Lockington Hotel saved by plans to create co-operative

People across the community will share in the ownership of the Lockington Hotel in a co-operative under the plans.

Lockington Community Hotel steering committee chair Terry Malone said accountants had advised the group that it has capital to go ahead.

Read more: Cut locks in Locky - town in need of a replacement hairdresser

The news followed 110 people packing-out a community meeting on Wednesday, many of whom pledged money to help save the pub.

Mr Malone said the group-effort to save the pub were about doing something to help the whole community.

He said the hotel was important as a meeting place for the community, somewhere people could go to just unwind.

"Farmers spend a lot of time on the land and don't see a lot of people and they really need an outlet where they can go and just converse with other people," he said.

"A meeting place at the end of the day, a social hub. Somewhere to go for a meal and just unwind.

"If the hotel went, well it's a big part of the town that dies, and you never get it back."

Read more: GoFundMe plea to buy Inglewood's Pelican Hotel

Mr Malone began to look at co-operative hotel models, after hearing Lockington's hotel was in danger of closing down.

A core group of investors looked at community run hotels in Sea Lake and Nandaly, and it became clear that model was best for Lockington.

Mr Malone said the hotel planned to open seven days eventually and renovate.

About 70 people pledged to buy shares at the community information evening.

Mr Malone said people had rung up from as far away as Bendigo to pledge money.

Mr Malone said the co-operative hoped to pay dividends to shareholders into the future, but wasn't sure of the timing.

Have you signed up to the Bendigo Advertiser's daily newsletter and breaking news emails? You can register below and make sure you are up to date with everything that's happening in central Victoria.