VILLAGERS are dipping into their pockets in a bid to raise more than £500,000 to save their local pub.

They are buying shares in an attempt to turn The Globe, in Milverton, into a community pub.

The business in Silver Street has been put up for sale for £525,000 after current owners Mark and Adele Tarry announced they were leaving.

READ MORE: Owners put village pub on the market.

The legally recognised Milverton Benefit Society has been set up in the hope enough people will put up cash to keep The Globe open.

Shares are being sold at £100 each and volunteers are coming forward to help get the initiative up and running.

William Waddington, who is heading the appeal "to ensure that Milverton retains its pub", said: "We are now ready to start the big steps to potentially buying The Globe.

"A lot of things have been going on in the background since our highly attended meeting in The Victoria Rooms in September.

READ MORE: Public meeting over pub's future.

"We’re really pleased...we have jumped a few hurdles and now have a legal body set up to try to buy The Globe.

“The Milverton Benefit Society Ltd is recognised by the Financial Conduct Authority and a bank account has been set up.

"Shares will be sold for £100 each, which entitles the owner to a vote on how the pub is run. It doesn’t matter how many shares you own everyone will have the same influence."

A management committee has been appointed with the responsibility of running the society.

An online survey has been sent to locals who have already expressed an interest in supporting the project to gauge how much enthusiasm there is ahead of "the final plunge".

READ MORE: Village pub reopened by community.

Mr Waddington added: "Milverton showed what it could do during Covid with well over 100 volunteers delivering groceries, prescriptions, newspapers and other help.

"It’s time now to flex our ‘can do muscles’ again involving every part of the village.

"The project won’t just need money. It’ll need physical help to carry out renovations along with professionals to provide free guidance.

"It’ll be a huge community effort that could be good fun and help to draw us all together."