A WINDING-up process was underway this week to bring to an end a community effort to save the last remaining public house in a village near Wellington.

Milverton Community Benefit Society (MCBS), which was formed in 2023, had tried to raise £580,000 to buy the Globe Inn, which was eventually closed last September.

It planned to model the pub on the nearby New Inn, in Halse, which was bought after a successful share offering by a community group during the Covid pandemic years to save it from closure.

But society chairman William Waddington has now admitted defeat and said people who bought shares in the Milverton venture were being refunded their money.

The final blow to the project came when MCBS learned the Government had now distributed all of the monies in its Levelling Up Fund and Milverton’s bid for a £300,000 grant had been unsuccessful.

Mr Waddington said: “At least we now know where we stand.

“Despite extensive efforts and engagement with various stakeholders, we have been unable to raise the necessary funds to make a viable offer to the current owners.

“We explored opportunities for Government grants and engaged with local representatives, including our MP Rachel Gilmour.

“Unfortunately, no tangible progress has been made, and with ongoing uncertainty surrounding grant timelines, we have made the decision to move forward.”

Mr Waddington said the society would formally wind up the project and return funds to investors, ensuring the majority of contributions were reimbursed.

He said the repayments, which would give back more than 99 per cent of the original investment, should be completed by the end of February.

In the meantime, MCBS would remain active in ‘a dormant state’ and keep any remaining funds in an interest-bearing account.

Mr Waddington said: “This approach allows us to act quickly should new funding opportunities arise in the future.”

He said the society had applied to register The Globe with Somerset Council as an asset of community value (ACV), to try to safeguard its role as ‘a vital space for the village’.

ACV designation would mean a six-month delay on any effort to sell the pub on the open market, allowing time for the society to try to put a purchase bid together.

Mr Waddington said: “We are grateful for the support of everybody who has contributed to this initiative.

“We remain committed to serving Milverton’s community and will continue to explore ways to make a positive impact.

“Updates will be shared as they become available.”

The Globe was closed after owners Mark and Adele Tarry found it had become unviable following 18 years of running it.

MCBS made a last-ditch appeal for more people to use the pub for a pint or a meal to help keep it open while the society continued its fund-raising, but the response was still not enough.

The society was only able to raise £170,000 from villagers who bought shares in the project, which represented just 10 per cent of the 1,500 population.