Campaigners battling to save a historic village pub say they have taken a “giant leap forward” as the group has been approved as a community benefit society (CBS).

The Save Our Swan group has been fighting to save the 500-year-old The Swan, in Ley Hill, near Chesham, which has been under threat from development since 2018.

The group says it has now been given CBS status by the Financial Conduct Authority (FCA) in a move it has hailed a “giant leap forward” in the fight.

The purpose of a CBS is to “serve the broader interests of the community”. They are businesses that are “run for the benefit of the wider community, re-investing profits in the community”, according to the FCA.

It means the Save Our Swan group has now been able to put together a prospectus for the purchase of the freehold of the pub - believed to be one of the oldest in Bucks - detailing how the community can pledge funds to buy it as well as the intended business model for its operation and management.

READ MORE: Campaigners' fresh bid to stop 500-year-old pub from being turned into housing

Spokesman Dave Peterson said: “A key part of this will be the additional and community-based services that we hope can be provided as part of the operation of the pub.

“The Swan has been confirmed as an Asset of Community Value and the SOS group commissioned a viability report which, crucially, confirmed that the pub can still be a viable business.”

In 2018, plans to try and turn the Blackwell Hall Lane pub into a children’s nursery sparked fury from residents, walkers and cyclists who frequently visited the important community space.

There was also a backlash when proposals in 2020 tried to convert the pub into two houses – and the plans were withdrawn.

Mr Peterson added: “We have been working with The Plunkett Foundation, CAMRA and Pub is the Hub, and they have all agreed and stated that none of the pubs that were failing and have been saved by communities like us have failed – that is a powerful statistic.

“So far, the Save Our Swan group have been successful in repelling two planning applications [a children’s nursery and then two houses].

READ MORE: Campaigners fighting to save historic pub gear up for latest battle amid plans to turn it into house

“Now there is another planning application to turn it into a single domestic dwelling which we hope will also be rejected.

“If the planning application is refused, we hope to be in a better position to make a fair and reasonable offer for both parties, so that the Swan can be kept alive for our community and generations to come.”

The group says over the past year, around 106 people have pledged funds to buy the pub.

To see the prospectus, visit www.leyhillcommunitypub.co.uk/documents.

You can view the plans at the chilternandsouthbucks.gov.uk planning portal using reference PL/20/3086/FA.