UPDATE 21ST FEBRUARY 2025
JOINT STATEMENT BY CULTURA TRUST AND WARWICK BRIDGE CORN MILL LIMITED
Discussions between Cultura Trust and Warwick Bridge Corn Mill Limited since the actions on February 4th have resulted in a proposal to transfer the freehold for the Mill to Warwick Bridge Corn Mill Limited. The focus is to secure the long-term future of the mill as a viable operation. For this to happen, the National Lottery Heritage Fund (NLHF) also needs to be involved due to the public funding which was secured by Cultura Trust for the purchase and refurbishment of the Mill. Detailed discussions have been started with this aim.
Legal and financial considerations mean that the process will be challenging to achieve an early conclusion. We are all committed to demonstrating that this is the best way forward to secure the mill as a secure public asset.
We thank everyone for their support since February 4th and ask for your continued understanding as we move forwards with these complex discussions. We will provide further information as we have it.
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Update 7th February:
The following statement has been prepared jointly by Cultura Trust and Warwick Bridge Corn Mill Limited and has been issued by them.
“On Tuesday 4 February Warwick Bridge Cornmill Limited had to announce the suspension of business following actions by Cultura Trust to forfeiture our lease. Following a meeting with Cultura Trust this afternoon, Thursday 6th February, there has been a positive development which suggests there may be an option to allow the business to continue. External information is required to clarify some points and will be key to both sides being able to develop a mutually beneficial proposal. Meetings will be scheduled in due course to allow the sharing of updates when and if we are able to do so. Further information will be shared publicly as soon as we are able but rest assured both sides are focused on a positive outcome if at all possible. Graham Brooks, Secretary Warwick Bridge Corn Mill Limited a CBS Company”
No further statements will be issued until these discussions have completed.
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On 2 February 2025, Cultura Trust, owner and landlord of Warwick Bridge Corn Mill, forfeited the lease to Warwick Bridge Corn Mill Limited (WBCML), thereby ending the tenancy. This was done in accordance with the power under the terms of the lease.
Under the terms of the lease, and the business plan approved by funders, WBCML was obliged to pay rent and reimburse Cultura for insurance. However, WBCML was in breach of the terms because of ongoing non-payment of rent and insurance. The action of forfeiture was necessary because:
- the accumulated total accrued amount due at 31 January 2025 to Cultura by WBCML exceeded £50,000;
- WBCML has not paid any of Cultura’s invoices issued since May 2024, nor indicated when or if these would be paid, nor explained why these have not been paid;
- WBCML was unable to produce a forward plan to demonstrate that it could achieve operational and financial viability, meeting all of its financial obligations as they fall due and be able to pay future invoices in accordance with the terms of the lease.
Under its obligations of due diligence as a charity, Cultura could not allow the debt to continue to accumulate.