Contracts were exchanged and completed this week between the pub company and the Salvation Squad — a volunteer organisation that led the campaign to save the New Inn, in Norton Lindsey.
The pub will be owned by the locals after £340,750 was raised through a sales of shares in the local community.
A £50,000 grant was also given by the Plunkett Foundation , an initiative to help local communities take control of local assets through joint ownership.
The site will be briefly open over the Christmas period before undergoing refurbishment and potentially reopening in February 2017.
Enterprise Inns CEO Simon Townsend said: “We regularly review our pubs and inevitably, we must reluctantly accept that sometimes there are pubs that no longer fit the criteria to remain under our ownership.
“We are pleased that the local community have been able to step in and take it on, guaranteeing its future. We wish them the best of luck and have offered to support them over the coming months, should they need it.”
‘A range of new services’
Lucy Boyes of the Salvation Squad said: “We are delighted to have successfully reached our investment target and thrilled to be taking on the pub.
“The New Inn will no longer be known as just the local pub, but will offer something for everyone as we introduce a range of new services, such as a village shop and café, that will further cement its position as a hub for the local community.
“Enterprise Inns has been extremely accommodating throughout the sale of the pub to the community and we’re really looking forward to thank everyone for their efforts when we open this Christmas.”