The group has exchanged contracts with owner Punch Taverns and expects to complete the sale in August.
BBC: Wivenhoe Black Buoy: Regulars raise money to buy pub
The consortium, made up of local people and investors, is negotiating with owner Punch Taverns over the sale.
BBC: Wivenhoe Black Buoy regulars attempt to buy ?350k pub
The supermarket is to move into The Emperor on Norwich Road in Ipswich, which is owned by Punch Taverns.
BBC: Tesco allowed to convert The Emperor pub, Ipswich
They quickly proliferated and the largest today are Enterprise and Punch Taverns, owning more than 8, 000 pubs and bars each.
BBC: Can politicians save Britain's pubs?
In March 2011, Punch Taverns announced plans to split its business in two and sell thousands of pubs in a major overhaul of the firm.
The FSA claimed Einhorn obtained information on the Punch Taverns Plc (PUB) equity fundraising by a broker representing the company prior to public knowledge of the event.
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