Community group launches share offer for Red Lion in Sidbury

22-Apr-2014 - Last updated on 23-Apr-2014 at 07:53 GMT

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The Red Lion is the only pub in a village of 800

Campaigners hoping to save a Devonshire village pub have launched a share offer, after Punch Taverns agreed to sell the property to a community enterprise group for £190,000 — significantly below its original asking price of £295,000.

The Red Lion, in Sidbury, will be run as a co-operative should Sidbury Community Enterprises (SCE) raise the money by 23 May to buy the pub through the share offer. Individuals will be able to buy shares at £50 each, up to a value of £20,000.

SCE is holding two open days in Sidbury Village Hall on 25 April and 3 May between 10am and 4pm to allow residents and prospective investors to discuss the share offer and see what refurbishments SCE is planning to undertake. The group has already commissioned an architect to create drawings and floor plans to upgrade the pub and redesign key parts of its ground floor bar and restaurant.

Community vision

SCE chair Fred Burnett said: “We have a vision that a future Red Lion business will be more than just a successful village pub. Since the outset of the campaign to retain the Red Lion the objective has been to retain it as a community asset. Our vision shows that we want the pub to be at the heart of the community. We want to support and work with local community groups and events. We also want to use the pub as a base from which new services can be provided to the community. Being a community-centred pub is key to our ethos and future success”.

The Red Lion is the only pub in a village of 800.