According to local group Friends of The Ivy, a sale of the 17th century Grade II-listed pub, has been agreed with current owner Wadworth brewery.
Earlier this year, members of the community launched an initiative to rescue the pub, after it was put up for sale.
The Friends said they have produced a comprehensive business plan and hope the share offer will raise at least £350,000, which would see the Ivy bought and insured along with some vital basic renovation work. The group said £200,000 has already been pledged.
The ultimate target from the share scheme is £800,000, which would also pay for a full revamp including redesigning and redecorating the interior, extending the kitchen and toilets, upgrading the bar, better accommodation for the pub manager and improved energy efficiency, including a wood burning stove. The pub will also be applying for extra funds via grants, donations and loans to fund the development.
British heritage
Friends chairman, retired GP Dr Paul Moyle-Harris, said: “This is an emotional more than a financial investment to save a unique part of British heritage. The first timber frames for the Ivy were being put up at about the same time the keel was being laid for the Mayflower around 1600 – that’s 20 years before the ship took the first pilgrims to what became the USA.”
He added: “The Ivy is an iconic historic inn, an integral part of Wiltshire’s heritage and culture, so we must do all we can to save it and everyone can now play an important part in making that happen.”
The Friends said that the plans are for the thatched-roofed pub will be transformed into a community hub and also a place for tourists to visit. It will be a transformed into a pub, café and social hub serving locally sourced, sustainable food and drink under the motto Real Ales, Real Community, Real Wiltshire.
The group said it is the only possible daytime meeting place in Heddington village and will have fast internet access in an area where that is not normally possible.
Investors
Investors won’t be able to sell their shares for three years and it’s unlikely any interest on their shares will be paid within five while the pub gets established.
The Friends have also set up a Seed Enterprise Investment Scheme. Under this, people who invest £10,000 or more will get a 50% reduction in their tax bill the same year. That means if they buy shares worth £10,000 in the pub they will have £5,000 knocked off their tax bill in that tax year.
People investing under £10,000 will be eligible for a 30% tax rebate under a similar scheme called the Enterprise Investment Scheme.
Longer term, the Friends are considering having a farm shop on site with all the produce in a giant refrigerated vending machine in a purpose-built wooden cabin so villagers don’t have to make car journeys to the nearest shops.
