Shepton Mallet Town Council is about to make a big call.

At a special meeting on Tuesday, 23 September, councillors will decide whether to invest £15,000 of public money in a bold community bid to buy and reopen The Amulet in the town centre.

The plan is part of the 'Let's Buy The Amulet' campaign, led by The Amulet Centre Limited—a Community Benefit Society (CBS) set up by local volunteers. They want to transform the site into a cultural and community venue for Shepton.

If approved, the money would come from the council's General Reserves, not from any pre-set budget line.

What's on the table?

• A £15,000 investment in community shares — enough to make the council a voting member of the CBS.
• The money would help reach a £100,000 fundraising target, part of a wider pot needed to secure the building.
• The CBS already has permission for 'meanwhile use' of the site and has run successful events over the summer.
• Council membership gives one vote and a seat at the table—but no control over day-to-day running.

What could go right?

• Delivers on the council's Strategic Plan, which backs bringing The Amulet back into community use.
• Builds on over £20,000 already spent on building surveys.
• Shows leadership—and may help unlock further funding from other sources.
• Gives the town a shot at a long-lost cultural venue, run for the community, by the community.

What could go wrong?

• It's not a protected investment. There's no FSCS cover, and no guarantee the council will get the money back.
• The shares are locked for three years and can't be sold or transferred.
• Returns aren't guaranteed. Any interest payments are capped and only kick in after five years—if there's a surplus.
• If the CBS fails to raise enough overall funding by August 2027, the entire project could collapse.
• Only one vote—no matter how much the council invests. No veto. No special powers.

What else is at stake?

• The public may compare this to the £15,000 grant previously awarded to The Art Bank—raising fairness questions.
• Reserves will take a hit. Councillors must confirm they'll still be above the minimum required level after the spend.
• Any future top-ups or funding requests from the CBS would be outside this deal.

So what now?

If councillors back it, officers will complete a risk assessment and formally buy into the scheme. A council rep will be appointed to act as its voice inside the CBS.

The meeting starts 6pm Tuesday 23 September at the Council Chamber, Shape, Cannards Grave Road. The public can attend in person or online, but anyone wishing to speak must register by 12 noon on the day.

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