A MUCH-LOVED derelict Torrington pub which has been saved by the community could be open again by Christmas if work to restore the bar is complete.

The Globe Hotel, once the beating heart of the town, has been purchased after 710 people bought shares in it to raise the £230,000 asking price.

Contracts have now been exchanged and this will unlock half a million pounds of government funding to refurbish the Grade II building to its former glory.

Work will start soon on renovating the downstairs bar area at the front of the hotel so it can open up, hopefully by Christmas.

The whole project will take three or four years to complete and will have 11 bedrooms and a restaurant with a heavy focus of training.

Chair of the community group behind the plans Doug Smith, who is also a Torridge District Councillor and former mayor of Torrington, said it was a relief to get the money but “now the real work starts”.

“Now we have signed the contracts we can sleep at night. It’s only taken eight years,” he laughed.

He said the sooner they could open the doors the better as it would keep people interested in the project.

The team will also produce a “road map” of stages of the project and get as many people as possible who have bought shares, which started at £50, involved with working groups and decision-making.

The hotel will provide work for local tradespeople during construction, create 20 jobs for local people once opened and only use local producers when sourcing food for the restaurant.

It is expected to complement the Plough Arts Centre next door by offering accommodation and dining to people visiting events.

The Globe Hotel closed in 2018 and had fallen into disrepair since then.