Council told to explain 'massive loss' as taxpayers foot bill for 'failed venture' pub bought for £1m

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Council told to explain 'massive loss' as taxpayers foot bill for 'failed venture' pub bought for £1m.

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Cornwall Council has been told to come clean and explain itself after selling a former pub at auction for £275,000 despite buying it for £1million.The council bought the former General Wolfe pub on Bodmin Road in St Austell through its public services company Conserv, paying £1million for the property in 2020, to provide temporary housing.In 2025, the Local Democracy Reporting Service declared the projected costs of conversion work had significantly increased, with work now set to cost around £2.5million.Due to the rising costs, the building was put up for auction with a guide price of £150,000, and it sold last week for £275,000, a remarkable 72 per cent loss.

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TRENDING Stories Videos Your Say A new owner for the property has not yet been reported.Benjamin Elks from the Taxpayers' Alliance told GB News: "Taxpayers will be furious that a property bought for £1million with grand promises attached has now been sold at a massive loss."This is exactly the kind of speculative council...

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