Rolle Exmouth Ltd could shut itself down

The entrance to the Owen Building. Ref exe 10-16SH 6921. Picture: Simon Horn

The entrance to the Owen Building - Credit: Simon Horn

Community benefit society Rolle Exmouth Ltd (REL) looks set to come to an end unless new people come forward to take it on.

REL has campaigned for several years to save the former Rolle College site for community use.

However, following the announcement last year that owner Plymouth University would sell the site to Exeter Deaf Academy, a meeting is now being called for shareholders to consider applying to the Financial Conduct Authority to cancel its registration. REL states that there are no funds to repay shareholders’ investment.

A note to shareholders states: “Cancellation is not something the directors welcome, but they consider that there is no realistic alternative.

“If the meeting determines that REL should continue, it would only be possible if at least two, and preferably three, individuals put themselves forward to become directors.”

REL secretary Mike Tracey said: “We had hoped we would be able to do something on the site, but that’s clearly out of the question now. REL could have a role – there’s always a monitoring role to be played in trying to ensure as much benefit as possible comes out of the current situation, and there’s no reason the things REL set out to achieve couldn’t be achieved somewhere else, but for this we’ve got to the stage where we’ve all been beavering away at this for years and we could do with some new blood.

“REL has achieved a lot – if we hadn’t been there it would have gone for housing long ago.”