The Old Forge in Knoydart that is undergoing a community buyout has been awarded £508,000 this week after a successful application to the Scottish Land Fund.
The Old Forge Community Benefit Society will use the funds to support the purchase and redevelopment of the pub. Within the grant, £380,000 is assigned to support acquisition costs of the pub, and the remainder is assigned to land & building tax, legal and conveyancing costs, and other administration costs including essential repairs the employment of a project officer.
In a statement the CBS outlined how the funds would be used saying that “The Old Forge is on the market for offers over £425,000, but that figure does not include the owner’s asking price for goodwill of the business. We are currently working with the owner to undertake an independent valuation of the goodwill, and once this has taken place we will be able to assess and submit an appropriate offer”.
This follows the Community share offer which raised £256,035 in a record-breaking 4 weeks, and easily surpassed the share raising maximum target of £200,000.