Just under a month since residents of East Budleigh were urged to ‘rally for the Raleigh’, the village pub is well on its way to being taken over by the local community.

The sale of the pub to a group of local shareholders is progressing well, and the pub is expected to reopen in time for Mothering Sunday at the end of March.

Residents drew up a plan to buy the Sir Walter Raleigh last year after the owner decided to sell up, and offered them the chance to purchase it.

Between £400,000 and £440,000 is needed to buy and refurbish the property.

Local benefactors put up the money for the purchase price, on the understanding that it would be repaid by the community within 12 months.

At a launch event on January 16, residents were asked if they would pledge to buy shares in the Sir Walter Raleigh, with a minimum holding of 100 shares for £100. The event attracted nearly 200 people, and was described as a ‘milestone’ by the steering group behind the initiative.

The steering group now report that they have received enough pledges to cover much of the cost, with the rest coming from a commercial loan.

Judith Venning from the project team said: “There has been a huge amount to do, doing all the safety checks, drafting legal documents, setting up share applications, preparing induction processes for staff, as well as producing a detailed business plan and marketing strategy.

“Share applications will be distributed within the next couple of weeks, for return by February 22.

“Completion is expected to be on March 4, which will be followed by some necessary refurbishments to front-of-house, with the intention of opening by Mothering Sunday.

“Arrangements are already being made with local tradesmen, to assist with the work.

“Once the pub is up and running, we will work towards raising funds for some essential improvements in 12 to 18 months' time.“

The aim is for the pub to offer something for everyone, providing a morning café and social opportunities for lonely or isolated people in the community.

Residents have been encouraged to get involved in the running of the venue, and 91 people have offered to volunteer for small maintenance jobs, serving in the restaurant or working in the café.