Crickhowell handed itself the prospect of a happy new year when it raised enough to buy The Corn Exchange pub and protect its High Street from the threat of a supermarket. But campaigners say the fundraising will continue until they have enough to convert the building into shops and flats.

The initial target of £400,000 – the minimum required for the project to go ahead – was achieved late on Christmas Eve after 154 people invested in the project. But Corn Exchange Crickhowell Ltd (CECLtd) say they will continue to gather in funds until they reached an overall target of £550,000, which, they say, is “achievable”.

More than 180 people had originally pledged money to the project – meaning some have yet to invest – and the fundraisers hope more supporters will come on board now that the building has been secured. The closing date for investments is January 5th. If, due to extenuating circumstances, people are unable to meet that deadline, CECLtd say they will make special arrangements to accept their investment.

Acting Chair of Corn Exchange Crickhowell Ltd, Dean Christy, said: “Achieving our initial target of £400,000 was a fantastic result and a wonderful Christmas present for Crickhowell, coming as it did on Christmas Eve. But we must keep our eyes focused on the real prize – which is to turn the building into something new that the town can be proud of. In order to do that, we need the funds to complete the conversion – because we don’t want The Corn Exchange to stand empty for a moment longer than it has to.”

Anyone interested in investing can do so at www.seedrs.com/corn-exchange-crickhowell1 and help can be obtained by emailing [email protected] or calling 01873810112.

CECLtd say the first meeting of shareholders will be held approximately one month after the investment website closes. Shareholders will be notified of the date and an agenda will be issued in advance. Dean Christy and the other director, local accountant Peter Roberts, have already said they will stand down at that meeting so that a chairman and board of directors can be formally appointed. Both Mr Christy and Mr Roberts as well as several people who have been part of The Corn Exchange campaign have offered to act as unpaid directors for the new company for at least the first two years. Other, suitably qualified people can put their names forward. Shareholders will also be invited to submit ideas as to how the planned shops should be used and they will be presented with an action plan which CECLtd hope will have the building up and running within 9 months, although this will be verified as soon as the planning applications have been approved. That plan has been boosted by a local architect who is offering to do all the planning work for nothing and by offers from other local people to work for free.

Project manager, Andrew Gray, said: “Wherever possible, we want to use local people for this prestigious local project which has really caught the imagination of so many. And, wherever possible we will involve local people directly. There may be possibilities for people to get involved in clearing the building out, helping with demolition work or decorating – giving people a chance to play a further part in giving a new future to this historic building."