A PLAN by residents to buy their village pub has reached a crucial stage, as potential investors are urged to come forward with cash pledges.

The George and Dragon pub, in Hudswell, near Richmond, North Yorkshire, was closed over a year ago and remains empty - but locals are determined to re-open it.

The group set up to manage the project, Hudswell Community Pub Ltd, had an offer accepted to buy the pub from owner First Commercial Bank for £209,000 last October.

The group were officially registered with the Financial Services Authority on December 18 and sent out a prospectus to all those who had pledged to buy shares in the pub on December 28.

Paul Cullen, chairman of the board of directors, said: "We have almost succeeded in our attempt to raise the £220,000 needed to buy and equip the pub, but need the people who pledged sums to the group to come forward with the money before the end of the month."

The Hudswell Community Pub Ltd is now actively looking for people to become members by buying the shares previously pledged, or increase the original amount pledged, and for new investors to buy shares and become members.

Members are asked to pledge between £500 and £20,000, and each will be given an equal say in the business, regardless of how much they have invested.

It is hoped to complete the purchase by the end of February but investors are now needed to make a firm commitment by January 30.

If anyone would like a prospectus please visit richmond.org/community/hudswellpub/index.html