Shares for the Rolle Centre will be available from March for six weeks.

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The first share offer will have a minimum investment of £100, although syndicates of four people can club together to buy a bundle.

A total of £500,000 is needed to re-commission the buildings at the Douglas Avenue site including the main building, the Owen building, the Daw building and the administration building.

However, before buying shares purchasers are advised to read the detailed share prospectus, to be published in March.

This will include a summary of the business plan and will be on the website www.rollecentre.org as well as available in hard copy.

Roy Pryke, chairman Rolle Exmouth Ltd, said: “We do not expect the Exmouth area to provide all of the £500,000 and more that will be needed to re-open all of the buildings in due course, something like £200,000 in the next few months from the local area with a similar sum from elsewhere would set us under way.”

He said they were seeking funding from other sources, but local support was needed to unlock some of those, such as the Big Lottery Fund.

Mr Pryke clarified that, although the directors of REL were unpaid volunteers, and would continue to be so, when they take over the Rolle Centre the managing director would be paid a wage.

He added: “The response at the public meeting and since has been very encouraging in terms of financial and practical help. We have responded to the strong wish expressed publicly to save Rolle and provide new opportunities.

“So far, so good. Now we have to finalise the business plan, complete the details of the share offer and confirm with the many interested organisations how the Rolle Centre will take new shape.”

More information is available on the web-site www.rollecentre.org

If anybody wishes to clarify any points or to offer help would they please contact the managing director, Roger Staker, at admin@rollecentre.org

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