Residents save Berkshire pub Tally Ho from change of use

The Tally Ho, a former Wadworth pub in Hungerford Newton, has been bought by a company set up by the village community.

The company, named Tally Ho Community Pub, used an Enterprise Investment Scheme (EIS) to raise the necessary money. It plans to reopen the pub as a freehouse and, in doing so, support local breweries and promote local produce.

Tally Ho director Paula Woof said the successful purchase of the pub, which has been closed since January 2012, came after months of negotiation. Plans by the property developer to build houses on the site had previously been rejected by the council.

Woof explained that the next task was to raise a further £50,000 to get the pub ready to open in October.

She said: “With both the bar and kitchen having been removed, we still need further funding to refit and stock the pub.

“We plan to spend the coming weeks on recruitment, refitting and refurbishment to enable the Tally to once again become the traditional village pub we loved.”

Under the EIS, shares are sold at £100 each and shareholders are able to qualify for tax relief. The scheme also allows most tax payers to take advantage of capital gains and inheritance tax benefits.

Woof said: “Our principle is to maintain the pub for the social well-being of Hungerford Newtown.

“Once the EIS period ends, we intend to market it as a freehold and sell it with a covenant – it would become a Community Interest Company.

“Everybody who has bought shares should expect a profit after a period of time.”