The Globe Hotel in Torrington secured £520K funding to reopen, aiming for community ownership and revitalization after its 2018 closure.
The Globe Hotel closed in 2018. This funding could revive and reopen it. They need to raise money first via a Community Share Issue. This will let them buy the building. Grant and Paula Langer saved the building last year.
Rachel Kelly says community help is key. The share issue must work to get the funding. The project gains security with it, she explained. They can complete the buying process and unlock the government funding to start work.
After buying, the funding stops the Globe from worsening. Then, they will refine refurbishment plans. They expect to open in two years.
Doug Smith talked about the project’s structure. The community owns and controls the hotel’s future. It is a Community Benefit Society or cooperative. People can buy shares to be part-owners.
The project wants to revitalize the Globe Hotel. It is in the center of Torrington and creates a bar, restaurant and lodging.
Renovations could generate twenty new year-round jobs. It will attract tourists for longer visits. The project also plans training. They want to work with regional and national groups.
The community’s response should be strong. The Globe is important to Torrington’s heritage. Closing of the hotel impacted them. The share offer allows them to buy it back and restores local pride.
The share issue should launch in April 2025. Locals can contribute to the hotel’s future. It’s a vital role in Torrington’s rebirth.