Breathing life back into the heart of a small market town  

“We know that small market towns in Lincolnshire that have got enough to offer in town centres do attract visitors,” said local resident Neil Castle.  

“The idea is that 2-4 Market Place will complement other current offerings in the town. And we want the community to be involved. So, there will be volunteering opportunities – to help with open days, guided tours and exhibitions.”  

“An old courtyard that used to be there will also be restored – and turned into a lovely space for people to sit in and drink tea and coffee,” said Neil. 

With the first shop premises due to be ready by the end of 2023 – and the entire project completed by Autumn 2024 – the team has already received expressions of interest from 20 businesses.  

And the venture is creating a buzz in the town: “There’s even been a song written about 2-4 Market Place, which demonstrates the genuine excitement that there is about the project.   

Neil, along with a group of other committed locals, worked hard to raise enough capital to redevelop the site and breathe life back into the heart of Caistor.  In January 2023, their hard work paid off – and they reached their £2.4 million target that will enable the complex to be turned into a home for shops, a café, a community venue and holiday rental homes.  

“We were awarded £225,000 for capital and £25,000 for operating costs from the Community Ownership Fund, which will go towards paying a centre manager. We’re a small community trying to boost economic development and a levelling up grant is one of the ways that really helps projects like ours.” 

With a huge target to meet, the team raised funds from numerous different sources, which included the National Lottery Heritage Fund, the Architectural Heritage Fund – and a community share offer.

The share offer raised a total of £160,00, with £95,000 of investment from 200 members and £75,000 matched funding from the Community Shares Booster Fund.     

“The matched funding was fantastic,” Neil added. “We were able to go to the community and tell them that for every pound they gave – up to £75,000 – we’d have another pound coming from the Booster Fund.

With a development grant from the Community Shares Booster Fund, the trust was able to prepare an effective share offer.

“The grant was critical and paid for expert support to help with the business plan, accounts and marketing,” said Neil. “A good prospectus is key to a successful offer and to get professional help with that was invaluable.”   

“Co-operatives UK’s (one of the community ownership fund support programme partners) support and flexibility with the community share offer was fantastic. I can’t speak highly enough of them in helping us do the community part of our funding.”  

Caistor and District used Community Shares as part of their funding.

“Community involvement is incredibly important in projects like this. When you talk to other funders and they see the community buy-in, it gives them a huge amount of confidence. I can’t emphasise how important this is as part of a funding model.”