THE residents of a small village are in a race against time to raise enough money by Christmas Eve to buy their local pub and keep it at the heart of their community.

Villagers in Polbathic and other interested people have so far raised £54,750 towards the asking price of £145,000 for the mid-19th century Halfway House Inn which was originally priced at £250,000.

The current owners PubFolio have been in administration for more than three years and the property was first put on the market in September 2012.

But 'time' could soon be called on their dream of owning the pub, because the lower price has attracted new interest, especially as it is being marketed as a development opportunity by the administrators, PwC.

After villagers indicated by two to one that they were in favour of owning the pub, a community share offer was launched on November 12 to raise the purchase price, with support from The Co-operative Enterprise Hub.

Shares in the Halfway House Inn cost £1 each with a minimum investment of £250 up to a maximum £20,000.

If the money is raised it is thought The Halfway House Inn will be the first community-owned pub in Cornwall. Each member of Polbathic Community Pub Ltd would have an equal say, tenants would be appointed to run the pub and organisers hope to pay a return in the region of 2.5 per cent to investors.

Vez Sullivan, a parish councillor, is one of the five members of the initial management committee.

'We are hoping to have a lot to celebrate this Christmas, it's not totally impossible to raise the money needed in time, she said. 'I am urging everyone to consider buying a share in The Halfway House instead of aftershave and socks. We put a short timescale on raising the money so everyone would know how urgent it is before someone else steps in and buys it.

'We cannot buy the pub on promises. We have to have a bank statement to prove to the receivers the money is there. The pub is still trading and we are working very closely with the present tenants. Once the pub is bought we will then have to start raising in the region of £100,000 to carry out repairs and refurbishment, but a number of local builders and other tradesmen have already volunteered their services.

'We have a nice new village hall in Polbathic but is has to be booked. The pub is a place where you can go at any time and put the word out if you need help or advice. This is a one-time opportunity to save a vital community asset for our small village and the surrounding areas, and now really is the time for action.'

For more information and for a copy of the share document go to: http://www.polbathiccom">www.polbathiccom munitypub.co.uk or email: info@polbathic communitypub.co.uk