Somerset Council is reconsidering its position on the sale of Saxonvale, Frome, as proof of funding from Mayday Saxonvale Development Ltd to complete the purchase of the site has not been forthcoming.
An Extraordinary Executive meeting will take place at Frome Town Hall on 24 October to consider alternative routes to dispose of the site. The public meeting will consist of a single item agenda, will full details to be published on the Somerset Council website on 16 October.
Leader of Somerset Council, Cllr Bill Revans, said: “Discussions have been ongoing, and we have been supporting the purchaser to complete the sale and to deliver the much needed regeneration for the site. However, to date, the purchaser has not yet been able to provide tangible proof of funding.
“So here we are, many months on, and frustratingly for all concerned, there’s still no movement with regards the completion of the sale of this Frome site.”
Cllr Revans added: “It’s important the Council facilitates the development of the Saxonvale site for the residents of Frome, and that we achieve good value for the benefit of the taxpayers of Somerset.
“We have a requirement to achieve a capital receipt from the sale, to support our Council’s financial position, plus achieve the savings in revenue costs which are currently being incurred to secure the site. We must therefore move forward with the disposal of Saxonvale.”
The Executive made a resolution to proceed with the sale of the site to Mayday Saxonvale Ltd on 23 January 2025. The Council issued a draft contract of sale to the purchaser on 28 February 2025 ahead of a proposed completion by 31 March 2025. No contracts have been exchanged due to the absence of funding.
Cllr Mike Rigby, Lead Member for Economic Development Planning and Assets, said: “We have given Mayday Saxonvale Development Ltd every opportunity to provide tangible proof of funds and present a meaningful timeframe. Neither have materialised, despite several meetings and many promises – going back to July 2024.
“Somerset Council and the Frome community want to see this site in the heart of the town developed. The Council has no choice but to revisit its options.
“We note Mayday Saxonvale Development Ltd has just appointed a new Board of Directors. We would not be looking to exclude them from any future conversations. They would however lose their exclusivity status regarding this site should Executive Members be minded to vote to consider alternative routes to disposal 24 October.”
ENDS
For more information, please contact the Press Office on 01823 355020 or email pressoffice@somerset.gov.uk
