PEOPLE in Torrington have two further months to gather funds to save the historic Globe Hotel so it can be restored to its former glory.

A share offer to raise the £230,000 needed to purchase the Grade II-listed building and unlock a half-a-million-pound refurbishment grant has been extended to August.

Roughly two thirds of the money came in after local people bought shares starting at £50 by the deadline, but the six-week timescale was “too tight” to get enough people, said project manager Rachel Kelly.

She said a mutual agreement had been reached with the current owners of The Globe to delay completion on the property to August in order to raise an extra £75,000.

The hotel is one of 12 projects in Torridge getting a share of £20 million of regeneration funding from the government being administered by Torridge District Council.

Once the building is purchased, the £520,000 grant will be spent on bringing the hotel back to life, with 11 bedrooms and a restaurant.

The estimated costs of getting it to opening stage is £5 million, but the community benefit society behind the project hopes to attract grants once it secures the purchase.

Once complete, it will provide 20 new jobs and a boost to the local economy, offering much-needed accommodation to tourists and fine dining.

Any profits will go back into the community, but investors will get interest from year five if the hotel is a success. If the project fails to go ahead they will get their money back.

The hotel was once a bustling business, but closed in 2018. Campaigners have been trying it save it since then but have previously hit stumbling blocks.

The project team said the share offer gives residents a unique opportunity to reclaim ownership of the building and restore pride in the town’s heritage.