NEWS UPDATE MARCH 2025:
THE GLOBE HOTEL, TORRINGTON, MOVES CLOSER TO LAUNCHING COMMUNITY SHARE ISSUE, FOLLOWING PROMISE OF £520K OF LEVELLING UP FUNDING.
We have been allocated a total of £520,000 from the Devon Levelling Up 2025 funding. This money will be only become available to the project after we have completed a successful Community Share Issue and have raised the funds to purchase the building.
At last we can now schedule the launch of the Community Share issue to raise the funds to purchase the building from local benefactors, Grant and Paula Langer, who stepped in last year to purchase and safeguard the building from the open market. We can now progress in the knowledge that we can unlock this £520K of funding after completion of the purchase, to carry on with the work needed.
Project manager, Rachel Kelly, “We still absolutely need the community to rally around the Community Share Issue – as we need to buy the building before we can access the £520K. The Globe Project now has the potential long-term security to allow it to proceed through the conveyancing process; to exchange and to insure the building. After exchange, we can then launch the Community Share Issue to raise the monies to complete the purchase and then unlock this Levelling Up funding. The funding is earmarked for the immediate works and will stop the building falling into further disrepair. We can then develop our full refurbishment plans to RIBA stage 3 and get planning permission ready. Once planning permission is achieved, we can apply for capital funding; this all takes time, and we imagine we will be opening the doors to the fully refurbished building in 2 years’ time. Depending on levels of monies raised through the share issue we may be able to plan a more staged opening and allow for some of the building to come into use earlier – but this will all be dependent on the level of work required to make the building safe.”
To everyone who loves Great Torrington, you have the chance to be a part of something special.
We’ve been trying to save the Globe Hotel for years. Now, we finally have an opportunity to put this historic hotel in the hands of the people through community ownership.
By pledging your support or buying a share, you can help transform The Globe for generations to come – saving a heritage building from dereliction, creating jobs for local people, and placing a vibrant hotel in the heart of Great Torrington, not only saving and restoring a beautiful key piece of our local heritage but creating jobs and training for local people and supporting a real catalyst for the entire town.
The Globe closed back in 2018 and the building now looms sadly over our town centre, slowly falling into a real state of disrepair. Thankfully underneath it all the basic structure is strong and fully repairable. There are some urgent tasks needed straight away, especially on roof leaks, and then a full programme of refurbishment can be delivered in a phased programme as renovation funding can be raised.
Our organisation is a Community Benefit Society – a community cooperative – owned and controlled by its members. We’ve used this structure because it gives us the power to offer private individuals the chance to be part-owners of The Globe. Community Shares are a simple way for supporters to buy into community assets, such as local pubs or shops – and in this case, our very own hotel, restaurant and bar! The underpinning business plan will be published with the Share Offer as we get closer to the official share offer launch in April 2025.
The Globe was always at the heart of Great Torrington, and we will make that happen again. This is a Grade II listed building, of significant historic and heritage value. Our project will not only preserve and protect that heritage, but will actively enhance it – our plans will open up unseen areas of the building, replace some of the decayed features and preserve the beautiful rooms for all to enjoy.
The Globe was always a key centre at the heart of Torrington, and it will be again. Our plans are ambitious but completely realistic: we have a really strong Business Plan that clarifies the options and the way forward.
The project will take years, of course, but some parts can be made ready earlier than others. Our intention is to have the Globe humming with life just as soon as we can.
Please sign up to show your support for our plans. We really need your help, because proving community demand is the key to achieving our goals. We’ll keep you in touch and invite you to the successive community events and openings!
Our group has been working for years to try and save the Globe Hotel. We are delighted to announce that the project is now live, at last. We have a real chance to take the building into community ownership and refurbish it fully.
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