TIME has been called on villagers near Wellington trying to save their only public house from long-term closure.

They are being offered their money back after the failure of an investment fund set up to buy Milverton’s Globe Inn.

The pub closed at the end of September as a £580,000 fund-raising campaign was in full flow with the aim of being able to make an offer to long serving landlords Mark and Adele Tarry for the community to run it.

But Milverton Community Benefit Society (MCBS) has now admitted defeat with only 10 per cent of residents taking shares in the venture and raising just £170,000.

Hopes were pinned on a £300,000 application to the former Conservative Government for a Levelling Up grant, but Labour, who took over after July’s General Election have not continued the fund.

MCBS chairman William Waddington told shareholders: “Despite the best efforts of those involved we have been unable to achieve the goal of the society, namely, to purchase The Globe and turn it into a community pub for the village.

“We have simply been unable to raise sufficient funds, either from the village or in combination with a grant from the Government, to make a meaningful offer.”

Mr Waddington said he and Milverton Trust trustee Gary Whittaker had asked MP Rachel Gilmour to look into whether the Government grant route might still be open but there was no tangible success to date.

He said: “With no definitive timeline given by the current administration on when grant application decisions will be made, we feel it unreasonable to keep the shareholders in limbo any longer.”

Mr Waddington said the society was offering two options to shareholders, the first being to return funds and wind up MCBS.

He said: “Members who wish to receive a refund of their investment will receive in excess of 99 per cent of their original investment, with a target repayment date of February 28.

“We will be writing early in the New Year to explain the repayment process.”

The second option was to keep MCBS in a ‘holding pattern’ in the hope that funding materialised in the future.

Mr Waddington said: “For members who would like to leave their money invested, we will continue to retain the funds in an interest bearing account.”

He said maintaining the society meant it could quickly revisit the project if positive news about the Government grant application was received at a later date, assuming The Globe was still for sale at that time.

Mr Waddington said: “We would review this in July, 2025, and report back to those who remain invested in the society.”

Alternatively, the society could use any remaining funds to help other organisations in Milverton, although they would have to put forward ‘a compelling case’ for an MCBS investment, and shareholders, who could still withdraw their money at any time, would be kept informed.

Mr Waddington said in the meantime the society had applied to register The Globe as an asset of community value.