A community’s campaign to buy its village centre pub, which has been closed since lockdown, has raised £58,400 on its first day.

Crymych Football Club is coordinating the community purchase of the historic pub in the heart of the village which has been closed since the pandemic.

The club would then reopen it as a traditional food and drink pub while also being a new base for the football club.

On April 1 an open day was held at the pub and the share offer launched. An astounding £58,400 worth of shares were sold on the first day.

The community target for purchasing the Crymych Arms is £275,000, which means 21 per cent of the target has been achieved in the first 24 hours.

Potential investors have until Wednesday, April 5, to benefit from a 30 per cent tax incentive known as Social Investment Tax Relief which will end on the April 6, 2023.

Cris Tomos of Planed who has supported many community pub purchases, explained: “The club was registered as a cooperative community benefit society with the FCA a week ago and now can offer a chance for people to register for the 30 per cent tax relief.

"The specialist advice that we have received is that all interested in the tax relief need to deposit their investment of shares in the club's bank account by Wednesday, April 5.

“They will then be discussing with HMRC about the process but people need to read the prospectus on the web page www.cpdcrymych.cymru to fully contemplate the offer."

The full share offer will run for two months from the first of April and it is hoped that by June the community group will have raised enough money to buy the Crymych Arms and reopen it for the community to have a local traditional pub.