The campaign to stop the Corn Exchange pub from falling into the hands of big business has taken a huge step forwards.

A local group of small shareholders have now handed over nearly £300,000 to Punch Taverns — the pub’s owners — completing the deal after 19 months of wrangling to ‘save’ the building from national chain ownership.

Campaigners — made up of 232 mainly local investors — feared the proposed takeover by a convenience store would damage independent businesses and blemish the town’s character.

Shareholders, shopkeepers, directors and locals raised more than half a million pounds to buy the building and convert it into shops for independent businesses and high-end flats.

The group’s managing director, Dean Christy, said, “After a momentous battle and a magnificent response from the people of Crickhowell, The Corn Exchange will be ours.”

“Our shareholders, including many shop owners and businesses have supported our unique High Street and backed their opposition to a supermarket with their own hard-earned money.

“The Corn Exchange is ours – we have done it.

“We can get on with turning this important building into something of which Crickhowell can be really proud.”

The jubilant group met on Monday afternoon to hang a banner on the building proclaiming ‘Under New Ownership’ having been ‘bought by our community for our community’.

The contract, which has now been rubber-stamped, includes a clause to ensure national chain stores cannot occupy the building, in a nod to the town’s strong independent business culture.

“In effect, this means the threat of a supermarket being built in The Corn Exchange is over, once and for all,” said Mr Christy.

The new Corn Exchange Crickhowell complex is expected to open next Autumn