Although it had seemed that we had enough gifts and pledges with which to purchase the former Potterne School, a hold-up was caused by solicitors failure to register the property with UK Land Registry. Salisbury Diocese eventually resolved the matter, however, the interim delay frustrated some donors who proceeded to withdraw their pledges, which was both unhelpful and very disappointing.
In April 2024 we applied to the Community Ownership Fund (COF) run by the Dept for Levelling Up for a £140K grant towards purchase, renovation and first year running costs. Our case was strong and we felt optimistic. Sadly in December we learned that our application was rejected, and we understand that the COF is being wound up.
We currently have only £71K in the bank, giving us a minimum shortfall of another £70K just to purchase, decorate and keep the place ticking over. The current trustees have now set a final deadline of 31 January 2025 to exchange contracts, or they will then withdraw the £105K reduced price offer and place the property onto the open market.
So unless there is a dramatic change, in February the Directors of The Patch in Potterne Community Interest Company will have to take advice on the process for winding up its affairs and dissolution.