Residents in a village near Chesham are joining forces to buy a beloved pub that has been under threat from development.

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

But latest plans to turn it into a house were thrown out in March, with councillors in the East Buckinghamshire Area Planning Committee saying the pub’s loss would be a “tragedy” for the community.

The pub has been listed as an asset of community value, which argues that losing it would leave the community without a valuable facility.

SOS has said the historic Blackwell Hall Lane pub’s owners have “indicated” they are prepared to sell it to the community – activating the Asset of Community Value (ACV) proves, which gives the community six months to raise money and make an offer.

The campaign group is now calling on residents to pledge funds so it can buy The Swan and revamp it as a “pub for the community”.

SOS spokesman Dave Peterson said: “This is a major step forwards towards securing the pub for the local community.

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“The SOS group are continuing their negotiations with the owners to achieve an acceptable purchase price for both parties.

“Once a price has been agreed we can really kickstart the fundraising process to achieve our goal of saving The Swan for future generations to enjoy.”

The group says currently, 163 people have pledged funds totalling more than £260,000 to buy shares in the freehold of The Swan.

Mr Peterson added: “[This] would enable us to relaunch the pub with a community-minded tenant who would run the pub for the community and the many visitors who are also attracted to The Swan.

“In March, the government promised a grant to help communities save local facilities such as The Swan; the details of which have now just been published.

“If our offer for the pub is accepted, we currently have a shortfall between the pledged total and the purchase price, which could be filled with either the grant (dependant on when the government accepts our grant application) or a loan.”

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The group is now asking residents to pledge funds or increase an existing pledge “to help fill this gap”, with the group hoping to be able to buy The Swan “in the near future”.

Mr Peterson said: “This is exciting. We are now beginning to see the fruits of our labours so stick with us and look forward to a pint in our pub.”

In 2018, plans to try and turn the 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 it into two houses – and the plans were withdrawn.

The minimum pledge amount is £100. To find out more, visit www.leyhillcommunitypub.co.uk.