A former bank in Redruth is to reopen with a whole new purpose.

The old HSBC bank building in Fore Street is set to reopen its doors as a temporary home for local businesses, before becoming a centre to promote cycling to everyone from beginners to the professional elite.

It has been made possible thanks to a grant from Historic England to the Redruth High Street Heritage Action Zone (HSHAZ) scheme, along with the efforts of Redruth Revival Community Interest Company and Cornwall Council as the lead organisation.

HSBC closed its Redruth branch in May 2017 as part of a wider closure of 62 branches across the UK, and for nearly five years the building has stood vacant in the town centre.

When the building was put on the market this February, the Redruth HSHAZ team identified it as opportunity to use the building in a different way – firstly to support Redruth Revival find temporary accommodation for tenants of the Buttermarket, and then, as a centre for the promotion of cycling.

Redruth Revival and the Redruth HSHAZ team have been working together over the last two years to raise the funding for the redevelopment of the Buttermarket complex of buildings, a £3million scheme that will safeguard the use of these historic buildings by local businesses in Redruth town centre.


A number of tenants currently in the Buttermarket will need to vacate the Buttermarket site when building works begin this autumn, and so will be accommodated by Redruth Revival in the former bank building.

On completion of the Buttermarket project in Spring 2024, the building will then become the headquarters of the newly established Saint Piran Cycling Community Interest Company.

The idea to create a hub to promote cycling at all levels came from consultation on developing Redruth as a destination not just for retail, but also for events and activities.

It will become a centre for accessing the network of on and off-road cycle routes and trails in that part of Cornwall, building on the success of the Tour of Britain in 2021.

The Saint Piran Cycling social enterprise will transform the former bank, encouraging more people to get involved in cycling , and help them become more healthy and active, whatever their ability, as well as reduce their carbon footprint.

The ambition is also to bring a programme of cycling events and international competitions, including the Tour Series, to Redruth.

Richard (Ricci) Pascoe, director of Saint Piran Cycling CIC, who also grew up in Redruth and has owned the shop Bike Chain Ricci on the outskirts for more than 35 years, said: “This is an incredibly exciting moment for the newly established Saint Piran Cycling CIC and we are delighted to be working in partnership with Redruth HSHAZ and Redruth Revival to transform the former HSBC bank building in the town centre.

"We want to promote fitness, good nutrition, health, and wellbeing through leading a more active life. The Saint Piran brand has an international reach that we will use to attract business interest in Redruth, creating jobs and providing apprenticeship and training opportunities.”

In 2020 Cornwall Council was awarded a grant of £1,689,063 by Historic England under the High Street Heritage Action Zone scheme, for investing in Redruth town centre.

The Redruth HSHAZ is focused on bringing derelict and underused historic buildings back into use, and bringing events and activities to the town centre.