A Community group’s bid to buy a historic Leeds pub, the Cardigan Arms, has failed after the Kirkstall Brewery won the bid to own and run the pub.

The not-for-profit the Cardigan Arms Communities Pub Ltd was seeking to buy the pub after it was put on the market by current owners Greene King.

They raised £130,000 in a community share offer and were confident of meeting the £295,000 asking price with help from a business partner.

But now, the investor pledges will not be drawn down and cheques will be returned.

Kirkstall Brewery managing director Steve Holt said: “Our purchase of the Cardigan Arms will preserve this much-loved Grade II listed building for the local community.

“I look forward to bringing the same sense of pride in restoring and operating the Cardigan as we have to our current pub, the Kirkstall Bridge.”

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