The George & Dragon in Hudswell, North Yorkshire, closed in 2008 after the owners went bankrupt, but regulars formed a co-operative to buy and refurbish it before it reopened in 2010.
It has been named as one of the four finalists in the Campaign for Real Ale’s Pub of the Year competition.
The other three are the Stanford Arms in Lowestoft and previous winners The Salutation Inn in Ham, Gloucestershire and the Swan With Two Necks in Pendleton, Lancashire.
Andrea Briers, the competition’s co-ordinator, said: “Each of these pubs serves as an example of the best of what British pubs have to offer - a warm and welcoming atmosphere, excellent service and a fantastic range of beers.
“Pubs play a huge role in local communities and can help people make friends and build networks.
“The fact that two new entrants have made it into the final round this year following a change in ownership shows that in the right hands, many pubs can thrive.
“We need to see even greater protection afforded to pubs so that our locals cannot just be demolished or redeveloped without a say from the local community.”
The winner will be announced in February 2017.