Locals are banding together to help save a “vital” community pub in Scarborough that is set to be sold.

Following the announcement of The Cask Inn’s sale, more than 550 people have signed a petition calling for the venue to be saved and registered as an asset of community value (ACV).

Residents have expressed fears that if sold, the pub, which is located on Cambridge Terrace, in the town’s Weaponness and Ramshill area, could be demolished or turned into housing.

Much loved by locals who see it not just as an important meeting place but also as a cultural and social institution, The Cask is home to the weekly Scarborough Jazz club as well as a host of other events.

One resident described it as “a haven of creativity and song” adding that “it would be an absolute tragedy if it is lost”.

The online petition states: “We object to the sale of the pub with no conditions of sale that the pub business, which is in itself successful, is protected.”

A spokesperson for Star Pubs and Bars, which is part of Heineken UK, confirmed that the pub was “earmarked” for sale but did not comment on whether any conditions would be attached regarding future use of the building.

“The Cask Inn requires extensive works to bring the pub and the flats above it into a good and maintainable state of repair. The costs associated with these works are considerable and are not something that fit within our leased and tenanted business model,” the spokesperson said.

Speaking to the Local Democracy Reporting Service (LDRS), they added: “However, The Cask is still a great pub, in a great location. It will offer real potential to the right investor who may operate under a different business model and who can then breathe new life into the pub and the flats for the benefit of the whole community. In the meantime, the pub remains open and trading as usual and will do so for the foreseeable future.”

Ward councillor Rich Maw said he was in favour of registering the pub as an asset of community value.

If successfull, it would allow the community up to six months to put together a bid to buy it on the open market.

Coun Maw said: “The pub is, as we all recognise, a fundamental part of South Cliff.

“It serves the local and wider community of Scarborough, hosts and sponsors an entire gamut of clubs and events and is trading well – go check it out!”

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Bob Walker, the chair, secretary and resident bass player of Scarborough Jazz, told the LDRS that in addition to being highly valued locally, the pub is also “recognised nationally as one of the best grassroots jazz venues in operation, attracting the cream of British jazz as well as international artistes”.

“The success of Scarborough Jazz is largely down to the total suitability of the venue to the genre.”

Mr Walker added: “Quite simply the loss of this facility would be felt throughout a much wider area than just Scarborough.”

Local resident Stephen Draper said: “The Cask has had a special atmosphere which sets it apart from a typical pub.”

Commenting on the online petition, another local said: “It is a true community hub where everyone is welcome and a valuable asset in a seaside town.”