A village community shop's financial situation has "considerably worsened", leaving it at "grave risk" of closure.

In a letter written to the shareholders of the Monks Eleigh Community Shop, it was revealed that it is currently operating of a loss of around £1,000 per month.

The letter adds: "We are, therefore, at grave risk of losing our shop, with a consequential loss of the Post Office, unless some urgent changes are made."

Barry Charnley, chairman of the shop's management committee, said that their business strategy would be re-evaluated in a shareholder's meeting on Thursday, October 6.

"The shop is there to serve the community and there are many people who rely heavily on it. However, nothing has been decided upon yet," said Mr Charnley.

He noted that a number of factors including increasing prices, reduced footfall, fewer items being sold and the availability of goods have contributed to the issues faced by the shop.

Within the letter to shareholders, the shop's committee had decided that the shop would have to operate without a paid manager.

Mr Charnley added: "The current manager has agreed to carry on working to help the shop, but from now on we'll be dividing jobs into bite-size pieces and relying on the help of volunteers."

The letter also went on to say that the committee was proposing issuing bonds to shareholders and the wider community to resolve their current financial situation.

It concluded: "Clearly, we face some major challenges to keep our community shop going, but with the goodwill and support of you, the shareholders, and our volunteers and the wider community, your committee are determined to make it happen."

Monks Eleigh parish councillor Bryn Hurren said he uses the community shop himself and hopes it won't be forced to close.

Sudbury Mercury: Monks Eleigh parish councillor Bryn Hurren said he uses the community shop himself and hopes it won't be forced to close.Monks Eleigh parish councillor Bryn Hurren said he uses the community shop himself and hopes it won't be forced to close. (Image: Archant)

"Both the shop and the post office are brilliant assets to the village, but they've been hit by a double whammy" said Mr Hurren.

"They're struggling with sales as it's a little bit more expensive than the supermarket and those who volunteer are less able to give their time away for free now."

He added: "The meeting is about keeping it going and finding a way out of the current crisis."