Fleet fans will be aware that a group of individuals from both inside and outside the society have been working on options to secure Stonebridge Road following notification of sale by our current landlord. MyFC member Paul Charnock has been working on a survey where members could register an interest in purchasing shares in a new company which hopes to put forward a successful bid to own the ground.
Given the status of the club's current lease, which has 16 years remaining, the current landlord has invited us to accumulate sufficient funds to purchase the ground prior to a scheduled auction on the 21st September 2009.
It is the view of all at the club and the MyFC society board that this is an opportunity for MyFC to really make a difference and secure the future of the club without relying on a potentially non-sympathetic new landlord. Under the current lease there is a pending rent review in 2010. We currently pay a peppercorn rent of £5,400 per annum which is not collected.
Following work by the legal team working with relevant advisors and the society board the following information has been made available:
Purchase Information
A landmark site extending to 5.5 acres (2.22 hectares), fronting Stonebridge Road situated within a predominantly commercial area to the west of Gravesend town centre and within close proximity to Ebbsfleet International Railway Station. There is good access to the A2/M2 Motorway via the recently constructed Thames Way link road.
The site is situated opposite a modern retail warehousing/commercial development. The majority of the site, which is rectangular in shape and extends to 3.9 acres (1.58 hectares), is occupied by the football stadium let to Ebbsfleet United Football Club under the terms of a commercial Lease. The remainder of the site, 1.6 acres (0.64 hectares), is arranged as three open storage yards with vehicular access from Stonebridge Road. In addition there are three advertising hoardings fronting Stonebridge Road which are let, together with three further sites formerly with advertising hoardings, which have now been removed.
Football Stadium
Tenancy
Let under the terms of a commercial Lease to Ebbsfleet United Football Club Ltd‚ for a term of 20 years from 25th November 2005 at a current rental of £5,400 per annum. Rent review due November 2010 and every five years thereafter. The Lease is excluded from the terms of the Landlord & Tenant Act 1954.
Advertising Hoarding 1
Tenancy
Let to Caxtons Commercial Limited‚ at a current rental of £900 per annum.
Advertising Hoarding 2
Tenancy
Let to J C Decaux (UK) Limited‚ at a current rental of £1,500 per annum.
Advertising Hoarding 3
Tenancy
Let to Titan Outdoor Advertising Limited‚ at a current rental of £800 per annum.
Advertising Hoarding 4 (Vacant)
Tenancy
Available for letting.
Open Storage Compounds
Total site area 1.6 acres (0.64 hectares).
Compound 1
Tenancy
Currently vacant
Compound 2
Tenancy
Currently vacant
Compound 3
Tenancy
Let for a term of three years from 22nd November 2008 to ŒThe Big Bus Company Ltd‚ at a current rental of £13,500 per annum with stepped increases to £14,500 in the third year of the Agreement. The tenancy is terminable on three months notice by either the Landlord or tenant after the first year. The lease is excluded from the terms of the Landlord & Tenant Act 1954.
Structure of the Investment
1. A limited company is being floated to acquire the Stadium. The Directors of the company will be representative of the shareholders.
2. The Current Trustees are Jessica McQueen (MYFC Vice Chairman) and Duncan Holt (EUFC Chairman) and they will hold the money temporarily in their names with the bank until they withdraw it to complete the purchase of the site at Stonebridge Road.
3. The Limited company will only be able to sell Stonebridge Road if EUFC is ready to move to a new ground.
4. An authorised share capital of £20,000 to be assigned by the new Limited Company.
5. A Share Price of £50 per Share (£1 Share Capital and £49 Loan Capital)
6. An Initial Maximum Number of Shares of 2000 shares (10%) per applicant.
7. A Total of £600,000 will need to be raised for the purpose of the proposed purchase broken down by:
a. £500,000 Purchase Price for Stonebridge Road
b. £75,000 VAT (Recoverable)
c. £15,000 Stamp Duty
d. £10,000 Auctioneer and Legal Fees plus Contingency
Return On Investment
1. A 5% per annum return on the Loan Capital will accrue to shareholders. This interest will be paid only from cash generated if at all from distributable operating surpluses. If such a distribution is not made to shareholders in any particular year then the entitlement will be carried forward to the succeeding year.
2. When/If the Ltd Company sell the ground 25% of the Profits are distributable to shareholders and 75% to EUFC.
3. All investments carry a measure of risk. This is no exception. It is for you to decide if the risk in this initiative is acceptable.
For an application pack or for further information then please do no hesitate to call 0800 334 5605 or e-mail This e-mail address is being protected from spambots. You need JavaScript enabled to view it
If anybody requires any of the above points clarifying of seeks further information then please do not hesitate to call 0800 334 5605
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