Families in Sherston will soon be asked to put their hands in their pockets to help buy the old school.

Campaigners are setting up the Sherston Old School Company (SOSC), which any parishioner over 18 can join.

After months of negotiation, terms have been agreed for the non-profit making company to buy the Grade II listed building from the Diocese of Bristol and develop it into a £1m retail, commercial and community centre.

The High Street building has been empty for five years.

Sherston parish chairman John Matthews said the company, which should be up and running in the next few months, can have as many members as wish to apply.

“Everyone is entitled to become a company member subject to their guaranteeing a payment of £1 should the company fail,” he said.

“The estimated £500,000 cost of developing the old school will be met, if possible, by additional grants with borrowing kept to a minimum.

“We intend to apply to the Heritage Lottery Fund and launch a local fundraising campaign.”

Also included in the deal is the village hall field owned by Wiltshire Council and Bristol diocese.

The diocese will sell the land and Wiltshire Council will lease its part for 125 years for a peppercorn rent.

Prospective tenants already lined up include the village Post Office Stores, Sherston Wine, and Wiltshire Council, which would create a rural services hub manned once a week.

The company will also have a board of directors elected by the members.

Within the next three months, all villagers will be given an explanatory document and invited to become members.