Funds have started coming in to buy and convert the former Corn Exchange pub in Crickhowell and convert it into small shops and flats for local people to rent.
More than £115,000 was invested in the first three full days of the campaign. It’s around a quarter of the total pledged by 180 local people who had offered money for the campaign.
Dean Christy, acting chair of Corn Exchange Crickhowell Ltd, said: “It is a good start but we need to persuade all those people who pledged funds to make their investments as soon as possible. We have to exchange contracts to buy The Corn Exchange in January and we need to know we have enough money to buy and refurbish the building before we can do that. We understand that people have many pressures on their time and money at this time of year, but this is not a deadline we can afford to miss”
The company – which was set up after thousands of people opposed plans to convert The Corn Exchange into a convenience store – has had to use a special crowdfunding website to bring in the funds because of strict rules governing fundraising from the public.
Mr Christy said: “We had no choice in this, it is to protect everyone involved in bringing this fantastic community project about”.
The company had been concerned it might put some people off, but said on Monday that the majority was managing to invest their money through the site, called SEEDRS, which is regulated by the Financial Conduct Authority.
Corn Exchange Crickhowell Ltd are also going to hold a drop-in session at the Crickhowell Resource and Information Centre for anyone who wants to invest but is unsure about how to do it. Anyone who wants to use this session is asked first to email [email protected] or call Peter Roberts on [email protected] or call Tim Jones on 01873810112.
Peter Roberts said: “The online investment process requires various stages of identification and a short quiz to check that investors understand fully what they are doing. Anyone wanting to use the CRIC session will need to bring with them their email address and password, their national insurance number, proof of address and their photo card driving license.”
Anyone wanting to follow the progress of the campaign can do so at