you to you all, on behalf of the ‘Save the OG’ team, for your support. I can now announce that through your generosity the share offer raised £164,600 towards the purchase price of £300,000.
Previously we submitted an Expression of Interest to the Community Ownership Fund (COF). The plan now is to follow this up with a full COF application for further funding. Assuming we are successful this will cover top up funding for the purchase, revenue funding to cover any trading shortfalls in the first 12 months and will kick start our refurbishment program.
Hopefully this will put us in a position to purchase early in the next financial year. In the meantime your share monies are essential to this process. The funds will be kept safe, in a ring fenced account, and used to match fund our COF application. In the unlikely event that the COF application fails and our attempt to purchase the OG is abandoned then all share money will be returned.
On an optimistic note, and having studied the COF application criteria, we believe we have an excellent chance of being successful and we thank you for your patience as we continue our work to Save the OG. We will be approaching our partner organisations, The Plunkett Foundation and CWMPAS, for help with our bid. If any of you have previous experience of grant applications and are able to help please get in touch.
We will endeavour to keep you updated as we work through this process. Once again thank you for your support and patience.
Best Wishes
Dr David Counsell
Chairman.