Around 300 residents in Dunbar, Scotland, raised nearly £38,000 via a community share offer to open a new high street bakery. Investors in the community-owned co-operative venture, which opened this week, will not receive dividends but a 10% discount on artisan breads made on the premises.

The initiative received funding and loans from several public bodies, including the Lottery Awards for Scotland and Tyne Esk Leader. It was begun in 2008, after the town’s last bakery shut when its owners retired.

"Community enterprises can be important growth drivers in today’s economic climate," said Jane Wood, chairperson of ’The Bakery’s’ management committee. "Area restaurants and hotels have expressed interest in taking our products and we are looking to create a sustainable market for them."