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<h1 class="headline fs-5xl mb-4">The town that bought its own high street</h1>
<p class="fs-lg fg-2 mb-4">When the last two banks closed within a month of each other, a group of residents did something unusual: they stopped writing letters and started raising money.</p>
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<div><p class="fw-semibold fs-sm mb-0">Daniel Osei</p><p class="byline mb-0">27 July 2026 · 14 min read</p></div>
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<p class="kicker mb-3">In this piece</p>
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<a class="nav-link" href="#s1">Two closures, one month</a>
<a class="nav-link" href="#s2">Raising £480,000</a>
<a class="nav-link" href="#s3">What they bought</a>
<a class="nav-link" href="#s4">Does it work?</a>
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<p>The Nationwide went first, in the February. The Halifax followed six weeks later, and with it the last cash machine on the north side of the river. What was left was a row of eleven units, four of them empty, and a landlord in Jersey who had never visited.</p>
<h2 id="s1">Two closures, one month</h2>
<p>Ellen Prideaux had run the hardware shop for nineteen years and had watched three consultations come and go. “Every time, someone from the council would come and take notes,” she said. “And every time, nothing.”</p>
<p>What changed was not the politics but the arithmetic. With four units empty, the freehold came onto the market at a price that was, for the first time, conceivably raisable by a town of nine thousand people.</p>
<blockquote><p>We stopped asking whether someone would save the high street and started asking what it would cost to buy it.</p></blockquote>
<h2 id="s2">Raising £480,000</h2>
<p>The share offer opened in the May with a target of £350,000 and a minimum stake of £100. It closed eleven weeks later at £480,000, from 1,140 shareholders. Roughly a third live outside the town — former residents, mostly, and a surprising number of people who had once had a holiday there.</p>
<p>Shares pay no dividend. They carry one vote each regardless of how many you hold, which is the standard community-benefit-society structure and, according to the treasurer, the single most important decision they made.</p>
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<figcaption>The former Halifax branch reopened in November as a café and post office counter.</figcaption>
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<h2 id="s3">What they bought</h2>
<p>Eleven units, two flats above, and a yard behind that had been used for parking since the sixties. Rents were set at what the society calls “the level a small business can actually pay” — roughly 30% below the previous asking rate, and index-linked rather than reviewed upwards every three years.</p>
<ul>
<li>Nine units now let, two held for seasonal traders</li>
<li>Both flats let at local housing allowance rates</li>
<li>The yard is a market on Saturdays and parking the rest of the week</li>
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<h2 id="s4">Does it work?</h2>
<p>Financially, just about. The society broke even in its second year and expects a small surplus in its third, which goes back into the buildings rather than to shareholders. Nobody involved describes it as a business success, and several people were keen to stress that it is not a model that transfers everywhere.</p>
<p>What it has changed is subtler. The empty units are the thing people mention, but the treasurer pointed at something else: “When the roof leaked last winter, four people rang me before it got as far as the shop floor. That never used to happen. It wasn’t theirs.”</p>
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<p class="fw-semibold mb-1">Daniel Osei</p>
<p class="fg-2 fs-sm mb-0">Writes about cities and infrastructure. Previously at the Yorkshire Post. Based in Leeds.</p>
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