Loan Note Scheme and Capital Expenditure
You will be pleased to know that we have now fully repaid the £150,000 cost of the New Road nets project. This has been a tremendous effort by everyone in the club. Thank you.
However, life does not stand still, and we would now like to fully refurbish the clubhouse with new furniture, new carpets, complete redecoration and an upgrade to the kitchen to maintain the highest levels of hygiene. In addition, we need to replace the storage shed by the nets, resolve drainage issues at the back of the nets area and refurbish the electronic scoreboard. As with everything these days, this will not be cheap.
We estimate the total cost may be in the range of £60,000 to £70,000 and likely to be near the top end of that range. We hope to be able to finance part of this with some of the revenues from the 2025 City Lunch and the 2025 Club Ball and we will look to see if there are any available grants. However, we are likely to require a further £60,000 to complete the project. We have discussed a number of financing options including bank loans and all that they entail and, in the end, decided we would like to keep the financing within the club.
To do this we would like to launch to members a loan note scheme whereby 120 members pledge to loan the club £500 each (or multiples thereof) which would be repaid free of interest over the next six years. Full details are available here.
As with the nets project, I do hope you feel able to support this upgrade to our facilities which is long overdue.
Thank you.
Neil McCallum