MORE than 600 people have signed up for shares in a major regeneration site in Frome.

An investment launch via Crowdfunder is expected to go live on June 8 offering people community shares for the Saxonvale site.

Mayday Saxonvale, a community-led initiative has been seeking to implement its vision for the 12 acre-brownfield site in Frome town centre but has been beset with delays.

The site with plans for more than 260 homes, commercial space, a cultural centre and a lido was offered to open market in October 2025 by Somerset Council when the group failed to raise the funds to secure it.

Following an initial announcement in December, Mayday Saxonvale, backed by central government funding, has now launched a community share scheme, giving local residents a chance to part own the site when it officially goes up for sale.

As part of its “competitive bid” for the site, Mayday Saxonvale has already secured £1.2-million from the Resonance Community Builders Fund, and is hoping to raise at least £1.5-million extra by issuing community shares.

The new scheme has received the Community Shares Standard Mark, the national quality mark for community share offers awarded by the Co-operative and Community Capital Committee.

Mayday Saxonvale chair Brigid Clarke commented: “For too long, communities have watched major sites sold off to speculative development models where value leaves the town and decisions are driven by short-term return.

“We believe communities can do better than this. We can do better than this.

“Places like Frome can build long-term resilience, affordability and opportunity through local ownership.”

Individuals can buy community shares from as little as £250, with individual investments being capped at £50,000 and organisational investments capped at £100,000.

Mayday Saxonvale is targeting investor returns of five per cent per annum and withdrawals from year five, although these are not guaranteed.

Mayday Saxonvale director Holly Lawton said: “This moves Saxonvale from something that we in Frome have debated for years into something tangible that people can properly engage with.

“We completely empathise with the feeling of frustration about how long Saxonvale has sat empty and how many plans and proposals have come and gone.

“What matters now is that people can see the detail behind a serious community-led approach for the regeneration of the site.

“Receiving the gold standard mark for community share offers ensures that our offer is transparent, honest, and meets national standards of good practice.”

The initial £2.7m being raised through the share offer and already secured grants is intended to secure the site and “unlock the next stage of delivery, including detailed planning for the first phase”.

If the Somerset Council does not accept Mayday Saxonvale’s bid, all community share capital will be returned.

Ms Lawton added: “Buying community shares is not a donation. It is an investment, with the opportunity to earn a five percent return, while helping determine what Saxonvale becomes over the long term.”

Full details about the community share offer, including Mayday Saxonvale’s business plan, can be viewed at www.maydaysaxonvale.co.uk.