Britain's first community-owned pub has celebrated 40 years' community ownership.

The history of The Red Lion in Preston, near Hitchin, goes all the way back to 1844, where beer was sold in the separate cottages that then made up what we now know as The Red Lion.

In 1983, the watering hole became the first community-owned pub in Great Britain.

The Comet: A newspaper cutting from the opening of the pub.A newspaper cutting from the opening of the pub. (Image: Supplied)

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Pub director Mark Waters explained: "The pub was bought by the village to prevent it being sold for development or restaurant conversion.

"It's a remarkable story, when you think so many pubs are closing these days."

At the weekend, 40th anniversary celebrations at The Red Lion included a day of festivities, with live music, a hog roast and a beer festival.

The Comet: There was also a good turnout when The Red Lion celebrated its 30th anniversary as a community-owned pub in 2013.There was also a good turnout when The Red Lion celebrated its 30th anniversary as a community-owned pub in 2013. (Image: Supplied)