The Cardigan Arms Community Pub (CACP) has put in a bid to buy the Cardigan Arms in Kirkstall Road after it was put up for sale by Greene King for £295,000.
The group is hoping to gain a ‘preferred bidder’ status in order to gain ownership of the pub once the target price has been reached by investors.
Cardigan Arms Community Group director Chris Hill told The Morning Advertiser (MA): “It was one of Leeds’ best pubs in the 1980s, it was packed every night, but now it’s in a bit of a sorry state.
“It's not really financially viable anymore. We want to return it to what it was because it completely lends itself to a community pub.
“We want to bring it back as a live music venue and on that can host other activities during the day.”
‘Bubbling’ with ideas
The group has applied for a £250,000 bursary from the charity organisation the Plunkett Foundation.
Hill said: “I definitely think we can get the money. We're going to set up a Cardigan Angels group for members who want to donate £5,000 or more. The remainder should come from individuals giving what they can.”
The group held its first meeting on Wednesday (18 January) and was attended by a strong number of supporters.
He said: “I was very pleased. People were bubbling with ideas.”
Local MPs and councillors have also backed the community’s pledge to buy to pub, including former chair of the Save the Pub Group, Greg Mulholland.
Saving the heritage pub
A Greene King spokesperson told the MA: “We can confirm the Cardigan Arms pub is up for sale and we will talk to a community bidder on the basis the purchase price offered is at a market value and supported by proven funding.
“We have already been in touch with the Kirkstall Valley Development Trust and are happy to meet when its plans are further developed and funding arrangements are confirmed.
“The pub is listed as an asset of community value (ACV) and the full moratorium period has now been triggered, lasting until June, when we will be in position to review thetrust’s offer for the pub.
“We will endeavour to be as helpful as we can while it develops their proposals.”
Hill added: “It's the first community pub in Leeds, there aren't many city community pubs at all – they’re mostly in villages. I think we can do this.”
Saving the community hub
Locals raised 90% of their target in five weeks after the share offer opened on 23 November 2016.
The Balcombe Community Pub exchanged contracts with Enterprise on Tuesday 10 January and has extended its current share offer until Tuesday 31 January to reach its final target of £303,000.
You can find more information about the Cardigan Arms Community Pub here.