News

Cornwall geothermal pool project seeks to raise funding in community share offer

Jubilee Pool, Penzanca, UK (source: website)
Alexander Richter 26 Jul 2018

The Jubilee Pool geothermal heat project has announced a crowdfunding campaign to raise additionally necessary funding besides secured funding from loans and grant funding.

The Jubilee Pool geothermal heating project, which we have been reporting about, is now seeking to raise funds in a community share offer to the public, .

Work has already started on drilling a geothermal well which will provide enough renewable energy to heat a section of the water to 35 centigrades. This will mean, for the first time, that the pool will have heated water, transforming it into an all-year attraction which we believe will bring enormous benefits both for the pool, to the economy of Penzance and for Cornwall.

Following its GBP 3 million renovation and successful reopening in 2016, Jubilee Pool is more popular than ever with local people and summer visitors and there’s no doubt that it’s now the country’s best art deco lido. The short summer opening season and the risk of winter storm damage has always meant the pool operates on a financial knife-edge, but we’ve now developed some very exciting plans for the future which will mean year round opening and a more secure future!

The well is being drilled thanks to grants from the European Union, but a condition of that funding was that the project needs to fund the costs of connecting the well up to the pool, and build the section that will contain the heated water.

The project will also be building a new café facility and community space. It will raise some of the funding required from loans and grant funding, but also needs to raise an anticipated GBP 350,000 directly, so it is now planned to do this by offering you the opportunity of investing in our community share offer.

Through the community share offer everyone can own a stake in the pool. People will be able to buy as many or as few shares as they wish and they’ll be affordably priced. There will be a number of attractive benefits offered to all shareholders, as well as substantial tax breaks for larger investments.

Community shares are withdrawable shares that cannot be sold, traded or transferred between Members, unlike shares in a typical company. All Members are entitled to one vote – regardless of how many shares they hold.

Members can be paid interest on their shares if the Board believe it would be sensible to do so, and can also withdraw their shareholding (in effect, have it bought back by the society), along with any interest accrued if they have invested over GBP 7,500, subject to the approval of the board.

Investors can also claim tax relief on their shares, provided they are eligible UK income taxpayers.

Jubilee Pool is now owned and operated by Jubilee Pool Penzance Ltd, a Community Benefit Society trading as Friends of Jubilee Pool. We have been granted a 99 year lease on the pool and remain committed to its future as a community asset. The CBS are supported by Penzance Town Council and Cornwall Council.

Details on the crowdfunding campaign can be found here.  As of today  GBP 143,000 of a GBP 350,000 target have been raised.

 

Source: Jubilee Pool

DISCLAIMER: This article is only general information and not a recommendation to act. Please seek independent investment advice before entering into any financial contract.