save penrith cinema update

Update on the Lease Situation at the Alhambra:

I spoke to Vince Hughes, one of the directors of Graves, on Friday. He explained in some detail the financial information and the offer he had received, but on a confidential basis. I encouraged him to talk to his Board about sharing information more widely. He expressed interest in principle in the possibility of allowing the community to buy the premises and in giving a fixed period of time in which to come up with an offer. I have just spoken to him again, and he has this morning been given approval by his Board to extend the period of time in which to form a campaign and raise funds to April 30th 2010. He is offering an outright sale of £750,000, however they will not consider a lease. I have written to the Save Penrith Cinema Steering Group with this information.