Meeting tonight after great start for Caistor Community Share Offer

An open meeting will be taking place tonight (Tuesday, July 19) for anyone who wants to find out more about the community share offering to help transform Caistor’s market place.

2-4 Market Place
2-4 Market Place

Known locally as ‘The Old Co-op’, 2-4 Market Place has been empty since 2010, but Caistor and District Community Trust is now in the very final stages of securing the funding required to begin development work.

The cost of the completed regeneration will be £2.4million, 86 per cent of which is secured thanks to sizeable contributions from The National Lottery Heritage Fund, The Architectural Heritage Fund, and Caistor Town Council working with the Public Works Loan Board.

The Share Offer was created to raise the remaining £350,000 required, and to ensure future public access and long-term community benefit.

Since the recent launch event, £40,000 has already been committed by individuals and institutions. On top of this, the Trust has secured £75,000 of matched investment from the Co-operatives UK Community Shares Booster Fund, meaning it will match every pound invested by the community up to £75,000.

Neil Castle, a board member of the Caistor and District Community Trust, said: “The response from the people of Caistor has been really positive.but we still have a little way to go”

We want to make the Share Offer as accessible as possible.

"If we can’t raise the final £350,000 required, then the project cannot go ahead and the building will remain empty.

"It would be devastating, given the effort that has been made to reach this point. Much of the secured funding has been awarded on the basis that the community will also come together to invest.”

The price of each individual share is £1, with a minimum investment of £100. This can be paid in instalments.

In return, 3 per cent interest will be offered on investments three years after trading begins, with the opportunity to withdraw investments after five years.

The meeting will be held tonight in Caistor Town Hall, starting at 7.30pm, where the plans for the Old Co-op will also be on display.

Further Community Share Offer details are also available on the website or call Neil on 07974 932335.