Print

The Council has voted to apply for a PWLB loan for The Plough

The Parish Council convened an Extraordinary Meeting (by remote video) on 22 June 2020 to consider whether to apply for a PWLB loan to support the acquisition of The Plough with Longparish Community Pub Ltd (the Plough Ahead group Community Benefit Society).

Full Minutes will be available as soon as possible, but this is to let our Longparish community know the decision.

The Council considered many aspects of the project, but focussed on:

The Council RESOLVED to seek the approval of the Secretary of State for Housing, Communities and Local Government to apply for a PWLB loan of £300,000 over the borrowing term of 50 years to acquire an interest in The Plough Inn for the benefit of the community as agreed between the Council and Longparish Community Pub Limited (a Community Benefit Society). The annual loan repayments will come to around £11,000. It is NOT intended to increase the council tax precept for the purpose of the loan repayments.