RESIDENTS who are aiming to buy and reopen their village pub have taken a big step towards achieving their dream.

Villagers in Hudswell, near Richmond, want to reopen the only pub in the village, the George and Dragon, saying the heart has been lost from the community since it closed a year ago.

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 in October 2009.

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: "Now that we are incorporated, we are legally able to enter into a contract to buy the premise and hire a tenant to run the pub.

"Up until now we have only been asking supporters to promise to buy shares - now we actually want their money."

Investors will become members of Hudswell Community Pub Ltd, which has been set up as an Industrial and Provident Society – a co-operative run for the benefit of the local community.

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.

The board hope to raise enough to buy and renovate the pub, which act as a community space and also have a small shop, which will be run at cost to benefit villagers.

Secretary of the board, Martin Booth, said: "Over 120 people have promised to by shares in our enterprise – now we actually need them to do it and we also need more investors.

"We believe we can get there and that, in about a month from now, the pub will be ours and a few weeks after that it will be open for business. We want to prove that, if the community pulls together, they can make the impossible happen."

For more information visit richmond.org/community/hudswellpub/index.html or contact Paul Cullen on 01748-824150, or Martin Booth on 01748-824204.