{"id":66701,"date":"2025-07-30T16:10:21","date_gmt":"2025-07-30T15:10:21","guid":{"rendered":"https:\/\/www.devon.gov.uk\/news\/?p=66701"},"modified":"2025-07-30T16:10:29","modified_gmt":"2025-07-30T15:10:29","slug":"85-of-globe-hotel-target-raised-with-196195-pledged","status":"publish","type":"post","link":"https:\/\/www.devon.gov.uk\/news\/85-of-globe-hotel-target-raised-with-196195-pledged\/","title":{"rendered":"85% of Globe Hotel target raised with \u00a3196,195 pledged"},"content":{"rendered":"\n

Plans to save the Globe Hotel in Torrington have been given a boost with the deadline to raise \u00a3230,000 through a community share offer<\/a> extended to Monday 18 August.<\/strong><\/p>\n\n\n\n

The scheme to reinvigorate Great Torrington through creating an 11-bed hotel, restaurant and bar with a strong focus in training and skills development for the next generation through apprenticeships has really captured the local mood.<\/p>\n\n\n\n

Thanks to strong community engagement and a growing network of supporters, the campaign has already attracted hundreds of investors, and it’s nearing its minimum target with just weeks to go.<\/p>\n\n\n\n

Project manager Rachel Kelly said: “We now have over 541 investors and over \u00a3195,000 raised, so we have 85% of our minimum target! We are thrilled with the number of people who share our vision for The Globe \u2013 who see the building as a beacon of the town, meshed as is it is with so many personal memories. People share our vision, and we can\u2019t wait to get over the target figure of \u00a3230,000. We are so close now. We ask everyone to be an ambassador for the project and share this story!\u201d<\/p>\n\n\n\n

The share offer remains all or nothing, meaning The Globe<\/a> will only receive the funds if it hits its minimum \u00a3230,000 target by 5pm on Monday 18 August. However, thanks to strong community engagement and a growing network of supporters, the campaign has already attracted over 541 investors \u2014 including dozens of new backers in recent days.<\/p>\n\n\n\n

The sellers of the building granted a time extension, giving the project team until the end of August to complete the purchase, which has meant the deadline for the share offer has also been pushed back from July to Monday 18 August.<\/p>\n\n\n\n

We helped the project team to launch its share offer with a grant of \u00a35,000. This investment is from our Revitalising Devon Towns initiative which aims to support economic recovery in nine Devon towns, including Great Torrington, following the Covid pandemic. Each town has a Regeneration Strategy and projects awarded grant funding are part of the town\u2019s Regeneration Strategy and provide economic benefits such as supporting businesses, providing training or helping people into work.<\/p>\n\n\n

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Councillor Cheryl Cottle-Hunkin, Cabinet Member for Rural Affairs and Local Councillor for Torrington Rural, said:<\/p><\/div>\r\n \t\t

“The community response to this has been absolutely amazing and we are so close to reaching the goal and owning it as a community! Please, if you are able, invest into The Globe Hotel and become part of something really special. I know this will have a tremendous impact on the town centre and will raise aspirations locally; The Globe is such an iconic building, and will work especially well as a training hotel being located right next door to our popular and much-loved National Portfolio Organisation – The Plough Arts Centre. This is an opportunity not to be missed, so please do spread the word in these final few weeks!”<\/p>\n<\/div>\r\n\t<\/blockquote>\r\n

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\r\n\t\t\"Councillor\r\n
\r\n Councillor Cheryl Cottle-Hunkin, Cabinet Member for Rural Affairs and Broadband<\/a><\/figcaption>\r\n <\/figure>\r\n <\/div>\r\n \r\n <\/div>\n\n\n

<\/p>\n\n\n\n

The Globe Hotel\u2019s ambitious community-led revival has also received a major boost from HMRC. The project\u2019s Community Share Offer<\/a> has been approved under the Seed Enterprise Investment Scheme (SEIS), opening the door to significant personal tax breaks for those investing in this opportunity, to transform a historic local landmark.<\/p>\n\n\n\n

The project has HMRC\u2019s advance assessment, meaning the first \u00a3250,000 of shares qualifies for SEIS. This means investors will receive 50% income tax relief on their investment \u2014 a considerable benefit for individuals seeking both social impact and financial efficiency. For example, a \u00a35,000 investment could result in a \u00a32,500 reduction in your income tax bill. If you invest using a capital gain, you could also halve your Capital Gains Tax (CGT) from 28% to 14%. In addition to these upfront benefits, Globe shares are inheritance tax exempt, and if the business were ever to cease trading, 50% of your investment may be claimed as a taxable expense.<\/p>\n\n\n\n

These tax advantages significantly enhance the financial appeal of becoming a co-owner in a project with deep social purpose. Supporters who have already invested are welcome to increase their contribution \u2014 simply subscribe again, and your new total will be added to your shareholding.<\/p>\n\n\n\n

The Globe Hotel is set to become a catalyst for regeneration in Great Torrington \u2014 delivering local jobs, training, tourism, and a shared space for everyone.<\/p>\n\n\n\n

\u201cWe\u2019ve always said this is about more than restoring a building,\u201d said Doug Smith, Chair of The Globe Community Benefit Society leading the initiative. <\/strong>\u201cIt\u2019s about pride, purpose, and potential \u2014 all rooted in our local community. With SEIS approval, we\u2019re now offering something that\u2019s not only socially powerful, but financially smart.\u201d<\/p>\n\n\n\n

Investors are reminded that SEIS benefits may be subject to future HMRC clawback depending on the trading activity and success of the project and as always the team behind the project strongly advise you seek independent financial advice before investing. You can read more about SIES here https:\/\/www.gov.uk\/guidance\/venture-capital-schemes-tax-relief-for-investors<\/a> or speak to your accountant \/ financial advisor.<\/p>\n\n\n\n

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