A COMMUNITY has come together to buy their local pub and turn it into a valuable asset for future generations.

Residents of Exelby near Bedale were left without a pub after the Green Dragon called last orders in May.

Since then, a band of residents joined forces to raise enough funds to buy the pub and have it listed as a community asset.

Not only does the group intend to refurbish the pub and add a village shop facility, they have also received a grant from Hambleton District Council to buy and renovate its adjacent two-bedroomed cottage.

This will then be made available as Exelby's first unit of affordable housing.

Their impressive efforts have already raised just over £300,000 through a combination of grants and low interest loans but they are still around £40,000 short to carry out the necessary work.

The residents' group is now appealing for people to get behind the scheme and buy a share in the business.

Gerry Price, a driving force behind the project, said: "The pub had been very popular indeed, it was the 'go to' pub in the area, you would have a queue of taxis taking people home at the end of the evening.

"People used to have wedding parties, 21st birthdays, or whatever the occasion was it was the natural place to go to."

Mr Price said that in more recent times the pub became a little run down and conversations started among locals who believed they could do a better job of running the business.

The residents formed a community benefit society and a limited company and set about raising enough money to buy the building from Enterprise Inns.

They have until the end of September to raise enough to complete the deal and because the site is now listed as a community asset, it cannot be turned into housing for at least five years.

And Mr Price hopes that the general public will see it as a good investment opportunity.

He said: "People who buy shares will own a bit of the pub and they will get an annual dividend just like any shares - and they will be able to brag to their mates that they own a bit of a Yorkshire village pub."

Mr Price said there are also further plans to create a cafe in the pub as it is ideally placed for motorists using the A1 to have a stop off.

"We think there is some mileage in that idea," he said, adding that it is anticipated that the pub's village shop will sell essentials such as bread, fruit and veg.

The group would employ a regular tennant to run the pub and Mr Price said they would benefit from a reduced rent and the freedom to buy their beer from any brewery they choose.