Contracts of sale have been exchanged between the owners of the former Corn Exchange pub in Crickhowell High Street and the group of investors who raised more than half a million pounds to buy and convert it. It means the buyers, Corn Exchange Crickhowell Ltd (CEC Ltd), can now press ahead with drawing up detailed plans to convert the building into three small shops and three one-bedroomed flats.
Chair of CEC Ltd, Dean Christy, said: “This effectively means that the building is now ours and Crickhowell High Street has been protected from the threat of a national chain convenience store being built there. We can now draw up plans to convert The Corn Exchange in ways that are sympathetic to our unique independent High Street, while at the same time maximise its earning potential.”
Last week, CEC Ltd held their first meeting with their architect and Brecon Beacons National Park Planning and Conservation officers to start their application for planning permission. CEC Ltd said the meeting was “very helpful” and included discussions about how the windows could be opened up to provide better shop frontages – something they regard as essential to attracting small independent traders. CEC Ltd say they have already had expressions of interest from people who are keen to rent the shops and also believe the flats will be in high demand, given the shortage of similar accommodation in the area.
CEC Ltd say that shares will be issued to the more than 230 people who invested money and they will then be eligible to attend shareholder meetings and vote for the future of the company and the building. The first ordinary general meeting of shareholders is planned for early March. At this meeting, shareholders will be invited to appoint the board of directors and a new non-executive Chairman and approve the business plan.
CEC Ltd say the non-executive chairman will not be involved in the day to day running of the business but will look after the shareholders’ interests and ensure the company is run to the highest possible standards. David Thomas, currently Chair of the Crickhowell Resource and information centre and a founding member of the Corn Exchange Action Group which fought the convenience store plans has put his name forward to be non-executive Chair. Several members of the CEC Ltd steering group have put their names forward to be directors. These include Dean Christy as Managing Director; Peter Roberts as Finance Director and Company Secretary; Andrew Gray as Project Director; and Tim Jones as Director for Communications and PR. The company say all these positions will be unpaid for at least two years. The Board will be assisted by a wider steering group, comprising Emma Bevan in charge of liaising with new tenants, Claire Gray and CEC Ltd’s newly appointed administrator, Harriet Tod – a position funded by the Brecon Beacons National Park Sustainable Development Fund. Harriet Murray-Jones is also acting unpaid as consultant lawyer. CEC Ltd say anyone who wishes to propose alternative Board nominees, who must also be shareholders, must advise them in writing by February 12th, and provide full details of their qualifications and experience so that shareholders can be advised before the meeting.
Dean Christy said: “This is indeed a campaign that we should all be proud of, the success of which would not have been possible without the support of Crickhowell and our investors, most importantly, their trust in us.”