Somerset Council has confirmed that formal bids to purchase the Saxonvale site must be submitted by 9th July, marking a key milestone in the future of the 12-acre town centre site.
For Mayday Saxonvale, the confirmation means its community-led proposal is now in its final preparation stage as it works towards submitting its bid.
More than 350 people have invested over £320,000 to support the plan to bring Saxonvale into community ownership, with Mayday saying further investment will strengthen the proposal being put forward. The group is working with social impact lender Resonance and development partner Stories to finalise the funding structure for its bid.
Chair of Mayday Saxonvale Community Benefit Society Brigid Clarke said, “Even though the bid submission date falls before our community share offer closes, we’ll continue to maximise community investment and work with our partners to explore every opportunity to put forward the strongest possible proposal.”
“Between now and 8th July, every investment puts us in a stronger position as we prepare our bid to Somerset Council.
“So, if you’ve been thinking about investing, please do it now. If you’ve already invested, ask at least one more person to join you. And if you’re unable to invest, you can still play a vital part. Share the campaign. Tell people why this matters. One conversation really can make the difference.
“Frome, this is the moment we can show what our town is capable of.”
The community share offer is helping to fund the acquisition of Saxonvale. Mayday says it is finalising its bid while evaluating a range of options to put forward what it describes as the strongest and most competitive proposal.
Director Paul Oster said, “What makes our proposal different is that it doesn’t just offer a competitive financial proposition. It will also deliver long-term economic, social and environmental value for Frome. The long-term value created at Saxonvale would stay rooted in Frome, rather than being extracted for private profit.”
The community share offer remains open until 10th July, with people able to invest from £250 via maydaysaxonvale.co.uk or Crowdfunder.
If successful, Saxonvale would become the UK’s largest community-led regeneration project, with long-term ownership and decision-making remaining rooted in the community.
If the bid is not accepted, investment applications will be returned subject to any applicable payment processing fees. Community shares are a high-risk investment and people are advised to read the documents before investing.
