Campaign to save local pub fails to raise funds

A long-running campaign to save a much-loved pub has been unable to raise the funds to buy it.

Milverton Community Benefit Society (MCBS) planned to buy The Globe, in Milverton, Somerset, from its current owners in order to preserve it.

But the group said it had been unable to raise enough money from village investors, or in combination with a grant from the government, to make "a meaningful offer".

A statement on the MCBS website stated the group would aim to return all money to investors who wanted it back by the end of February.

The Globe shut its doors in September after footfall dropped.

MCBS needed £580,000 to buy the pub from the owners but in the end raised less than £200,000.

They also contacted Rachel Gilmour, the MP for Tiverton and Minehead, to see if any government grants were available, but to no avail.

The community benefit society has now offered shareholders two options.

It will either return the funds it holds and wind up the society, or hold onto the investments to invest them in another project.

"We are grateful for the support of everyone who has contributed to this initiative," said a spokesperson.

"We remain committed to serving Milverton's community and will continue to explore ways to make a positive impact. Updates will be shared as they become available."

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