RYTON, UNITED KINGDOM - In the heart of picturesque old Ryton village in northeast England, pub regulars banded together to save their favourite watering hole, in a cut-throat sector where competition is fierce.
But it was forced to call time two years ago due to competition from supermarkets and online retail giants. That caused"heartbreak" for the 7,500 locals, said one regular."We raised enough money to buy the building but not much more than that," said Ted Euers, who is one of 12 directors on the pub's management committee.
SECTOR RECOVERY Ye Olde Cross is one of a select group of about 100 pubs that are now owned by individual investors, after laws passed in 2010 that sought to protect iconic British pubs and help stop their disappearance with community-led takeovers.But over the past 13 years, about 12,000 have closed across Britain - about a quarter of the nation's drinking establishments, according to the Office for National Statistics .
But there are signs of recovery: the ONS said in January the number of small pubs and bars - those with fewer than 10 employees - increased last year for the first time in 15 years. After months of campaigning, pub regulars raised some £150,000 from more than 300 local people who became shareholders.While the value of the shares will not fluctuate or increase in value, it does offer local investors a symbolic stake in the future of their community hub.Volunteer Richard holds aloft a pint of lager after tidying the pub floor, which doubles up as a yoga venue.
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