Villagers need £250k minimum to buy community pub

The Ivy Inn in Heddington was put up for sale in May 2024

A village group said it has been forced to buy a community pub themselves after the government dropped its funding scheme.

The Community Ownership Fund - which gave communities grants to buy buildings - was closed by the Labour government when it came into power last year because of financial reasons.

Locals in Heddington, Wiltshire, are now resorting to a tax scheme which offers big tax cuts if they pay at least £10,000.

Dr Paul Moyle-Harris, who chairs the Friends of the Ivy group which was set up to save the pub, said "it has added £250,000 minimum to our bill".

The government said the decision to close the fund was "difficult" and new powers to help people take control of community assets will be brought in.

Friends of The Ivy said its share scheme would allow people to invest at least £100 but they still need to strike a deal with Wadworth Brewery.

Dr Moyle-Harris (left) wants to raise enough money to buy The Ivy Inn

The 17th Century pub has been listed on several property websites with an asking price of £340,000, and was put up for sale in May last year.

It is an asset of community value until 2029, meaning it is unlikely anyone can apply to redevelop the site.

The group said it is negotiating with Wadworth Brewery over the sale but they can't raise the amount until a fee is agreed.

"It's been a huge miss," he said.

"We've got to raise not only the cost of buying it, but there's no other equity grants you can get.

"You have to own the pub in the first place to get any other grant money. Nothing available to help you buy the pub.

"We've also got an increasingly worrying situation in the car park as it's collapsing, and we don't know why yet."

It is currently setting up a seed enterprise investment scheme through HMRC - meaning anyone who invests at least £10,000 will see a 50% cut in their tax bill the same year.

Similarly, people investing under £10,000 will be able to claim a 33% tax rebate under a different scheme.

Friends of the Ivy was launched on the back of the pub being put up for sale

Dr Moyle-Harris said the group first noticed the pub was "slowly deteriorating" in 2014, and put in a bid to buy the pub which was rejected.

"We don't have the money," he said.

"It's very interesting when you negotiating on behalf of a community organisation, the vendor not unreasonably wants should be proof of funds and we've had to say to them 'there'll be no funds until we agree a price.'

"Then we go out and launch a community share issue, and then we hopefully get enough money to buy the pub and renovate it."

The group said it wants to create a farm shop in the site with a vending machine which dispenses fresh food and produce such as sausages and cheese.

Wadworth Brewery has been approached for comment.