Northampton residents raise £100,000 to save local pub

29-Oct-2013 - Last updated on 29-Oct-2013 at 08:57 GMT

residents have raised £100K

A group of Northamptonshire residents bidding to save a 19th century pub from closure have raised more than £100,000 in three weeks.

The Charwelton Community Pub and Shop Co-operative was formed earlier this month by villagers from Charwelton, near Daventry and is hoping to raise £147,000 by the end of October in order to exercise its option to buy the Fox and Hounds public house.

Asset of community value

Daniel Elkins, a member of the Charwelton Community Pub and Shop Co-operative, said the group was delighted with the support and enthusiasm shown for the pub, which was purchased by property developers last month and is listed as an asset of community value.

“We are now more than two thirds of the way there however, a further £45,000 is needed if we are to exercise our option to buy the pub and turn this dream into a reality,” he said.

“Our aim now is to encourage the widest possible participation in a bid to save The Fox and Hounds not just for now but for future generations. If the pub is to survive for another 140 years it will be because it gets well used and that’s where we believe community ownership can be vital.”

Shares to co-own the Fox and Hounds cost from £500 up to a maximum investment of £20,000 - the society aims to pay a return in the region of 3.5 per cent to its investors.

Since 2009 there has been an almost 25% increase in UK co-operative enterprises.