Our position and FAQs

In January 2025, when the Council granted us exclusivity to purchase the Saxonvale site, we had a funding partner in place that had committed to funding the purchase and development of the site, but had not yet provided the funding. The council were aware of this at the time, and later met with the funding partner.

This funding was part of a wider funding programme. Unfortunately, this programme was repeatedly delayed and ultimately fell through.

During these delays we worked extremely hard to explore alternative funding routes in an effort to honour the original agreement with the Council, and came close to securing replacement funding on a number of occasions. For that reason, it was also a difficult time to communicate publicly, as we did not want to jeopardise live investment discussions. Ultimately, we found without detailed planning consent in place, that our original deal could not progress.

However, this did open the door to our community share raise, which is something we would not have been able to do at this stage under the previous funding arrangement.

The difficulty in securing full upfront payment reflects broader investment market conditions — not a lack of project capability. It is unlikely that any other developer will pay upfront for Saxonvale. What is different is that Mayday has been attempting to make this happen, respecting the original agreement with the council.

In the meantime, we’ve built strong foundations for long-term delivery. Mayday has created a credible model for community-led development at scale, supported by professional expertise and governance. We’ve appointed a full architectural and technical team, developed a detailed masterplan with costings, and progressed outline planning (noting that we did not complete the final stage of an outline consent due to Acorn’s contractual position on the site at the time). 

We have also appointed seven new Non-Executive Directors and one new Executive Director, all Frome residents, bringing experience in regeneration, finance, fundraising, and community engagement. Somerset Council reviewed and endorsed our governance framework before approving the sale.

To ensure professional delivery, we’ve appointed Stories, a purpose-led development company, as our Development Manager — providing the same calibre of project management and investor confidence you’d expect in any large private-sector scheme. We’re ultimately adopting a conventional structure, but with an unconventional commitment to prioritising community outcomes at every turn.

While Mayday’s purpose is unique, its development model is conventional, credible,  and fully investable.

Resorting to selling Saxonvale to the next developer could be the most harmful thing to ever affect our town. Our scheme represents more than just ‘best value’, it represents the epitome of what could make Frome one of the strongest communities in Somerset.

We’re ready to start detailed planning the moment an agreement is reached, something that would put us years ahead of any new developer.

Saxonvale has always been intended as a mixed-use regeneration site, not a standard housing development. Its success depends on achieving the right mix of uses — including community facilities, workspace for local businesses, affordable and market housing, and high-quality public spaces.

For that vision to succeed, a significant share of the site’s value must be reinvested into those shared and non-residential elements — the parts that create long-term benefit for Frome.

A conventional private developer model cannot deliver this without external public subsidy. After finance, land, and profit margins, there’s simply too little left to invest in the community, commercial, and public realm elements that underpin successful regeneration. This is why the previous agreement with Acorn, based on largely unconditional sale terms, could never meet the town’s aspirations. The resulting plans were largely rejected for that very reason.

Mayday was formed to fill this gap – to provide a development structure capable of balancing commercial delivery with community benefit.

The challenge of finding the required surplus value in a private developer model remains unchanged today. With the council’s planning policy now upheld by the courts, requirements for commercial space have increased. Construction costs have increased. The already-limited surplus available within a private developer model has therefore shrunk further, making it even less capable of delivering Saxonvale’s regeneration goals.

We are committed to structuring this agreement in a way that balances security for both the Council and Mayday’s investors. We are ready to work collaboratively with the Council to agree terms that protect public value while enabling Saxonvale’s regeneration to move forward. 

Saxonvale is not just a housing site.

It is 12 acres at the heart of our town.

It is the single most important regeneration opportunity in Frome’s modern history.

The decisions made here will shape the town centre for generations. It is about homes, yes, but also work, culture, community, environmental quality, and economic resilience.

It is about what kind of town Frome becomes.