A plan to build a pub owned and run by the community is back on track after a deal with a developer, writes David Horne.

But though extra finance must be raised through investments and personal loans to secure the land on Witney's Deer Park estate, the directors of the scheme, Mike Freer and Barry Beadle, hope their dream will soon become reality.

Talks have recently taken place with the landowner, Bovis Homes, about the pub which will serve the 1,000-home estate. Mr Freer said: "We need to move fast. Bovis has given us only a limited time because other developers want to buy the site.

"We have negotiated a favourable deal with Bovis, but it is more than we originally budgeted for and we will need to raise additional capital."

Community Pub plc was set up in 1995, elected its own board and raised investment through an issue of shares to the community. It also secured planning permission for the scheme. But its hopes suffered a setback when Abingdon-based brewer Morland came forward with a rival friends and family-style pub a plan subsequently dumped by its new owner, Greene King.

Mr Beadle said: "It has been a long and drawn-out process, but we are certain that the best deal possible has been struck."