Red Lion in Sidbury to remain as a pub

06-Aug-2014 - Last updated on 08-Aug-2014 at 09:14 GMT

Sidbury Community Enterprises were not able to buy the Red Lion

A Devonshire community group that failed to raise the funds to buy its local have praised the fact the venue will remain as a pub.

Sidbury Community Enterprises (SCE) fought for more than a year to keep the Red Lion in Sidbury as a pub, after its closure led to fears that it could be converted to another use.

The group launched a share offer in April this year, but only managed to raise £102,250 of owner Punch Taverns’ renewed £190,000 asking price. The original asking price had been £295,000.

But despite the fact SCE failed to purchase the property, Punch said it has entered into an agreement with a private buyer who will retain the building as a pub.

SCE secretary John Loudoun said he now hopes the pub, which was listed as an asset of community value last year and is the only pub in the village, “will go from strength to strength”.

“Although the vision that SCE launched for the pub cannot be realised through community share ownership, we are pleased to have managed to secure the use of the premises as a pub for at least five years. So there is much to celebrate.

“A big thank you to everyone who has in any way, big or small, contributed to or supported the project to retain the Red Lion as Sidbury’s village pub.”

A Punch Taverns spokesman said completion of the contracts for the pub is set for 26 August.