THE community group which raised almost £1m in an attempt to secure the future of Frome’s Saxonvale site has said its ambition is “far from over” after losing out to a London-based property firm.

Somerset Council’s executive committee selected Newcore Strategic Situations 6 Ltd, part of Newcore Capital, from eight bidders for the prominent brownfield site following a meeting at Frome Town Hall on Wednesday.

The decision was a bitter blow for Mayday Saxonvale and its supporters, who had raised more than £959,000 through a community share offer.

The group had also secured £1.2m from the government-backed Resonance community developers fund.

Brigid Clarke, chair of the Mayday Saxonvale Community Benefit Society, said: “The strength of feeling in Frome could not have been clearer yesterday. Hundreds of people came to Frome Town Hall, and our community has raised nearly £1m through our community share offer because people want a meaningful stake in the future of this site.

“We want to thank everyone who has supported a better future for our community of Frome.”

Investors in the community share offer will now receive their money back.

But Mayday has not ruled out further action. Ms Clarke said the group was seeking advice and considering its options before deciding its next steps.

“If Newcore is serious about working in partnership with Frome, we are ready to talk,” she said.

“A decision may have been made, but our ambition for a better future for Saxonvale and for Frome is far from over.”

More than 100 people attended the council meeting in person or online, with speakers urging councillors to ensure the redevelopment reflected the needs of the town.

Frome Town Council leader Fiona Barrows said Saxonvale was uniquely important to Frome and warned against the town becoming dominated by commuters and remote workers.

“We want a thriving town centre with businesses, makers, employers and opportunities for people to work locally,” she said.

Mayday director Paul Oster criticised Somerset Council’s decision to sell the land outright, contrasting its approach with the development agreement being pursued for the Firepool regeneration scheme in Taunton.

He argued that selling Saxonvale would leave Frome with less influence over what was ultimately delivered.

Somerset Council said previous attempts to bring forward the site, including a community-led proposal, had failed to produce a deliverable solution.

Councillor Mike Rigby, portfolio holder for economic development, planning and assets, said the selection of Newcore represented “an important milestone”.

“We absolutely understand the strength of feeling in Frome, and we recognise and respect the many years of work put in by so many local people with the aim of regenerating this site,” he said.

Council leader Bill Revans called on the new owner to engage positively with residents and deliver “an outstanding piece of work” for Frome.

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The authority has not revealed how much Newcore has offered for Saxonvale, citing commercial sensitivity.