Members of community group the Rose Hill Tavern Action Group voted to buy the pub, which is situated around the London Road area, after Evenden Estates put it on the market.
Dave Boyle from the Community Shares Company, who are advising the group said: “We’re reliant on volunteers who may not have experience of the pub industry or the right skills so it’s a big challenge. However, the community are really excited about owning a piece of their own pub.
“We’re not just planning to do the traditional thing of expanding the food offering. There’s lots of competition in the area so we’re looking to do things that are innovative for a pub but still raise revenue. Whatever the community decides it most needs, whether it’s a nursery or an arts centre, that’s what we’ll do.”
Boyle was confident that the community would be able to keep up the momentum needed to raise the cash, although added that the new owners are not obligated to accept the community’s offer if they receive other bids.
The Rose Hill Tavern has already fought two battles to keep its status as an asset of community value following an appeal to Brighton and Hove Council in 2014 and a First Tier Tribunal last month.
Tribunal judge Peter Lane said that a conversation with the Rose Hill Tavern landlady suggested the pub had been performing better than was originally thought.
Documents submitted to Brighton and Hove Council earlier this year argued that the surrounding area was ‘saturated’ with pubs that already met the community’s needs.