A "cherished" inn that planners stepped in to protect earlier this summer could now see a financial plan that will ensure pints are pulled again at the former community hub.

Campaigners scored a major success in May with Stroud District Council when they got it to throw out a bid for conversion of The Old Neighbourhoord Inn in Chalford, near Stroud - and they now want to launch a share offer which would help ensure that the pub makes business sense.

Tricia Watson, spokeswoman for the Chalford Hill Community Benefit Society (CBS), told Punchline-Gloucester.com: "Our vision is to bring the heart back to our village by having a landlord-resident pub with community hub facilities alongside - this share offer intends to raise enough to buy the building and land, with further fundraisers and business sponsorship opportunities as we bring it back into a usable state and offer out the landlord role."

The initiative, which will last for six weeks, will give everyone the opportunity to become a part owner and help bring this vital social hub back to life, she added.

The CBS estimates it needs to raise a minimum of £400,000 to make a serious offer to buy the pub from its current owner, with this initial stage paving the way for refurbishment and future grant applications.

Ms Watson added: "The campaign to save the Old Neighbourhood Inn has been a true community effort. Following a successful crowdfunder earlier this year, which helped develop a robust business plan, the CBS has now secured independent validation having been awarded the Community Shares Standard Mark, meeting recognised standards of good practice."

Time Woodfine, CBS chair, added: "Many hours of work and local expertise have gone into reaching this point. Now comes the big push to gather pledges from those who responded to our community survey last year, and to generate even wider interest. This is truly a rare opportunity to become a part owner of a Cotswold village pub."

John Hutchinson, a local resident, said: "The Old Neighbourhood Inn has been the cornerstone of Chalford Hill for generations. This is more than just a pub - it is the heart of our village, a place where everyone can feel welcome and connected. It brings people together and fosters a sense of community that really is irreplaceable. We, the villagers, want to save this vital hub. We simply cannot let it disappear."

The CBS's plans, as shown in a prospectus, can be downloaded from the website, where you can find out more about the share offer scheme www.theoldneighbourhood.co.uk.

Simon Pont, who helped develop the share offer, told Punchline: "Pubs are closing at an alarming rate nationwide, but inspiring stories of community ownership are proving successful. By supporting the Old Neighbourhood Inn, you're not just helping our village, you're contributing to a national movement to save these cherished social spaces."