Update 11th June

Dear Village community / investors

I would like to start by saying a HUGE thank you to all of your for the support and continued pledges of funds, there feels like a real excitement in the village about us owning our own village shop. This is the much expected update that mvoes us to the next level towards completing the purchase.

Well I am pleased to say good progress is being made in the purchase of the shop. We have had sight of the sale agreement which we have reviewed and are completing the due diligence process which includes a survey of building by a local firm Brasier Freeth and raising questions in relation to business transfer. We have had a constructive and helpful meeting with the Post Office about the transfer of the business and we are completing the paperwork required.

We have formed a company called Sarratt Village Limited which will ultimately be the community interest company we will all hold shares in and own the business. I have asked Anthony Soothill a member of the parish council and co investor to act as a Director alongside myself for this period of the companies existence. We will hold a shareholders meeting in due course and elect a full board for the company drawn from the shareholders and management of the businesses.

We have been fortunate to secure the continued involvement of Jane and Vanessa. Jane will act as the Villages nominee Post mistress and Vanessa will continue to work in the shop on a regular basis. We also have expressions of interest in relation to working in the shop either as a volunteer or as a manager.

In case you are wondering the precise date of completion of the purchase is not finalised as yet but all parties are keen to get moving on this.

Our solicitors Seabourne Lawleys have now made arrangements for the client account to receive and hold our shareholder funds and pledges. I would therefore like to ask those of you who have already made pledges of funds to make arrangements to transfer those pledged funds into the hands of the solicitors to hold on your behalf ahead of completing the transaction. Ideally we would like to collect all pledges in within the next two weeks.

Payment can be made by cheque or electronic funds transfer as follows

By cheque

Cheques Payable to Seabourne Lawleys Client Account

Please put your Name and Address on the rear of the cheque and a contact number along with the words Sarratt Village Limited

Post Cheque to: Sarah Bull, Seabourne Lawleys Solicitor - 60-62 high Street, Northwood, Middlesex HA6 1BL

Electronic Transfer

Name of Account: Seabourne Lawleys Client Account

Sort Code 20-73-53

Client Account No. 80309044

Barclays Bank Plc

Ruislip Branch

Please make your reference: SVL and your surname

Please print a confirmation of transfer slip from your on-line banking system and send a copy with your name and address to the postal address above with your full name, address and contact number. Seabourne Lawleys will issue a personal receipt if you request one, but they will maintain a central log of all receipts.

If you would so kind as to drop me a line when you have made the fund transfer or posted the cheque i will update my pledge list accordingly.

Basis of funds being held - Seabourne Lawleys are holding these funds on all of our behalf in order to make the purchase process as smooth as possible. If for any reason the sale does not go through they will return our funds to us nett of any fees they have incurred on our behalf. In order to make it clear how this will work I have provided an example below. The principle is that each of us would pay in proportion to the amount of funds contributed to the whole which I feel balances the level of risk fairly.

Let us say the total funds collected are £200,000 and we had incurred £3,000 in fees at the point the sale did not go through, then If you contribute

£50 then your share of fees would be £0.75, if you contributed £500 then your share of fees would be £7.50 and if it was £5,000 then your share of fees would be £75.00

I have up to now paid money to the solicitors to cover fees to get the ball rolling.

If you would like to speak directly with Sarah Bull our solicitor then please feel free to call her directly on 01923 820639, their website is also www.slawleys.co.uk and Sarah is cc'd on this email

Thank you again for all your continued support and encouragement. If you would like to get more actively involved please let me know. It will fantastic to have a broad church of support with the depth and breadth of expertise within the community I think we can achieve great things.

Please do not hesitate to contact me directly if you have any questions

Regards

David

m: 0771 747 3661