ABOUT £35,000 of public investment is being sought to set-up a community-owned bakery on High Street.

Spearheaded by Dunbar Community Bakery - a new enterprise arm of transition town eco-minded organisation Sustaining Dunbar - the idea is to generate enough investment to re-establish a town bakery by leasing the former Smith"s Bakery premises, which closed last November due due to a retirement.

But time is short for the enterprising bid, with the full quota of investment needed by the end of July to begin trading in September.

If efforts to raise the required funding fails, all the money received will be returned to investors.

Ruth Alder, a member of Dunbar Community Bakery, said: 'We believe that the reopening of a bakery will make a significant contribution to the vitality of Dunbar High Street, will support local employment, will keep money circulating in the local community, will offer opportunities for education and training and much else besides.' It is hoped that training courses in breakmaking could be provided at the community-owned bakery.

Investors in the ambitious venture would receive shares and meet to decide a management committee - rather than a board of directors - which would then employ a bakery manager, two bakers and additional staff.

All shareholders in the bakery - to be a registered community-owned co-operative with the Financial Services Authority - will have an equal say in the running of the business, irrespective of the size of their shareholding, and will be free to put themselves forward to join the management committee.

Project co-ordinator Philip Revell revealed a 'few thousand pounds' had already been raised for the project and said they were 'confident' Dunbar could rally round to raise the rest. Product discounts would be offered to potential investors rather than dividends from shares.

'The group has drawn up a comprehensive business plan following extensive local market research and believes that they will be trading profitably within a couple of years, said Mr Revell.

'It"s never going to generate huge profits anyway. People should see this as a social investment to support a community enterprise. They don"t expect to offer any dividend on shares but are planning to offer shareholders a discount on bread purchased.

'I"m fairly confident we can get there.' But Robin McEwan, chairman of Dunbar Trades" Association, was less optimistic about its prospect of success, saying he would prefer to see an established bakers fill the High Street void.

'I think the idea is sound enough,' said Mr McEwan, 'but I would rather see a business take it over and have a proper bakery. I am not confident it would work any other way.' To receive a share application form, visit Dunbar Library and town centre shops or go to www.dunbar.org.uk or www.sus tainingdunbar.org.uk