INSERT INTO `financial` (`id`, `pub_id`, `created_at`, `year`, `attachment_name`, `descriptor`, `commentary`, `date_received_at`, `comments2`) VALUES
	(51, 9, '2020-08-15 23:21:13', 'Future projections', NULL, 'Investor update', '<p>o Sent by James McCulloch on the 14th May 2020.<br />\r\no No mention of loans, or financial distress of the pubs.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>Shareholder Update</strong></p>\r\n\r\n<p>Following the closure of the pubs in late March all employees were enrolled onto the Government Furlough scheme. This has helped provide security for staff during these difficult times.</p>\r\n\r\n<p>We have negotiated short term interest and capital holidays with lenders and a temporary break on financial covenants.</p>\r\n\r\n<p>Unfortunately, the hospitality sector was the first into lockdown and will be the last out of lockdown. Businesses will need to share the cost burden of the furlough scheme from August 2020 and the scheme will end entirely from October 2020. The biggest concern in the hospitality sector is the impact of reopening in a low revenue environment driven by Government forced and demand-led social distancing measures in the pubs and a structural shift from office to working from home with the latter having a particularly significant impact on central London pubs. Combined with low consumer spending and a decline in tourism in the medium term we expect a considerable negative impact on trading performance until 2022-23 and a loss of investor appetite until 2025 in line with the GFC.</p>\r\n\r\n<p>Depending on Government guidance, the management team will take a view as to whether or not certain pubs should reopen in 2020 even after the Government has ended lockdown as social distancing and an unprecedented fall in demand could well make the pubs unsustainable in the next 12-18 months.&nbsp;</p>\r\n\r\n<p>In terms of P&amp;L and cash flow forecasts we are waiting to receive more guidance from the Government as to how pubs and restaurants can operate post lockdown and indeed when lockdown will end. Once we have this guidance we will be in a better position to provide detailed forecasts showing likely cash burn and capital investment requirements. At this point we hope to be able to provide a strategy on how to proceed in this new climate including disposal or restructuring if required. &nbsp;&nbsp;</p>\r\n\r\n<p>I will be in touch as soon as we have more information from Government on when and how lockdown will be eased for the hospitality sector.</p>\r\n\r\n<p>Regards,</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>James McCulloch</p>\r\n\r\n<p>Managing Director</p>\r\n\r\n<p>Harcourt Inns</p>\r\n\r\n<p>Tel: 07904910301</p>\r\n\r\n<p><a href="mailto:james@harcourtinns.co.uk">Email: james@harcourtinns.co.uk</a></p>\r\n\r\n<p>Post: 139 Ladbroke Grove, Notting Hill, London W10 6HJ</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><img src="data:image/png;base64,[encoded data, 108776 characters]" style="height:153px; width:811px" /></p>', '2020-05-14 00:00:00', 'Impact of CV-19. Advising for need for capital injection'),
	(52, 8, '2020-08-15 23:21:14', 'Future projections', NULL, 'Investor update', '<p>o Sent by James McCulloch on the 14th May 2020.<br />\r\no No mention of loans, or financial distress of the pubs.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>Shareholder Update</strong></p>\r\n\r\n<p>Following the closure of the pubs in late March all employees were enrolled onto the Government Furlough scheme. This has helped provide security for staff during these difficult times.</p>\r\n\r\n<p>We have negotiated short term interest and capital holidays with lenders and a temporary break on financial covenants.</p>\r\n\r\n<p>Unfortunately, the hospitality sector was the first into lockdown and will be the last out of lockdown. Businesses will need to share the cost burden of the furlough scheme from August 2020 and the scheme will end entirely from October 2020. The biggest concern in the hospitality sector is the impact of reopening in a low revenue environment driven by Government forced and demand-led social distancing measures in the pubs and a structural shift from office to working from home with the latter having a particularly significant impact on central London pubs. Combined with low consumer spending and a decline in tourism in the medium term we expect a considerable negative impact on trading performance until 2022-23 and a loss of investor appetite until 2025 in line with the GFC.</p>\r\n\r\n<p>Depending on Government guidance, the management team will take a view as to whether or not certain pubs should reopen in 2020 even after the Government has ended lockdown as social distancing and an unprecedented fall in demand could well make the pubs unsustainable in the next 12-18 months.&nbsp;</p>\r\n\r\n<p>In terms of P&amp;L and cash flow forecasts we are waiting to receive more guidance from the Government as to how pubs and restaurants can operate post lockdown and indeed when lockdown will end. Once we have this guidance we will be in a better position to provide detailed forecasts showing likely cash burn and capital investment requirements. At this point we hope to be able to provide a strategy on how to proceed in this new climate including disposal or restructuring if required. &nbsp;&nbsp;</p>\r\n\r\n<p>I will be in touch as soon as we have more information from Government on when and how lockdown will be eased for the hospitality sector.</p>\r\n\r\n<p>Regards,</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>James McCulloch</p>\r\n\r\n<p>Managing Director</p>\r\n\r\n<p>Harcourt Inns</p>\r\n\r\n<p>Tel: 07904910301</p>\r\n\r\n<p><a href="mailto:james@harcourtinns.co.uk">Email: james@harcourtinns.co.uk</a></p>\r\n\r\n<p>Post: 139 Ladbroke Grove, Notting Hill, London W10 6HJ</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><img src="data:image/png;base64,[encoded data, 108776 characters]" style="height:153px; width:811px" /></p>', '2020-05-14 00:00:00', 'Impact of CV-19. Advising for need for capital injection'),
	(53, 10, '2020-08-15 23:39:34', '2020', NULL, 'Investor update', '<p><a name="_MailOriginal"><strong>From:</strong></a> James McCulloch &lt;james@harcourtinns.co.uk&gt;<br />\r\n<strong>Sent:</strong> 20 May 2020 08:50<br />\r\n<strong>To:</strong> James McCulloch &lt;james@harcourtinns.co.uk&gt;<br />\r\n<strong>Subject:</strong> COVID-19</p>\r\n\r\n<p><strong>Shareholder Update</strong></p>\r\n\r\n<p>Following the closure of all pubs in late March, employees were enrolled onto the Government Furlough scheme. This has helped provide security for staff during these difficult times.</p>\r\n\r\n<p>We have negotiated short term interest and capital holidays with lenders and a temporary break on financial covenants.</p>\r\n\r\n<p>Unfortunately the hospitality sector was the first into lockdown and will be the last out of lockdown. Businesses will need to share the cost burden of the furlough scheme from August 2020 and the scheme will end entirely from October 2020. The biggest concern in the hospitality sector is the impact of reopening in a low revenue environment driven by Government forced and demand-led social distancing measures in the pubs and a structural shift from office to working from home with the latter having a particularly significant impact on central London pubs. Combined with low consumer spending and a decline in tourism in the medium term we expect a considerable negative impact on trading performance until 2022-23 and a loss of investor appetite until 2025 in line with the GFC.</p>\r\n\r\n<p>Following Government guidance, the management team will take a view as to how the pub should reopen in 2020 after the Government has ended lockdown as social distancing and an unprecedented fall in demand could well make the pubs unsustainable in the next 12-18 months.&nbsp;</p>\r\n\r\n<p>We intend on circulating P&amp;L and cash flow forecasts by 29th May and following this we intend on developing a strategy on how to proceed in this new climate including disposal or restructuring if required. &nbsp;&nbsp;</p>\r\n\r\n<p>In terms of formal EIS approval for Maida Vale Leisure Limited the general feeling from our tax advisers is that this should hopefully be forthcoming by either late June or early July. Despite the extremely long enquiry into the operations of MVLL our tax advisers are confident that the business is independent and hence EIS qualifying and the &ldquo;fishing exercise&rdquo; by HMRC is part of a larger concerted effort by HMRC to reduce what they regard more complicated EIS arrangements but in this case without merit.</p>\r\n\r\n<p>We will be in touch shortly.</p>\r\n\r\n<p>Regards,</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>James McCulloch</p>\r\n\r\n<p>Managing Director</p>\r\n\r\n<p>Harcourt Inns</p>\r\n\r\n<p>Tel: 07904910301</p>\r\n\r\n<p><a href="mailto:james@harcourtinns.co.uk">Email: james@harcourtinns.co.uk</a></p>\r\n\r\n<p>Post: 139 Ladbroke Grove, Notting Hill, London W10 6HJ</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><img src="data:image/png;base64,[encoded data, 108972 characters]" style="height:153px; width:811px" /></p>', '2020-05-20 00:00:00', 'Mention of EIS - update promised in late June/ early July   (Deadline missed - no update yet)'),
	(54, 7, '2020-08-16 00:22:56', '2019', NULL, 'SAG - JM communication', NULL, '2019-08-22 00:00:00', 'Initial letter sent to JM raising concerns'),
	(55, 7, '2020-08-16 00:33:47', '2020', NULL, 'SAG - JM communication', '<p>&nbsp;</p>\r\n\r\n<p>&quot;I am indeed the beneficiary and sole director of Harcourt Investments Ltd.</p>\r\n\r\n<p>Harcourt Investments Ltd purchased the management agreement from Ducalian Capital Ltd. No approval was required from Harcourt Pub Ltd or indeed shareholders of Harcourt Pub Ltd for the assignment / novation.</p>\r\n\r\n<p>I led the purchase of the Harcourt Pub when I was at Ducalian and given Ducalian&rsquo;s lack of experience in the sector at the time the directors decided to employ a third party operator (Sansar) to carry out the refurbishment and subsequent operation.</p>\r\n\r\n<p>As the portfolio of pubs overseen by Ducalian grew it was prudent to put its own operating team together to provide a head office function. Sansar it turns out lacked the skillset to deliver the business from an operational perspective.</p>\r\n\r\n<p>Over the last 12-18 months we have sought legal advice to terminate the Sansar agreement but the advice is that its impossible without agreeing a payoff. Sansar wanted to be paid a premium for termination which was refused and given the current shareholder mood it was absolutely the right call to make.&quot;</p>\r\n\r\n<p>The Harcourt became an events space with a Scandinavian restaurant at the front with the bulk of operating profit generated in December. Location is very tough without a solid drinking crowd and destination diners and given the growing success of other pubs within the group, of which I am also a director of, I have a good idea of what makes them work.</p>\r\n\r\n<p>In the absence of an operating team the GM had full autonomy and his team was creating an unsustainable toxic environment and the head chef was about to leave in January this year before the GM handed in his notice. Unfortunately the GM had a wealthy friend who drank and ate in the pub and spent c&pound;5-6k pcm &ndash; however this wasn&rsquo;t sustainable for obvious reasons and promptly ceased. Anyone with kitchen experience will know that the kitchen at the Harcourt is not the best working environment and so you need to retain chefs. Furthermore, anyone who has managerial experience of food-led pub groups knows the importance of a chef director to recruit and retain staff particularly in this challenging environment.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>The events and PDR coordinator went on maternity leave earlier this year and in fact mentally checked out prior to this and given the reliance on events there was a big drop in events and hence revenue.</p>\r\n\r\n<p>It is purely coincidental that the split between Ducalian happened at the same time as a move away from a Scandinavian restaurant with event space to a pub with dining room and events space &ndash; in line with the other group pubs &ndash; as this was planned anyway regardless of the split.</p>\r\n\r\n<p>The head office cost contribution goes towards everything from PR and digital marketing consultants, chef director salary, head of operations, HR consultants, project and marketing coordinator, events &amp; PDR management &amp; personnel, in-house maintenance, team building, staff training, recruitment, management software. I can assure you that &pound;4k pcm contribution barely even touches the sides let alone makes a profit so the idea that &pound;4k is going straight into my pocket is nonsense to say the least.&nbsp;</p>\r\n\r\n<p>For example I am reviewing group PR consultants and met two F&amp;B focused PR consultants today at the Harcourt with a view to making that site a priority, however, I will have to divert their attention elsewhere if shareholders aren&rsquo;t willing to make a contribution towards their cost.</p>\r\n\r\n<p>This is before you look at group purchasing to achieve economies of scale. &nbsp;</p>\r\n\r\n<p>Without any of this the Harcourt is just bricks and mortar. You take the operational infrastructure away from the Harcourt and certainly the current team would leave and so uncomfortable decisions would need to be made as to whether its viable as a going concern and should be closed.</p>\r\n\r\n<p>In any case, and given you and your fellow shareholder group (as you have suggested) are openly talking about removing the current directors and all operational infrastructure then its sensible now to look at exit options.&nbsp;</p>\r\n\r\n<p>I will likely be calling a shareholder meeting in January 2020 to present exit options.</p>\r\n\r\n<p>Regards,</p>\r\n\r\n<p>James</p>\r\n\r\n<p><br />\r\n&nbsp;</p>', '2020-05-01 00:00:00', 'Background to contract negotiations (email chain with DS).'),
	(56, 7, '2020-08-16 00:50:36', '2016', NULL, 'Management Contracts (Sansar & Ops)', '<p>Received 2 June from RC</p>', '2020-06-02 00:00:00', 'Management Contracts (Sansar & Ops)'),
	(58, 13, '2020-08-16 00:55:50', '2019', NULL, 'SAG - JM communication', '<p>12Paulton Street<br />\r\nLondon<br />\r\nSW3 5DR</p>\r\n\r\n<p><strong>James McCullogh<br />\r\nHarcourt Pub Limited<br />\r\n139 Ladbroke Grove<br />\r\nLondon</strong></p>\r\n\r\n<p>W10 6HJ<br />\r\n1 October 2019</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Dear James,</p>\r\n\r\n<p>I am writing to follow up on your response dated 13 September 2019 to our letter of 22 August 2019. Thank you also for sending the pre application for planning and reports.<br />\r\nWe acknowledge that the pre app appears to be well presented and sensible, but all depends on whether it ultimately receives consent. If consent is received this should immediately enhance the inherent value in the Harcourt for a buyer, but we would reiterate that we currently have little appetite to see significant money borrowed to finance the development with the attendant risk&nbsp; or to bear the drag on profitability which would result from the disruption caused over a long build period.</p>\r\n\r\n<p>Whilst we understand why you would want to package the Harcourt as part of a pub group, we have already identified there are significant structural issues which have a direct impact on our equity in the Harcourt. But we are no wiser as to how you can assure us that our value will not be compromised by the strategy you are proposing, and we have significant concerns:</p>\r\n\r\n<ul>\r\n	<li>Our equity value will continue to be eroded by your 2% annual fee until at least 2023. You benefit from the delay in exit directly at our expense.&nbsp; We invested our money in the first quarter of 2015, four and a half years ago, and there is already the overhang of the 2% charges which have been rolling up.</li>\r\n	<li>The separate SPV structure means that Pub Group is completely dependent on obtaining the consent of the shareholders in each of the other five pubs. If such consents cannot be obtained, then Pub Group does not work and the platform value and hike in exit multiple on which you are relying cannot be delivered</li>\r\n	<li>Much depends on the management team to drive superior returns across the pub group over the next 4 years as well as the performance of all the other pubs. The track record to date has been patchy.</li>\r\n	<li>We suspect that the Harcourt has already borne a disproportionate share of setting up the pub Group structure, supporting underperformance in the Three Cranes and false starts in the trading model with undue emphasis on the restaurant at the expense of the pub offering. We and other friends pointed out that the latter did not work when initial trading started over three years ago, and we find it irritating that it has taken so long to address this and rebalance the offering.</li>\r\n</ul>\r\n\r\n<p>The way in which shareholders have been treated to date does not inspire confidence or trust. Transparency and provision of information has been very poor, despite written promises to provide regular dashboard updates on various occasions. You have said that you cannot provide the financial information that we requested in our letter of 22 August until January 2020. We made the initial request for this financial information in our meeting in June. Such a long delay raises significant doubts about financial management and priorities.</p>\r\n\r\n<p>The prolonged failure to obtain EIS certificates on a timely basis in the Hero has had a direct impact on investor liquidity, which was a critical factor in investing in the pubs.&nbsp; We know there is widespread concern amongst friends and acquaintances who are invested in the Hero and other more recent pubs, like KPH and Chiswick, that there will be problems with those as well.</p>\r\n\r\n<p>In summary you are asking us to back you for a further four years, but the management track record leaves a lot to be desired and is, as yet, unproven across a pub estate. We lack confidence that remaining invested in the Harcourt will be good for us as opposed to seeking a sale now.</p>\r\n\r\n<p>We note that you are considering presenting a cash alternative for those that would not wish to remain invested in the Harcourt and that may take time. Nonetheless we request that you appoint advisers immediately to opine on value and exit options and to provide their analysis by, say, 1 November. We would like assurances also that the detailed financial information that we have requested on overhead allocation across the pubs will be provided by 1 November or earlier.</p>\r\n\r\n<p>Ultimately if you are unable to provide a satisfactory response as requested, we will proceed to requisition an EGM and ask shareholders to vote on a sale of the Harcourt to optimise our value.</p>\r\n\r\n<p>As before we are happy to attend a meeting if you think that would be productive in addressing our concerns.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Yours sincerely</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Quentin Humberstone</p>\r\n\r\n<p>Steve Partridge</p>\r\n\r\n<p>John Soden</p>\r\n\r\n<p>Philip Wright</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>', '2019-10-01 00:00:00', 'Investor concerns raised Sep 2019'),
	(59, 7, '2020-08-16 01:01:16', '2015', NULL, 'Management Contracts (Sansar & Ops)', NULL, '2015-03-11 00:00:00', 'Management contract - check for fees'),
	(60, 11, '2020-08-16 01:06:56', '2018', NULL, 'Operations agreements', '<p>To be reviewed</p>', '2020-06-17 00:00:00', 'To be reviewed'),
	(61, 7, '2020-08-16 01:16:18', '2020', NULL, 'Ducalian website', '<p><a href="https://app.klipfolio.com/published/435192f30782ef0d99573d99633d7fba/the-harcourt" target="_blank">https://app.klipfolio.com/published/435192f30782ef0d99573d99633d7fba/the-harcourt</a>&nbsp; &nbsp;password ducalian_capital</p>\r\n\r\n<p>but it&#39;s disappeared after the mgmt buyout&nbsp;</p>', '2018-08-01 00:00:00', 'Ducalian website'),
	(62, 13, '2020-08-16 01:24:16', '2019', NULL, 'SAG - JM communication', '<p><strong>From: </strong>James McCulloch &lt;<a href="mailto:james@harcourtinns.co.uk">james@harcourtinns.co.uk</a>&gt;</p>\r\n\r\n<p><strong>Subject: RE: Shareholder update urgent</strong></p>\r\n\r\n<p><strong>Date: </strong>21 October 2019 at 11:12:52 BST</p>\r\n\r\n<p><strong>To: </strong>Andy Thompson &lt;<a href="mailto:wiganpunter@gmail.com">wiganpunter@gmail.com</a>&gt;</p>\r\n\r\n<p><strong>Cc: </strong>&quot;<a href="mailto:parkhouse87@btinternet.com">parkhouse87@btinternet.com</a>&quot; &lt;<a href="mailto:parkhouse87@btinternet.com">parkhouse87@btinternet.com</a>&gt;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Andy,<br />\r\n<br />\r\nI am disappointed to hear of your growing concerns about lack of information regarding the Harcourt. It has always been our intention to provide full transparency and communications and following my email in May outlining the company&#39;s new reporting structure we will be providing management accounts and a trading report in November for the period up to 30 September 2019 and then every six months thereafter.<br />\r\n<br />\r\nI have spent the last six months building the infrastructure and recruiting the personnel to help lay the foundations for a successful hospitality business and so I have generally been absorbed in operational matters. Clearly this wont change for the foreseeable future but I am now starting to engage and communicate with shareholders to ensure transparency on both performance and strategy.<br />\r\n<br />\r\nI am working on strategic options for the business and will be laying out a time table as per my email to shareholders last week. These strategic options will form part of an overall corporate strategy for the whole group and will require many hours to build a proposal including financial modelling and input from third party advisers. I would be more than happy to meet you and share my strategy, however, it may be more productive if it is a little more advanced and so perhaps mid to late November would be more appropriate.<br />\r\n<br />\r\nFurthermore, I am in discussions with a highly experienced individual, having built a highly successful multi-billion pound business, to join Harcourt Inns as Chairman to help both operationally and strategically.<br />\r\n<br />\r\nI can assure you that as founder of Harcourt Inns and the pub group, I am working very hard, alongside my leadership team, to optimise shareholder value.<br />\r\n<br />\r\nRegards,<br />\r\n<br />\r\nJames McCulloch<br />\r\nManaging Director<br />\r\nHarcourt Inns<br />\r\n<a href="mailto:james@harcourtinns.co.uk">Email: james@harcourtinns.co.uk</a><br />\r\nPost: 139 Ladbroke Grove, Notting Hill, London W10 6HJ<br />\r\n&nbsp;</p>', '2019-10-21 00:00:00', 'Response to concerns around lack of engagement'),
	(63, 12, '2020-08-16 01:38:24', '2018', NULL, 'Various contracts and EIS correspondence', '<p>Here is the EIS stuff McC sent this morning.&nbsp; It relates only to KPH not Hero or Chiswick.&nbsp; I&#39;ve asked him why.&nbsp; No response&nbsp;as yet, of course.</p>\r\n\r\n<p>I&#39;ve reached out to Philip Hare but he&#39;s not responded.&nbsp; I&#39;ll call his office tomorrow when I&#39;ve got a moment.&nbsp; But<strong> John and Stephen N, </strong>when you see McC tomorrow, can you ask him to tell Hare to contact me right away and not prevaricate please.</p>\r\n\r\n<p>In terms&nbsp;of this KPH stuff, it seems to be just an initial&nbsp;letter with questions from&nbsp;HMRC (31 December 2019) followed by a response from&nbsp;Hare on <strong>23 June 2020.&nbsp;</strong>&nbsp;(Why did it take&nbsp;6 months for this response to be issued when we&#39;ve all been chasing McC for months on this?). All the docs are as provided by Hare to HMRC with his response.&nbsp; The questions do not seem overly alarming at this stage but clearly&nbsp;HMRC have knowledge of the way Ducalian/McC operate and will want to be satisfied that the company is (or has been) genuinely trading and is not under the control of Harcourt Investments/Inns/McC.&nbsp; Based on a prior discussion with&nbsp;Hare last year (which was not especially open), I believe HMRC have looked into these areas in more detail with the Hero and possibly Chiswick.&nbsp; We really need to find out from&nbsp;Hare where that process has got to.&nbsp;</p>\r\n\r\n<p>So the jury&#39;s out at the moment.</p>\r\n\r\n<p>Amongst the bundle of docs sent through is the management services agreement KPH has with Harcourt Inns (the services hub).&nbsp; I was curious, and of course annoyed, to see it provides for a fee of 25% of operating profit and looks to be very difficult for KPH to terminate.&nbsp; A mini version&nbsp;of the management agreement with Harcourt Investments.&nbsp;&nbsp;</p>', '2020-07-07 00:00:00', 'Sent by JM 7 July 2020'),
	(64, 9, '2020-08-27 11:45:51', 'August 2020', NULL, 'Valuation', '<p>Attached is the IM for the Sale and Leaseback arrangement for 4 pubs.&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Some observations from the material.</p>\r\n\r\n<ul>\r\n	<li>James continues to refer to a &quot;pub group&quot;.&nbsp; P9 - &quot;Harcourt Inns is an Award winning London-focused pub, dining and hotel <strong>group. &quot;</strong></li>\r\n	<li>He notes that the guide price (which is the price he is offering to buy in the Mike Smith offer) is &quot;significantly below vacant possession value&quot; and &quot;significantly below site assembly cost&quot;</li>\r\n	<li>He is seeking &pound;10m, for a lease of &pound;295k per annum, indexed linked, collared 1-4%</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>', '2020-08-27 00:00:00', 'Fleurets- Sale and Leaseback proposal for 4 pubs. (£10m for 295k pa)'),
	(65, 11, '2020-08-28 13:42:28', 'August 2020', NULL, 'Valuation', '<p>Attached is the IM for the Sale and Leaseback arrangement for 4 pubs.&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Some observations from the material.</p>\r\n\r\n<ul>\r\n	<li>James continues to refer to a &quot;pub group&quot;.&nbsp; P9 - &quot;Harcourt Inns is an Award winning London-focused pub, dining and hotel <strong>group. &quot;</strong></li>\r\n	<li>He notes that the guide price (which is the price he is offering to buy in the Mike Smith offer) is &quot;significantly below vacant possession value&quot; and &quot;significantly below site assembly cost&quot;</li>\r\n	<li>He is seeking &pound;10m, for a lease of &pound;295k per annum, indexed linked, collared 1-4%</li>\r\n</ul>', '2020-08-27 00:00:00', 'Fleurets- Sale and Leaseback proposal for 4 pubs. (£10m for 295k pa)'),
	(66, 8, '2020-08-28 13:42:32', 'August 2020', NULL, 'Valuation', '<p>Attached is the IM for the Sale and Leaseback arrangement for 4 pubs.&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Some observations from the material.</p>\r\n\r\n<ul>\r\n	<li>James continues to refer to a &quot;pub group&quot;.&nbsp; P9 - &quot;Harcourt Inns is an Award winning London-focused pub, dining and hotel <strong>group. &quot;</strong></li>\r\n	<li>He notes that the guide price (which is the price he is offering to buy in the Mike Smith offer) is &quot;significantly below vacant possession value&quot; and &quot;significantly below site assembly cost&quot;</li>\r\n	<li>He is seeking &pound;10m, for a lease of &pound;295k per annum, indexed linked, collared 1-4%</li>\r\n</ul>', '2020-08-27 00:00:00', 'Fleurets- Sale and Leaseback proposal for 4 pubs. (£10m for 295k pa)'),
	(67, 12, '2020-08-28 13:42:35', 'August 2020', NULL, 'Valuation', '<p>Attached is the IM for the Sale and Leaseback arrangement for 4 pubs.&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Some observations from the material.</p>\r\n\r\n<ul>\r\n	<li>James continues to refer to a &quot;pub group&quot;.&nbsp; P9 - &quot;Harcourt Inns is an Award winning London-focused pub, dining and hotel <strong>group. &quot;</strong></li>\r\n	<li>He notes that the guide price (which is the price he is offering to buy in the Mike Smith offer) is &quot;significantly below vacant possession value&quot; and &quot;significantly below site assembly cost&quot;</li>\r\n	<li>He is seeking &pound;10m, for a lease of &pound;295k per annum, indexed linked, collared 1-4%</li>\r\n</ul>', '2020-08-27 00:00:00', 'Fleurets- Sale and Leaseback proposal for 4 pubs. (£10m for 295k pa)'),
	(68, 13, '2020-08-29 12:19:52', '2016', NULL, 'EIS', '<p><strong>Articles that mention the other pubs, but no mention of group:</strong></p>\r\n\r\n<p><a href="https://www.bighospitality.co.uk/Article/2018/12/04/Henry-Harris-and-Harcourt-Inns-to-open-The-Crown-in-Chiswick-early-next-year">https://www.bighospitality.co.uk/Article/2018/12/04/Henry-Harris-and-Harcourt-Inns-to-open-The-Crown-in-Chiswick-early-next-year</a></p>\r\n\r\n<p><a href="https://www.theguardian.com/lifeandstyle/2018/jun/10/the-coach-farringdon-like-greeting-a-much-missed-old-friend-restaurant-review">https://www.theguardian.com/lifeandstyle/2018/jun/10/the-coach-farringdon-like-greeting-a-much-missed-old-friend-restaurant-review</a></p>\r\n\r\n<p><a href="https://www.hardens.com/uk-london/10-01-2018/henry-harris-and-james-mcculloch-to-launch-the-coach/">https://www.hardens.com/uk-london/10-01-2018/henry-harris-and-james-mcculloch-to-launch-the-coach/</a></p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>Articles that mention the pubs as part of a group:</strong></p>\r\n\r\n<p><a href="https://www.thecaterer.com/sector/pub-bar/former-racine-chef-patron-henry-harris-to-open-three-new-london-pubs">https://www.thecaterer.com/sector/pub-bar/former-racine-chef-patron-henry-harris-to-open-three-new-london-pubs</a></p>\r\n\r\n<p><a href="https://www.bighospitality.co.uk/Article/2019/06/21/Kensington-Park-Hotel-to-reopen-as-KPH-as-part-of-Henry-Harris-gastropub-group">https://www.bighospitality.co.uk/Article/2019/06/21/Kensington-Park-Hotel-to-reopen-as-KPH-as-part-of-Henry-Harris-gastropub-group</a></p>\r\n\r\n<p><a href="https://restaurantindustry.co.uk/2019/07/24/opening-date-announcement-the-kph-notting-hill-harcourt-inns/">https://restaurantindustry.co.uk/2019/07/24/opening-date-announcement-the-kph-notting-hill-harcourt-inns/</a></p>\r\n\r\n<p><a href="https://www.hospitalityandcateringnews.com/2017/11/james-mcculloch-henry-harris-celebrate-new-pubs-openings/">https://www.hospitalityandcateringnews.com/2017/11/james-mcculloch-henry-harris-celebrate-new-pubs-openings/</a></p>\r\n\r\n<p><a href="https://www.thegoodfoodguide.co.uk/get-inspired/news/the-gfg-briefing--14-september-2018">https://www.thegoodfoodguide.co.uk/get-inspired/news/the-gfg-briefing--14-september-2018</a></p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>Shareholder update</strong></p>\r\n\r\n<p><a href="https://london-pubs.atts-systems.com/dashboard/financial/33">https://london-pubs.atts-systems.com/dashboard/financial/33</a></p>', '2020-01-01 00:00:00', 'Press articles (and shareholder updates) claiming the pubs are part of a group (or JM owned!)'),
	(69, 13, '2020-08-30 11:32:55', '2020', NULL, 'EGMs called for all 6 pubs', '<p>EGMs for all pubs</p>', '2020-08-13 00:00:00', 'Expires 10 September'),
	(70, 7, '2020-08-30 11:59:28', '2020', NULL, 'SAG - JM communication', '<p><strong>From:</strong> andrew endean &lt;<a href="mailto:aendean27@gmail.com">aendean27@gmail.com</a>&gt;<br />\r\n<strong>Date:</strong> 27 August 2020 at 15:47:40 BST<br />\r\n<strong>To:</strong> <a href="mailto:soden.j@gmail.com">soden.j@gmail.com</a><br />\r\n<strong>Subject:</strong> <strong>HARCOURT - WITHOUT PREJUDICE</strong></p>\r\n\r\n<p>﻿Dear John<br />\r\n<br />\r\nCan we please have a meeting to discuss our outstanding fees / payments for services related to our management contract at the Harcourt<br />\r\n<br />\r\nI have spoken to James and he has confirmed that you are our new point of contact ( on behalf of the Investors ) &nbsp;. We have formally written to Harcourt Inns and have put them on notice that we intend to take legal action . The period has expired and we are due to raise a cheque for &pound;8,500 to cover the courts costs which in turn will be recoverable as will any loss of interest etc<br />\r\n<br />\r\nPlease can we meet to tomorrow before say 11am or after 4pm ( virtual or in London )<br />\r\n<br />\r\n<br />\r\nKind regards<br />\r\n<br />\r\n<br />\r\n<br />\r\nAndrew Endean<br />\r\n07920 834242</p>', '2020-08-30 00:00:00', 'Insolvency of Harcourt likely'),
	(71, 12, '2020-09-04 16:57:14', '2020', NULL, 'Management Accounts (Balance sheet)', NULL, '2020-08-24 00:00:00', 'Assets as of  18 Aug 2020'),
	(72, 11, '2020-09-04 16:57:18', '2020', NULL, 'Management Accounts (Balance sheet)', NULL, '2020-08-24 00:00:00', 'Assets as of  18 Aug 2020'),
	(73, 10, '2020-09-04 16:57:22', '2020', NULL, 'Management Accounts (Balance sheet)', NULL, '2020-08-24 00:00:00', 'Assets as of  18 Aug 2020'),
	(74, 9, '2020-09-04 16:57:24', '2020', NULL, 'Management Accounts (Balance sheet)', NULL, '2020-08-24 00:00:00', 'Assets as of  18 Aug 2020'),
	(75, 8, '2020-09-04 16:57:27', '2020', NULL, 'Management Accounts (Balance sheet)', NULL, '2020-08-24 00:00:00', 'Assets as of  18 Aug 2020'),
	(76, 7, '2020-09-04 16:57:30', '2020', NULL, 'Management Accounts (Balance sheet)', NULL, '2020-08-24 00:00:00', 'Assets as of  18 Aug 2020'),
	(77, 7, '2020-09-05 12:42:22', '2020', NULL, 'Broad Investor Communication', '<p>Final version</p>', '2020-09-09 00:00:00', 'Email to ALL investors'),
	(79, 11, '2020-09-05 12:52:24', '2020', NULL, 'Broad Investor Communication', '<p>Pen being held by Steve Nurse</p>', '2020-09-09 00:00:00', 'Email to ALL investors'),
	(80, 10, '2020-09-05 12:52:40', '2020', NULL, 'Broad Investor Communication', NULL, '2020-09-09 00:00:00', 'Email to ALL investors'),
	(81, 9, '2020-09-05 12:52:44', '2020', NULL, 'Broad Investor Communication', NULL, '2020-09-09 00:00:00', 'Email to ALL investors'),
	(82, 8, '2020-09-05 12:52:48', '2020', NULL, 'Broad Investor Communication', '<p>Nick S holding the pen</p>', '2020-09-09 00:00:00', 'Email to ALL investors'),
	(83, 8, '2020-09-05 18:38:07', '2019', NULL, 'Investor update', '<p>Comment:</p>\r\n\r\n<p>It shows a small profit while it omitting the largest drivers of actual profit - &nbsp;of interest, management fees etc.&nbsp; By Dec 2018 they had a 547k loan to Metro bank and had cumulative net losses.</p>\r\n\r\n<p>Any investor reading this would think their investment is at &lsquo;just over&rsquo; par&nbsp; -not a great return but not the disaster that it was.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p><strong>From:</strong> Robert Cherry &lt;<a href="mailto:robert.cherry@ducalian.co.uk">robert.cherry@ducalian.co.uk</a>&gt;<br />\r\n<strong>Date:</strong> 6 March 2019 at 08:42:05 GMT<br />\r\n<strong>To:</strong> Robert Cherry &lt;<a href="mailto:robert.cherry@ducalian.co.uk">robert.cherry@ducalian.co.uk</a>&gt;<br />\r\n<strong>Subject:</strong> <strong>The Three Cranes investor reporting</strong></p>\r\n\r\n<p>﻿</p>\r\n\r\n<p>Dear Shareholder,</p>\r\n\r\n<p>Please find the attached letter and management accounts for Three Cranes Pub Ltd.</p>\r\n\r\n<p>The pub reporting will now be in this format and sent out every 6 months. This should give you a better idea of the financials of the business rather than the KPI dashboards we have previously used.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Best regards,</p>\r\n\r\n<p>Rob</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>Robert Cherry</p>\r\n\r\n<p>Ducalian Capital</p>', '2019-03-06 00:00:00', 'Indicates profit of £105k, but misleading as omits many factors driving 3C into actual loss'),
	(84, 7, '2020-09-05 19:31:45', '2019', NULL, 'Management Accounts (June 2018 - Nov 2018)', '<p>Omits Management fees</p>', '2019-01-07 00:00:00', 'Shows Operating Loss'),
	(85, 9, '2020-09-05 20:05:39', '2019', NULL, 'Investor update', NULL, '2019-03-05 00:00:00', 'To be confirmed'),
	(87, 7, '2020-09-11 00:33:36', '2020', NULL, 'EGMs', '<ol>\r\n	<li>Please attend the General Meeting on <strong>Wednesday 30th September</strong>\r\n	<ul style="list-style-type:disc">\r\n		<li>55 Shirland Rd, Maida Vale, London, W9 2JD (Hero of Maida pub)</li>\r\n	</ul>\r\n	</li>\r\n	<li>If you are unable to attend and wish to nominate the Chairman of the meeting as your proxy please ensure that you tick whether you are FOR or AGAINST the resolution.&nbsp;</li>\r\n	<li>Alternatively, if you wish to nominate a proxy we would suggest that you fill in Nick Curtis, a member of SAG, but also clearly mark whether you are FOR or AGAINST the resolution.</li>\r\n	<li>On your response to the General Meeting request, please cc your SAG contact and&nbsp; <a href="mailto:harcourt-investors-action-group@atts-systems.com">harcourt-investors-action-group@atts-systems.com</a></li>\r\n	<li>Please add your phone contact details to our website (My contact details), or send an email to if you want to speak with one of the SAG team.</li>\r\n</ol>', '2020-09-03 00:00:00', 'EGM invite sent by JM 3 Sep 2020'),
	(88, 8, '2020-09-11 00:33:40', '2020', NULL, 'EGMs', '<ol>\r\n	<li>Please attend the General Meeting on <strong>Wednesday 30th September</strong>\r\n	<ul style="list-style-type:disc">\r\n		<li>55 Shirland Rd, Maida Vale, London, W9 2JD (Hero of Maida pub)</li>\r\n	</ul>\r\n	</li>\r\n	<li>If you are unable to attend and wish to nominate the Chairman of the meeting as your proxy please ensure that you tick whether you are FOR or AGAINST the resolution.&nbsp;</li>\r\n	<li>Alternatively, if you wish to nominate a proxy we would suggest that you fill in Nick Curtis, a member of SAG, but also clearly mark whether you are FOR or AGAINST the resolution.</li>\r\n	<li>On your response to the General Meeting request, please cc your SAG contact and&nbsp; <a href="mailto:harcourt-investors-action-group@atts-systems.com">harcourt-investors-action-group@atts-systems.com</a></li>\r\n	<li>Please add your phone contact details to our website (My contact details), or send an email to if you want to speak with one of the SAG team.</li>\r\n</ol>', '2020-09-03 00:00:00', 'EGM invite sent by JM 3 Sep 2020'),
	(89, 9, '2020-09-11 00:33:43', '2020', NULL, 'EGMs', '<ol>\r\n	<li>Please attend the General Meeting on <strong>Wednesday 30th September</strong>\r\n	<ul style="list-style-type:disc">\r\n		<li>55 Shirland Rd, Maida Vale, London, W9 2JD (Hero of Maida pub)</li>\r\n	</ul>\r\n	</li>\r\n	<li>If you are unable to attend and wish to nominate the Chairman of the meeting as your proxy please ensure that you tick whether you are FOR or AGAINST the resolution.&nbsp;</li>\r\n	<li>Alternatively, if you wish to nominate a proxy we would suggest that you fill in Nick Curtis, a member of SAG, but also clearly mark whether you are FOR or AGAINST the resolution.</li>\r\n	<li>On your response to the General Meeting request, please cc your SAG contact and&nbsp; <a href="mailto:harcourt-investors-action-group@atts-systems.com">harcourt-investors-action-group@atts-systems.com</a></li>\r\n	<li>Please add your phone contact details to our website (My contact details), or send an email to if you want to speak with one of the SAG team.</li>\r\n</ol>', '2020-09-03 00:00:00', 'EGM invite sent by JM 3 Sep 2020'),
	(90, 10, '2020-09-11 00:33:46', '2020', NULL, 'EGMs', '<ol>\r\n	<li>Please attend the General Meeting on <strong>Wednesday 30th September</strong>\r\n	<ul style="list-style-type:disc">\r\n		<li>55 Shirland Rd, Maida Vale, London, W9 2JD (Hero of Maida pub)</li>\r\n	</ul>\r\n	</li>\r\n	<li>If you are unable to attend and wish to nominate the Chairman of the meeting as your proxy please ensure that you tick whether you are FOR or AGAINST the resolution.&nbsp;</li>\r\n	<li>Alternatively, if you wish to nominate a proxy we would suggest that you fill in Nick Curtis, a member of SAG, but also clearly mark whether you are FOR or AGAINST the resolution.</li>\r\n	<li>On your response to the General Meeting request, please cc your SAG contact and&nbsp; <a href="mailto:harcourt-investors-action-group@atts-systems.com">harcourt-investors-action-group@atts-systems.com</a></li>\r\n	<li>Please add your phone contact details to our website (My contact details), or send an email to if you want to speak with one of the SAG team.</li>\r\n</ol>', '2020-09-03 00:00:00', 'EGM invite sent by JM 3 Sep 2020'),
	(91, 11, '2020-09-11 00:33:49', '2020', NULL, 'EGMs', '<ol>\r\n	<li>Please attend the General Meeting on <strong>Wednesday 30th September</strong>\r\n	<ul style="list-style-type:disc">\r\n		<li>55 Shirland Rd, Maida Vale, London, W9 2JD (Hero of Maida pub)</li>\r\n	</ul>\r\n	</li>\r\n	<li>If you are unable to attend and wish to nominate the Chairman of the meeting as your proxy please ensure that you tick whether you are FOR or AGAINST the resolution.&nbsp;</li>\r\n	<li>Alternatively, if you wish to nominate a proxy we would suggest that you fill in Nick Curtis, a member of SAG, but also clearly mark whether you are FOR or AGAINST the resolution.</li>\r\n	<li>On your response to the General Meeting request, please cc your SAG contact and&nbsp; <a href="mailto:harcourt-investors-action-group@atts-systems.com">harcourt-investors-action-group@atts-systems.com</a></li>\r\n	<li>Please add your phone contact details to our website (My contact details), or send an email to if you want to speak with one of the SAG team.</li>\r\n</ol>', '2020-09-03 00:00:00', 'EGM invite sent by JM 3 Sep 2020'),
	(92, 7, '2020-09-29 08:47:08', '2020', NULL, 'Change of directors', NULL, '2020-09-28 00:00:00', 'Change of directors'),
	(93, 8, '2020-09-29 08:47:10', '2020', NULL, 'Change of directors', NULL, '2020-09-28 00:00:00', 'Change of directors'),
	(94, 9, '2020-09-29 08:47:14', '2020', NULL, 'Change of directors', NULL, '2020-09-28 00:00:00', 'Change of directors'),
	(95, 10, '2020-09-29 08:47:19', '2020', NULL, 'Change of directors', NULL, '2020-09-28 00:00:00', 'Change of directors'),
	(96, 11, '2020-09-29 08:47:24', '2020', NULL, 'Change of directors', NULL, '2020-09-28 00:00:00', 'Change of directors'),
	(97, 7, '2021-03-13 16:17:12', '2021', NULL, 'Removal of Pre-Emptive rights', '<p>Removal of Pre-Emptive rights</p>', '2021-03-13 00:00:00', 'Removal of Pre-Emptive rights'),
	(98, 8, '2021-03-13 16:17:15', '2021', NULL, 'Removal of Pre-Emptive rights', '<p>Removal of Pre-Emptive rights</p>', '2021-03-13 00:00:00', 'Removal of Pre-Emptive rights'),
	(99, 9, '2021-03-13 16:17:18', '2021', NULL, 'Removal of Pre-Emptive rights', '<p>Removal of Pre-Emptive rights</p>', '2021-03-13 00:00:00', 'Removal of Pre-Emptive rights'),
	(100, 10, '2021-03-13 16:17:21', '2021', NULL, 'Removal of Pre-Emptive rights', '<p>Removal of Pre-Emptive rights</p>', '2021-03-13 00:00:00', 'Removal of Pre-Emptive rights'),
	(101, 11, '2021-03-13 16:17:24', '2021', NULL, 'Removal of Pre-Emptive rights', '<p>Removal of Pre-Emptive rights</p>', '2021-03-13 00:00:00', 'Removal of Pre-Emptive rights');

-- Dumping structure for table harcourt.fundraise
