INVESTORS are needed to save a popular community-run pub.
The villagers of Cold Norton have run their local, The Norton, for three years, volunteering so it could be saved from demolition in August 2009.
But as its landlord puts the pub in Latchingdon Road up for sale, the community-spirited villagers are asking interested investors from all over the world to help to secure its future once and for all.
Hoping to buy the pub, they are asking anybody with a bit of spare cash to help them reach the deposit of £80,000 by putting anything from £500 to £20,000 into the fund.
Volunteer Paul Guppy, 56, of Cold Norton, said: "We are about 85 per cent of the way there but we need to get the extra by the end of play tomorrow.
"We need a few people interested in being shareholders to come forward so that we can realise our dream of owning and running the pub."
The pub is currently run by a management committee of eight members, which will rise to 12 if the pub is bought.
They will report to all members on financial reports and activities run by the pub.
Those who purchase shares will also be eligible for income tax relief at 30 per cent of the value of shares purchased.
Mr Guppy said: "We do not want to alienate customers. We know that in this climate people may not have much money and we do not want anyone to feel embarrassed and then not come in. Customers are the most important thing.
"This is for the local community but it's not just a Cold Norton thing.
"The pub group Camra has come forward and purchased some shares and, although we have not had overseas investors come forward, we would be happy for them to join us."
The pub's turnover has increased by 12 per cent in the past year. If investors wanted to give up shares, they would have to give three months' notice but withdrawals cannot be made until three years after the date the shares are issued.
"We have set up The Norton Community Pub Ltd group to take the pub to the next stage and it is a not-for-profit Community Benefit Society," said Mr Guppy.
"If we don't reach the amount needed to buy the pub we will see it as a failure and I can't say that the future of the pub will be secure.
"After three years of hard work, some of us volunteers would like a rest. If we manage to buy the pub we will employ a manager to live above the bar.
"We have done all we can now. The future of the pub is now down to interested people in Essex to get behind the project and support us."
To find out more about investing in The Norton visit www.savethenorton.org or call Debbie Guppy on 01621 828 636.
