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The people of Penrith will have to buy their local cinema to save it.

It could be a movie plot. A town finds out its cinema is closing. Local people take to the streets in protest. Then out of nowhere - some fresh hope.

They're told they can save their cinema - but only if they raise £750,000 in three months to buy it themselves.

That's the situation facing the people of Penrith.

that the current cinema owners were planning to shut it down and sell the building.

It certainly mobilised people. .

And they are keen to take over the picture house. They believe a community-run cinema is the answer.

Conservative MP Rory Stewart believes the Localism Bill will help communities in his constituency.

, is also keen. that is now on the table from the owners, Graves Cumberland, who initially showed no interest in dealing with the community.

But in the future it might not need an MP's intervention.

Under the Government's , councils will be able to make a list of "community assets" in their area - including local cinemas, pubs and the like.

Their owners would then be legally obliged to offer the community time to mount a bid before making any decision to close, demolish or change a building's use.

It's effectively similar to what has eventually happened naturally in Penrith.

But there is a hitch.

What it doesn't do is give the community first refusal. So the owner will not be obliged to sell it to the community, but just listen to their bid.

Labour say that is not enough. They think communities will struggle to compete with other bidders, especially with so little money available in grants from councils and other public sector organisations.

Rory Stewart admits he would also like to see the legislation toughened up on that score, and aims to push for that as it goes through the Commons.

But he says the Bill still will offer communities much more of a fighting chance than now.

Around a thousand people marched through Penrith to campaign against the cinema closure.

And what happens in Penrith may test out that theory.

The community are hopeful they can mount a successful bid. But it will be an uphill task.

Three months is a short time to raise £750,000, and the community also has to try and come up with a plan on how they will run the cinema.

In reality, they would have wanted much longer, and better terms.

But if they do pull it off, there is a model to work on.

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Local people saved by buying out its lease, and forming a community trust to run it.

It's attendances are now well up, and its making a profit.

And the Trust has been able to access grants that a private company would never have been able to get, and has reinvested the profits in the local area.

But Hexham was given time and financial help to achieve its goal - luxuries the people of Penrith don't currently have.

And it is unclear whether the Localism Bill in its current form would also offer a town like Penrith much more hope.

So the Bill might be a forthcoming attraction worth watching, but not necessarily a blockbuster.

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