A group of 40 regulars and supporters have bought their local pub in Essex.
A consortium was formed last year to save the The Black Buoy in Wivenhoe, which was put on the market by Punch Taverns for £350,000.
Contracts have been exchanged and the new owners are planning to refurbish the pub and re-open it in November.
John Moores, consortium spokesman, said: "It's all gone according to plan and we've got enough money left over to turn it back into a decent pub."
Punch decided to sell the 500-year-old building last autumn and closed it, prompting some residents to form the consortium.
Mr Moores said the price was being kept confidential, but they paid less than its initial market price.