AFTER months of campaigning and fundraising a deal has been reached and local residents will now take over The Corn Exchange in Crickhowell.

Campaigners opposed a national chain supermarket in the historic high street of Crickhowell but a deal has now been struck with the owners of the former pub to allow nearly 180 local people, who believed a national chain would threaten the existence of the town’s independent local traders, to buy the building.

The sale has been approved by the board of Punch Taverns Ltd – and the campaigners now have eight weeks to exchange contracts. After that, they will have six months to gain planning approval for their preferred use of flats above small shops.

Dean Christy, who has been leading the negotiations with Punch Taverns, said: "This is great news for everyone who wants to ensure the future of our High Street. We now have a deal agreed (subject to contract) at the highest levels of Punch Taverns. The waiting is finally over, we can start taking positive steps towards a new future for The Corn Exchange in Crickhowell."

A new company, Corn Exchange Crickhowell Ltd will be formed in the next few days and it will put in place a mechanism to gather in funds to buy the building in accordance with strict financial conduct regulations. Volunteers on the steering group, including a property solicitor, have already started work and a meeting of people who have expressed an interest in buying The Corn Exchange will be held in the next two weeks.

More than enough money has been pledged to cover the agreed price of £300,000 plus VAT, but more funds will probably be needed to refurbish the building. The deal includes a mass of valuable and detailed drawings, reports and other information already drawn up by Punch Taverns as part of their planning application for a convenience store.

In a statement, Punch Taverns said: "We recognise the strength of feeling in Crickhowell about the town centre and its independent traders and we at Punch are delighted that we have been able to reach an agreement (subject to contract) which satisfies all sides."

Dean Christy said: "We know that our plans will be scrutinised closely by the public, politicians and planning officers who want to see our proposed use is more in keeping with the historic town centre than a convenience store – they certainly will be."

Emma Bevan Chair of the Corn Exchange Action Group said: "I am absolutely thrilled and excited that Punch’s board have approved the sale. We were right to stand up against the plans for a supermarket in our High Street. Now we can create something which will make our community proud."

Kirsty Williams, Welsh Liberal Democrat AM for Brecon and Radnorshire, said: "This is wonderful news. Crickhowell is a unique town and I am so pleased it will be keeping its independent spirit. This episode shows the power of the amazing community spirit in the town. This is still the early stages of the process and there is a lot of hard work to go and I look forward to working with the community to take this exciting project on to the next step."