The leaders of a Frome regeneration bid say they are ready to "move forward" and redevelop the Saxonvale site "in the way that Frome deserves".

The Saxonvale site has been the subject of two competing proposals for its regeneration – one from the Bristol-based Acorn Property Group, the other from the locally-based Mayday Saxonvale.

Following a six-hour meeting on Wednesday afternoon (July 31), Somerset Council's executive committee announced it would be selling the site to Acorn – prompting outcry and scathing criticism from local residents and politicians.

Less than 24 hours later, Acorn announced it was withdrawing from the project – leaving the door open for the more popular Mayday scheme to be implemented.

Mayday's leadership team and the land trust that is partnering with it have now called for the council to sell the land to them so that work on delivering their vision can begin in earnest.

Mayday Saxonvale director Paul Oster said: "Acorn withdrawing from the bid was a complete shock to us all. It does however show that a scheme of this size and strategic importance, as recognised by Acorn, cannot proceed without a strong level of community support.

"Frome has now made it abundantly clear that our community-led approach is what our town wants.

"We are ready to work with the council, to purchase the site, and develop Saxonvale in the way that Frome deserves.

"The council have stated that they will now consider how to proceed, and we look forward to hearing from them soon.

"Comments by the executive councillors before their decision had an absolute focus on there being the minimum delay before redevelopment could begin.

"There is now no other developer with planning consent, or ready 'to get spades in the ground' but us.

"The initial decision was very hard for us all to hear, however, we need to acknowledge and empathise it was also difficult for the council to make.

"Our hope is that we can now all move forward, for the future of our town, together."

Under Section 123 of the Local Government Act 1972, any local authority must attempt to secure the best possible price for any land, property or assets which it seeks to sell off.

The Frome Area Community Land Trust (FACLT) – which would manage the social housing as part of the Mayday bid – has called on the government to change this law to ensure community-led regeneration efforts can compete with the big commercial developers.

Trust chairman John Clarke said: "We are delighted that Acorn recognised that the community of Frome is not behind their development proposals and has withdrawn their bid.

"We are confident that Somerset Council will seek positive and open discussions with us to achieve a satisfactory outcome for both Somerset and the community of Frome."

Somerset Council's executive committee last met in Taunton on Monday morning (August 5); however, the agenda for this meeting was published before the Saxonvale decision was issued, and the site's fate was not discussed in detail at the meeting.

The next executive meeting – and therefore the soonest this matter could be publicly discussed again – will be held on September 2.

Anna Sabine, the newly-elected MP for Frome and East Somerset, said she would do all she could to secure the best outcome for her constituents regarding the future of the site.

She said: "I welcome a decisive action from Acorn and hope that this will mean that there is still an option for the Mayday Saxonvale vision to become a reality.

"I will do everything I can to help take this forwards in the interests of Frome."