Frome residents have gone from despair to elation within 24 hours after an unpopular housing developer backed out of development a town centre site.

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 scatching 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.

Acorn issued the statement confirming its withdrawal to the Local Democracy Reporting Service shortly after 3pm on Thursday afternoon (August 1), shortly before the same statement was posted on its social media channels.

A spokesman said: "Acorn Property Group prides itself in working with local communities to provide much needed regeneration through residential-led schemes.

"Further to the meetings on July 31, 2024, it has become abundantly clear that in this case, despite our best endeavours to work with all the stakeholders, the local community does not wish to work with Acorn, and on that basis we have decided to withdraw from the process.

"Acorn wishes Frome and the local community the best of luck going forward in developing this wonderful site in whatever way they choose to take the matter forward."

The withdrawal of Acorn does not automatically mean that the site will be sold to Mayday Saxonvale, and Somerset Council has not provided a time-scale for how soon a final decision would be taken on the site's future.

Officers indicated on Wednesday afternoon (July 31) that selling the site on the open market (rather than an unconditional sale to either Mayday or Acorn) would not lead to the site being redeveloped quicker.

Responding to Acorn's departure, Somerset Council leader Bill Revans said: "We note the decision from Acorn Property Group and will now carefully consider our next steps."

Councillor Steve Tanner, leader of Frome Town Council, added: "We are aware of the statement Acorn have made that they have withdrawn their bid for Saxonvale.

"We have spoken with Somerset Council about this and they have indicated that they are currently considering their options.

"We will remain in touch with Somerset Council and await further information."

Damon Moore, one of the directors at Mayday Saxonvale, told The Guardian on Thursday (August 1): "We've got our future back. It's extraordinary."

Councillor Shane Collins, the Green councillor for the Frome East division, added: "This is unprecedented news. In nine years of being a councillor, I've never heard of a developer pull out due to community feeling.

"This shows the power of community in Frome. Fantastic news, from the depths of depression yesterday to elation today."

Somerset Council's next executive committee meeting will take place in Taunton on Monday morning (August 5); however, the agenda for this was published before the Saxonvale decision was issued, and therefore cannot be altered.

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