Hill Paul trusat formed (From Stroud News and Journal)

Hill Paul trusat formed

CAMPAIGNERS fighting to save Stroud's Hill Paul building are working on a backup plan to secure a future for the former factory.

The Hill Paul Regeneration Group, which has worked alongside the company set up to buy the building from developers, has formed a charitable trust to give the beleaguered building an alternative chance of survival.

"We set up a private company with shareholders back in January which has raised almost 150,000 towards the 1.3 million purchase price," said Ron Birch, group chairman.

"Unfortunately we are not totally convinced that sufficient further shareholdings will be taken up for this route to be viable.

"We decided to form a trust as a possible alternative route for securing the building if the private limited company is not successful.

"This is an exercise in keeping our options open."

He went on to say the trust would now be trying to secure grants and would also be considering a bank loan to buy the building.

But Jenny Bailey of Hill Paul Regeneration Ltd, the company which holds the contract with current owners Harper Homes, said there was no need for the move.

"We probably don't need more shareholders, though of course more interest is always welcome," she said.

"We are currently in serious negotiations with a developer which are at a delicate stage."

"It's very nice that the group have come up with a contingency plan in case we fail."