THE fundraising effort to buy and convert the former Corn Exchange pub in Crickhowell has closed with half a million pounds invested by more than 220 people – enough to buy and convert the building into shops and flats.

Leaders of the campaign say it has say it has been “a huge success and a shining example of community spirit in action". “Crickhowell has a lot to be proud of”, they said.

Dean Christy, Chair of Corn Exchange Crickhowell Ltd (CEC Ltd), said: “This is fantastic news. The community of Crickhowell has stepped up to the challenge of protecting its High Street in the most spectacular way. People have dug deep to fund a new future for The Corn Exchange in line with the town’s character and heritage. It is an amazing community effort and goes to show what can be achieved when people club together to support a good cause, rather than just express opposition. What we are about is building a new future for our High Street.

"Our plan is to exchange contracts to buy The Corn Exchange from Punch Taverns Ltd, on January 26 and immediately start planning the conversion into shops and flats.”

Investments ranged from £500 to several thousand pounds, from private individuals and local businesses, but the majority of investments are between £500 and £1,000, allowing more people to be involved and have a say in the future of the Corn Exchange.

CEC Ltd maintained a helpdesk at the Crickhowell Resource and Information Centre on Saturday to help new investors. Kirsty Williams AM and Crickhowell Councillor, John Morris, were among those who dropped in to invest in the project.

Ms Williams said: “I am delighted to play a small part in this amazing community effort to raise the funds to buy and convert the Corn Exchange. As before we will work with CEC Ltd to help them secure planning permission and achieve a solution in keeping with Crickhowell’s historic High Street.”

Dean Christy said: ”We have enough funds and can now go ahead at full steam – Investors have given us the mandate to proceed and we have every intention of doing so without delay. Investors can be assured that the highest possible standards of project management and corporate governance will be applied at all times – we will also ensure that investors are kept informed of progress at key milestones”

Investors are now urged to look out for an important email from SEEDRS, the company that has been raising the funds on behalf of CEC Ltd, which should arrive shortly after the campaign closes. It will ask them to confirm their investment by entering their name, exactly as they did when they invested their funds, in a simple form. Shares will not be issued and their money will not be released to the project until this is done.

Mr Christy said: ”It is vitally important that everyone looks out for this email and submits the form immediately."

Anyone who doesn’t get the email or has any problems, is asked to contact the team immediately by emailing [email protected], or by calling Dean Christy direct on 07850 731514.

The Corn Exchange Action Group - which was set up last March to fight off the plans to put a convenience store in the Corn Exchange has now been officially disbanded on the news that enough money has been raised for the purchase and conversion. Emma Bevan, former Chair of CEAG said: "I would like to take this opportunity to thank everybody involved! It is the strength of feeling, the sense of community and the huge amount of support, from everyone involved that has resulted in the tremendous success of the campaign, and now, the project! The future of Crickhowell’s High Street has been secured, and I am thrilled to be able to continue to support the new company, as a member of a very committed and professional team."