06/05/2024
*Update Statement as promised from Paul & Marie (Current Owners) *
We and the proposed new owners have spent a significant amount of time looking at different ways of reopening the Stone Arms with a long-term view, while considering the current economic position the country faces, the needs of the community, the age and current condition of this 1850s building.
When Marie and I purchased this property in 2018 we did so on a basis that we had additional capital to invest into the external fabric of the public house. The internal fabric on our purchase had been brought up to an acceptable modern standard in 2015 by the previous owners who purchased from Enterprise (Stonegate Pub Co).
We unfortunately in Oct 2019 suffered an internal flood caused through an Anglian Water engineer error. Although we were compensated for some of our losses, we changed our plans and took the long-term view to upgrade the damaged areas with precautionary damp proofing of lower lounge, upgrade of Ladies Toilets, Glass washing area, Kitchen, replacement bathroom/shower in the managers living accommodation and new Cat5 IT networking and till systems.
This work, except the new lounge flooring, was completed in Feb of 2020 and one month later we all suffered 2 years of coronavirus lockdowns and restrictions. This led to substantial operating losses. To restart the business, we had to decide to either take covid loans from the government creating future repayable liabilities or to use our development capital to get the business up and running. We decided to use our spare capital allocated for development works, hence why the external of the property has only had necessary repairs completed instead of the upgrade as planned.
Our trade levels following the pandemic steadily improved as people felt more comfortable in socialising, functions restarted, and we accommodated the community needs within our available staffing levels until our illness forced us to close. The break even point on a monthly basis was being achieved and immediate repairs covered, but no additional money at that time was being made to replenish the development fund. If we look at what is happening countrywide, pubs are closing due to the financial effects of the pandemic, drop in use, cost of living increases (energy etc), significant increase in staffing costs and additional legislation within the hospitality industry.
Our objectives have been for the Stones to remain a public house, we have therefore rejected several enquiries from prospective parties who wished to fully demolish the site for alternative use. The new purchaser has from an early stage in the process shown an interest for the Stones to remain a public house for the use of the community. Being a local man, he and his family have benefited from the facility at various times over the years and has the desire to make it happen.
We all have fond memories of Roy and Dyllys Firth who were very successful publicans who managed to get the brewery (landowners) to sell off land at the end of the car park for housing, with the funds being used to build the Function room and Kitchen extensions, which we have all benefited from over the years. We along with the proposed purchaser, architects and accountants have looked at many different ways to try and make the business work long term. It was felt it necessary to repeat history by utilising part of the car park by erecting a pair of semi-detached houses to fund the repairs necessary to the tired external features of the Stones building, enabling the new owners to focus in the short to medium term on operating a profitable public house for the benefit of the community. We believe with re-designing of the car park entrance we will only lose around eight spaces, which is only used 15% of the operating week. This will benefit our neighbours with more privacy, reduction of noise and a more visual appealing building on their doorstep. Overflow options are being discussed with a 3rd party.
For our agreed sale and the reopening of the Stone Arms we need the support of the community. We have agreed a price below that advertised, the purchaser is prepared to risk his capital to purchase and operate the public house during very difficult economic times, we now need the support of our neighbours and the wider community to help make this happen.
