A hotel first opened in 1830 is set to be restored to its former glory after a community group secured more than £750,000 to acquire and revitalise the historic site.
Local residents in Great Torrington, Devon, gathered £240,370 through public donations and obtained £526,000 from Government regeneration funding to purchase the Globe Hotel.
The Grade II listed property, which shut its doors in 2018, will undergo a transformation into an 11-bedroom establishment featuring a restaurant.
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The community group behind the initiative has now exchanged contracts with the building's owner, marking a significant milestone in their campaign to restore the landmark to its former glory.
The £526,000 Government grant forms part of a £20million regeneration programme aimed at revitalising communities across the UK.
Doug Smith, who chairs the community group spearheading the project, revealed that reaching this point involved considerable challenges.
"We've had some sleepless nights I can assure you and we've actually tried to get to this stage on several occasions before and been thwarted at the last minute," Smith said.
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The group recently surpassed its target
|The building holds significant sentimental value for Great Torrington residents, with Smith noting that numerous locals have created lasting memories within its walls over the years.
The announcement of the purchase sparked widespread enthusiasm among townspeople, according to Smith.
"There was a huge amount of excitement locally," he explained.
"We know the town is behind us now that's the main thing, and if the town wasn't behind us there would be no point in doing this."
The community group plans to involve local shareholders in determining the hotel's future design and operations.
"Our ethos is everything will be community-led," Smith said, before explaining that directors would present various concepts to shareholders who would then contribute to decisions about the building's interior and management structure.
"My dream is to sit down in a nice restaurant and have a meal with all our friends or be able to sit in the bar and have a drink with them," he said.
The community group exceeded its funding goal of £230,000 by more than £10,000 with the help of just 710 supporters.
A number of local supporters have expressed why they are backing the project and shared touching memories of their experiences there over the years.
One wrote on the group's fundraising page: "I look forward to this becoming a fantastic community asset - a well-needed boost for this special town.
Another wrote: "I was delighted to hear how much this will be owned and supported by the community."
A third said: "Fantastic to see this project going ahead! The Globe was my first job as a young lad, and it's been sad to see it sit not having its full potential being exploited!"
One more added: "It's vital to keep the heart of Great Torrington alive. A vibrant and functioning Globe Hotel will help so much to maintain that heart and history, as well as providing local jobs. Good luck to everyone involved."
And a fifth wrote: "I love The Globe. We used to sit with coffee by the roaring fire with friends. It’s a fabulous building and a great idea to save it."