People in Torrington given two months to save Globe Hotel
It's after multiple setbacks.
People in Torrington have two further months to gather funds to save the historic Globe Hotel so it can be restored to its former glory.
A share offer to raise the £230,000 needed to purchase the Grade II listed building and unlock a half a million refurbishment grant has been extended to August.
Roughly two thirds of the money came in, after local people bought shares starting at £50 by the deadline this month but the six-week timescale was “too tight” to get enough people said project manager Rachel Kelly.
She said a mutual agreement had been reached with the current owners of The Globe to delay completion on the property to August in order to raise an extra £75,000.
“This is great news,” she said. “We have been amazed by the level of support from the community, we just need more time and we are talking to other potential social investors to take us over the line.”
The hotel is one of 12 projects in Torridge getting a share of £20 million of regeneration funding from the government being administered by Torridge District Council.
Once the building is purchased, the £520,000 grant will be spent on bringing the hotel back to life, with 11 bedrooms and a restaurant.
The estimated costs of getting it to opening stage is £5 million but the community benefit society behind the project hopes to attract grants once it secures the purchase.
Once complete it will provide 20 new jobs and a boost to the local economy, offering much needed accommodation to tourists and fine dining.
Any profits will go back into the community, but investors will get interest from year five if the hotel is a success. If the project fails to go ahead they will get their money back.
The hotel was once a bustling business, but closed in 2018. Campaigners have been trying it save it since then but have previously hit stumbling blocks.
The project team said the share offer gives residents a unique opportunity to reclaim ownership of the building and restore pride in the town’s heritage.