A community shop near Burnham-On-Sea has raised £4,000 in two weeks after launching a share scheme to safeguard its future and expand.
Lympsham village shop opened in 1998, following fundraising in the village, and is staffed by volunteers with the Post Office operated as a separate business within the shop.
David Smith, Chair of Lympsham Community Shop Management Committee, told Burnham-On-Sea.com: “The purpose of the share offer is to ensure that everyone in the village and surrounding areas can participate; you don’t need to live in Lympsham.”
“We’ve had steady support so far with about fifty new shareholders and over £4,000 raised in just over two weeks.”
“The shop has traded successfully and during the covid pandemic was a major asset to the village as it continued to operate, albeit with restrictions, while the country was locked down.”
“The shop has continued to adapt and prosper in what is now a very different business environment to when the shop was founded. In 2024 it was converted from a limited company, without shareholders, to a Community Benefit Society, Lympsham Community Shop Ltd and registered with the Financial Conduct Authority.”
He says converting to a community benefit society means putting the community at the heart of the organisation. “In essence, this means that any profits, over and above running costs, reinvestment and reserves, are used to support community projects. Being a Community Benefit Society also opens the way to a Community Shares Offer whereby Community Shares in Lympsham Community Shop, individually priced at £1 with a minimum purchase of 25, can be purchased.”
“It also means that everyone who purchases Shares becomes a Member of the Community Benefit Society and, as such, can be involved in the future of the Lympsham Community Shop – receiving annual trading accounts, being able to vote at Annual Members Meetings and being able to sit on the Management Committee.”
“It also provides the opportunity to transfer the Post Office business to the Lympsham Community Shop and so run both business as a combined operation, reducing costs and improving service.”
“Negotiations with the Post Office to facilitate the transfer have been time consuming but have finally reached a conclusion. This means that the Lympsham community benefit society will include the shop and the Post Office franchise so safeguarding the future of both within the village by ensuring a resilient operation.”
“We believe that a Shop with a Post Office facility is a vital amenity for Lympsham. Owned and run by the community for the benefit of the community. Lympsham Community Shop and Post Office has been a success and we believe that the village has the will to and can provide the custom and volunteer time that will be required for it to continue to be successful.”
Individuals (aged 16 years and over) and organisations can apply for membership by buying shares at a cost of £1 each with a minimum purchase of twenty-five shares. The Shares Offer opened on Monday 24th March 2025 for a limited period and closed on 5 May.
For more details, email Lympsham Community Shop at lympshamshares@outlook.com
