4th August 2017, 6pm to 8pm
Dear Members and Friends,
Please see the two documents that follow concerning the future of Ffarm Moelyci. Please also note there are dates for the diary below.
INFORMATION FOR MEMBERS AND FRIENDS OF MOELYCI IPS
Presented at the Moelyci IPS AGM 13th, July 2017
It is with immense regret that we have to report that Cwm Harry have informed us that they have had to withdraw from the planned purchase of Ffarm Moelyci and this has had immediate consequences which were foreseen and outlined in an update sent out to members dated May 2017.
Due to consideration of new information by both Moelyci IPS and Cwm Harry that has been received by us in the last four weeks, and following a meeting with our bank two days ago, it is no longer possible for our bank to continue giving us the same level of support with no possibility of repayment of our loan in sight and neither can we (Moelyci IPS) service our loan interest (mortgage) repayments.
We are now in a situation of having to deal with the inevitable outcome of this new reality. It is highly likely that our bank will now insist that we put the whole farm on the market as soon as preparations have been completed so as to repay, if possible, all Moelyci IPS’s liabilities.
Further information will be given as an addition to the presentation of the Annual Report and a statement will be posted on the Ffarm Moelyci website. As this has arisen at very short notice, it has not been possible to arrange to deal with the consequences of this matter within the AGM. Therefore a separate members meeting is being organised as soon as possible where a fuller discussion can take place, and we will advise everyone of the details of this at the end of the AGM.
Moelyci IPS Board
Statement about Ffarm Moelyci from Cwm Harry Land Trust – 13th July 2017
It is with great sadness that we announce that we are relinquishing our lease on Ffarm Moelyci and will not be progressing with our long-planned purchase of the farm. We have until very recently striven to find a way to raise the finance to complete and secure the investment we have made over the last three years.
Since Cwm Harry took on the farm a huge amount has been achieved with new tenants and substantial investments giving renewed energy to everyday life on the farm, providing a vibrant space that the community has continued to enjoy. The staff team, steering group and the many volunteers are to be deeply praised for their professionalism in running the farm and they can take great pride in having sustained the farm for over three years. Cwm Harry is hugely appreciative of all of their work and expresses its thanks to them.
We owe a specific debt of gratitude to Moelyci IPS and its Board as the community cooperative who have owned the farm for fifteen years. Their collaboration and commitment has matched Cwm Harry’s and been pivotal in enabling the farm to live again when back in 2013 its only future was to be sold out of community ownership.
Whilst there have been many challenges and many positives our underlying concern remains that the level of debt built up by Moelyci IPS prior to 2014 demands of Cwm Harry a level of borrowing that we can now neither raise nor sustain in today’s economic climate. Despite developing a series of income streams across the farm and investing in completing major capital improvements to the facilities there is insufficient income potential to service this level of borrowing.
A series of recent events (specifically new information received within the last four weeks by Moelyci IPS regarding the crystallisation of debts) have now brought this to a head and driven Cwm Harry to make this decision at this time. Cwm Harry is acutely aware that by withdrawing from the planned purchase it forces Moelyci IPS once again to consider an open-market sale of the farm; something that was always planned for but which we have always sought to avoid.
Cwm Harry has worked hard to stabilise the farm. Opening its gates wider and creating many more opportunities will, we hope, go a long way ensuring any sale is undertaken in good order and achieves maximum value. In support of this – and to support our staff in securing new futures and enable the community to use and appreciate the farm over the summer – Cwm Harry is intending to keep the farm open and active until September.
Cwm Harry continues to focus on its support for its remaining family of enterprises including the Cultivate local food cooperative, Zero Waste in a Box limited and the development of the Going Green for a Living community trust alongside delivering on the Re-Direct European project we hold. We regret that all the good work undertaken at Ffarm Moelyci over recent years will not now result in it joining the Cwm Harry family in the way we had hoped for.
We sincerely hope that the farm and its community will find a positive future to match the energy, ambition and enjoyment it has inspired under community ownership for the last fifteen years.
For further information contact Adam Kennerley on 07791 122 491 or email@example.com
Cwm Harry Land Trust Ltd
Though not introduced during last nights AGM meeting, and further to the 2017 annual report, developments have now lead to a potential option for the future. Additionally a lot of people have expressed their desire not to give up the fight at this point.
We’ve been asked to bring to your attention a new independent initiative to bring together interested parties to see if an alternative method of securing the long term future of the farm can be brought together. For further details and interested parties, please contact: