The Old Swan pub in Toller Porcorum failed to sell at auction when there were no bids that met the reserve price of £165,000.

The auction, which took place in the village hall on Thursday 16 December 2010, was conducted by Nigel Jones, a director of Chesterton Humberts and property agent for the owners, Palmers Brewery.

Mr Jones took the unusual step of announcing the reserve price.

He said: ‘In the spirit of openness, I announced the reserve price before the bids opened. This was to give any bidders a fair chance to buy the property at the lowest price the vendor would accept.

‘Palmers wanted to sell The Old Swan if possible. On the day there were no bids that I could accept because none met the reserve price. The brewery will now take time to consider the next steps.’

He confirmed that the property is still on the market and that Palmers are open to offers that meet the reserve price.