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  1. ITV Report

Pub regulars celebrate 10 years saving their local

The Old Crown is celebrating 10 years of being owned by locals Photo: ITV Border

Britain's first co-operatively owned pub is celebrating its 10th anniversary with a party at the pub.

All 150 shareholders of The Old Crown in Hesket Newmarket have been invited - some now live away and even abroad.

The pub was initially bought with 125 shares sold at £1,500 each in 2003.

Locals had feared the pub would be bought by a brewing chain which would change its nature - or that it might close altogether.

10 years later and the pub is now making a profit and share-holders get a £40 annual dividend.

The Campaign for Real Ale, CAMRA, say 26 pubs are closing a week because of the economic recession, cheap alcohol from supermarkets and the smoking ban.

Following the success of The Old Crown Co-operative, there are now 20 other pubs in the UK being run under similar lines with another 12 planned.