The Doodle Cooma Arms, which opened in 1889, shut its doors on Sunday night after a long effort by owner Paddy Hodgkin to sell it.

But on Monday afternoon Mr Hodgkin reached an agreement with new owners and the hotel will begin trading again at 11am Thursday.

“I’m very happy about it, it’s the best result possible,” Mr Hodgkin said.

He added the new owners wanted him to continue trading during a settlement period which may be 60 to 90 days.

“I let the stock run down, so I’ve got to restock and clean up a bit,” Mr Hodgkin said when asked why he was waiting until Thursday to re-open.

Henty community leader John Ellis said the new owners “are people from in town, they’re people that have been involved in the community meetings”.

He said when details of the sale were finalised the buyers would speak publicly.

However, Mr Ellis said they had big ideas for the two-storey building with a “major refurbishment” in prospect.

“The plans they’ve got will be hugely beneficial for the town,” Mr Ellis said.

“They will create a facility that will attract people from within and outside the town.

“I’ll be game enough to say it will be the best facility outside Wagga and Albury going around.”

Sunday night’s farewell showed the town’s passion for the pub.

“There were people hanging off the rafters, we had hundreds in,” Mr Hodgkin said.

“They turned out and showed their support.”

Mr Ellis said the mood turned from downbeat as the evening unfolded.

“It started off a bit sad and a bit dour, then a couple of the local ones jumped on the guitar, piano accordion and spoons and it turned into a wake,” Mr Ellis said.

Mr Hodgkin has been attempting to sell the Doodle Cooma for the past five years, after having bought it in 2007.

He said the purchaser was among a group of four to five parties who had shown interest in the hotel over the past year.