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Villagers banded together and offered shares for people to buy and 282 shareholders now own the pub.
In 13 weeks, they raised £150,000 and were given £100,000 by Co-operatives UK in match funding.
The pub will reopen on Saturday, June 26.
Chris Atkinson, chair of the project, said: “The reopening of the Lowther Arms is going to be a very special occasion and we’re looking forward to welcoming everyone on the day.
“All are invited to come and join us as we celebrate saving our village pub for future generations.
“LACP is a co-operative, and we believe this is also the country’s first coastal community pub. It will mean a great deal to the village, the community and the pub’s supporters to see it trading again.”
A bid to save a village pub has moved closer with its first milestone. The Lowther Arms Community Project Ltd (LACP) has managed to raise £250,000 through the sale of community shares and support from Co-operatives UK who match-funded shares up to the value of £100,000 in a bid to save the Mawbray pub. Chairman of LACP, Christopher Atkinson, said: “£250,000 is quite an achievement, and we’re absolutely delighted to reach our minimum target. “We’d like to say a huge thank you to every one of our 244 shareholders!” Most are from Cumbria, but people have shown an interest in having a share in the pub from as far away as Canada, USA, Kenya, Switzerland, Lithuania, Poland, Germany, and France and in the UK from Devon, Kent, the Isle of Mull and Norfolk to Tyne and Wear.