Lynton and Barnstaple - Operations and Development

L&B Blackmoor Company plc is a public commercial organisation, which on completion of the purchase, will own and operate the Old Station House Inn at Blackmoor Gate.

Many individuals subscribed to purchase ‘B’ shares in the new company, accepting the financial risk in doing so. As shareholders, they have received regular news ‘Bulletins’ informed of progress throughout what turned out to be difficult negotiations which were unfortunately interrupted for over 12 months by the Covid-19 Pandemic.

As with other public limited companies, obviously only shareholders will be admitted to attend the annual and other meetings of the company. Also, Lynton & Barnstaple Railway Trust members will not receive the certified annual accounts for the Old Station House Inn as it will be a completely separate concern from the railway, although I understand that a short financial summary review may be released, perhaps at the time of the L&BR Trust AGM.

Most importantly everyone should be aware that by contractual agreement between the purchaser and the vendor, no information detailing the purchase can be disclosed beyond the negotiating team until such time that contracts have been exchanged. Hence the silence, even for shareholders.

Finally, under no circumstances should we expect the purchase prices to be declared. No other company’s provide this information, not even Exmoor Associates.

 

For your information that is why a number of us who hold these concerning views have gone off list and we have only responded to comments brought up by other's since, I know we are not a lone with our concern's

If we are right I don't think any of us will be saying I told you so, but more of a 'Oh crap' now what do we do, I guess we should just pick up the pieces and start again by moving forward.

 

I totally agree, members of the trust should learn things from the members only area or a newsletter sent to the members. I would also agree thst the members area is currently under-utilised.

 

Good plan. Well done. I fully agree concerns should be dealt with.

 

As someone who has been criticised for my posts by @ghost for suggesting the blooming obvious and providing ammunition for opposition, I tend to agree. Surely we have to credit the decision-makers with some common sense, even if the current government is making a good job of disguising the fact. Perhaps all of us with unanswered questions ought to go to the Q and A session in a couple of weeks time.

 

That is of course if you are a member

 

If not, might be worth joining. It won't exactly break the bank, although I think just about everyone on this thread is a member already.

 

...and can actually attend in person, as apparent there will be no 'virtual' capability :-(

 

Given that there is a view (expressed by at least some on this forum) that ownership of the former Blackmoor station is vital/critical/essential (choose your own viewpoint) to the future of the railway, then is such an arrangement wise? Surely it should be case - at least ultimately - that the buildings are owned by the charitable Trust, but the pub/restaurant business would be managed on its behalf by a commercial organisation? Then at least, if the 'hospitality' activity were to become economically unviable in the years to come and were to go bust, the Trust will still have the station.

We do not have the situation that WB station building/shop/cafe is owned by 'Woody Bay plc', but the Trust owns the platforms and trackbed, so why should BR be any different? Also, if it often said that BR will become the new HQ of the railway, and it would seem strange IMHO if the railway's management was housed in a building that did not belong to the railway, particularly as there would appear to be more scope for larger office/storage capacity in the extended BR building than currently exists at WB.

 

Thank you Chris for your comprehensive reply. I think anybody who has bought property is aware of the need to keep details private until the purchase is complete.

Those who support the railway are pleased that there has been progress in securing this important part of the jigsaw.

 

The difference, of course, is that OSHI Co* shareholders (or potential shareholders in my case) would reasonably have interest in the purchase price of the asset and what the underlying financials of the business are. Without those, it is hard to know whether this is a good deal or not - and this was literally the question I asked without any answer.

*L&B Blackmoor plc

 

Another question which comes to mind and that is why hasn't the Trust carried out a Capital Fundraising effort over the past five+ years, so when something like this comes along we are not all banging on about trying to find the money there are in my view at least three other land deals that could make all the difference to the long term viability of the L&BR they are:-

Heddon Hall admin and Northern section volunteer hostel
Chelfham Mill School site Southern section volunteer hostel, Training centre and equipment storage.
Part of the old Barnstaple Town Good yard just by the river Yeo and next door to the old NDDC council offices 800ft x 100ft no plans for it right now but it would be good to kept it in the back pocket.

 

Easier said than done. Fundraising is hard at the best of times, but in as much as it ever gets easier, an appeal along the lines of "we need £X to help us do Y" is much easier than "give us an unspecified amount of money that we will use for an unspecified future purpose".

In other words, the cause tends to generate the funds, not the other way around.

Tom

 

and then retire to (our) Pub for a Pint of Doom Bar and some food

 

Sorry made mistake of reading the OSHI menu and drinks on the website.....

 

if you do the maths you're going to have to have more than a pint and a meal so they better get in a good session ale, if the mark up is £2.50 a pint thats 40 pints to make £100.00 and a quick estimate of running costs is £2000.00 a day and that's just staff and the loan repayments so you're all going to have to visit a few times a week and eat and drink as much as you can

 

It seems others are following this thread with interest, having got home from work i had a telephone message explaining that the Blackmoor Company WILL be a subsidiary of the L&BR Trust and that the Trust will be responsible for any liabilities or risks of the Blackmoor company, furthermore seeing that the two directors of BPLC are also Trustees of the L&BRT and that the chairman is one and the same for both could there actually be a conflict of loyalty at board level

 

Presumably the major question is how the operating surplus from the pub will compare with the interest on the bank loan. The present rise in interest rates would make that less favourable in the short term, but the associated high inflation would mean that, after a few years, repayment of the loan would be in "funny money" (as my mother termed it in relation to a mortgage in the 70s). Whatever the uncertainty over the finances, what alternative is there for allowing the railway to extend to, and past, Blackmoor?