The future direction of Crickhowell’s Corn Exchange will be decided this Thursday (March 17th). People who bought shares in the former pub to stop it being turned into a supermarket will be asked to approve a scheme to turn it instead into small shops and flats. They’ll also vote on a policy that would restrict the use of The Corn Exchange in future so that the character of Crickhowell’s unique independent High Street is preserved forever.
It’s almost a year to the day since townspeople discovered proposals to turn The Corn Exchange into a national chain convenience store. They protested to stop the plans and then raised more than half a million pounds to offer to buy the building from pub chain, Punch Taverns. On Thursday, the first meeting of shareholders in Corn Exchange Crickhowell Ltd (CEC Ltd) – the company set up to buy and convert the former pub – will decide its future. Shareholders will appoint a board of directors and a non-executive Chair to run the company and will be asked to approve a business plan and tenancy policy. This policy restricts the shops to uses “in line with the character of the town” and which “contribute to its vibrancy, providing new opportunities and developing the local economy”. Current Chair of CEC Ltd, Dean Christy, said: “This is a landmark moment for The High Street. This tenancy policy in effect bars The Corn Exchange from ever being turned into a supermarket because that use would not be in keeping with the character of Crickhowell or contribute anything to its vibrancy”.
Emma Bevan, co-chair of Crickhowell’s Totally Locally campaign, is going to act as tenant liaison for CEC Ltd – finding suitable businesses to occupy the building. She said: “The Corn Exchange is in a prime location on Crickhowell’s High Street and we already have people interested in occupying the shops and we are happy to hear of more proposals.”
Shareholders will also be asked to approve a business plan and will, for the first time, be shown outline plans of how the space could be used. Project Director, Andrew Gray, said: “We still have to get planning permission but we want shareholders to approve our ideas so we can get on with that process.” The proposed scheme includes opening up the windows on the listed building which is seen as essential for providing viable shop premises. CEC Ltd won’t complete the purchase of The Corn Exchange until planning permission is obtained. Andrew Gray said: “We are ambitious and want to see The Corn Exchange open for new tenants in 2017.”
During the shareholders meeting Dean Christy will step down as Chair of CEC Ltd and seek election as Managing Director instead. Shareholders will also be asked to appoint David Thomas, as Non-Executive Chair. Mr Christy said: “We are doing this so that shareholders can be reassured that someone not directly involved in the day to day running of the business is overseeing the conduct of the Board and looking after shareholder interests. This is vitally important given the large numbers of shareholders involved”.
CEC Ltd have revealed that 78 per cent of people who invested money in The Corn Exchange live or work within 15 miles of Crickhowell and 75 per cent of investors put in £2,500 or less. “This just goes to show that this really is a community-led initiative with large numbers of people putting in what they can afford. Every pound invested buys a vote and we invite shareholders to use their votes on Thursday to decide a new future for The Corn Exchange” Mr Christy said.
The Corn Exchange Crickhowell Ltd Ordinary General Meeting will be held on Thursday March 17th at 7pm in Crickhowell’s Clarence Hall. Doors open at 6.30pm. The meeting is open to shareholders and their partners. Voting forms have been sent out to shareholders but any of those unable to attend are able to vote by nominating a proxy, which can include the Chairman. Anyone with any questions should email info@cornexchangecrickhowell.co.uk