We're making Britain's coolest pool hotter thanks to geothermal heat from under our feet. We need to raise £850,000 to make it happen!
by Jubilee Pool in Penzance, England, United Kingdom
Thank you! We have hit our minimum target which is fantastic but we really want to keep pushing on, to reach our vision of providing the best for the community and to create a truly unique visitor destination putting Jubilee Pool on the map as the must-see attraction in Cornwall, a geothermal first and a game changer for the local economy, especially in the "off season".
The minimum target was set to enable us to get the job done but if we can get to our optimum target we'll really be able to enhance what we're able to provide "poolside" for swimmers and geothermal users alike! We can upgrade and heat changing rooms, provide better, warm and comfortable indoor showers, further refurbish and modernise toilet facilities, improve our facilities for disabled people and install lockers.
In a nutshell, if we reach £850k we can do even more to ensure this exciting facility is the very best possible experience for one and all, with improved café, community and pool facilities and a visitor experience to match the spectacular Jubilee Pool.
In addition, the more we raise in shares the less debt we have to take on, and less debt means less money is required to service that debt. That in turn means more money can be re-invested in the Pool and we be more able to provide a return to our investors.
Until now Jubilee Pool has opened for the summer season from May-September. That has impacted on our ability to raise money all-year round, and has meant the pool struggles to be truly sustainable.
To change that, a 1.8 kilometre-deep well is being drilled next to the Pool which will geothermally heat water to 35 degrees and enable us to provide warm water swimming in part of the pool. That will enable us to open all year and make the Pool more attractive to visitors, local people and tourists alike.
This will cost us £1.8m in total to connect the well to the pool, as well as double the size of the cafe and creating community space.
To fund this, we've applied for various grants, but need at least £350,000 in this community share issue.
Jubilee Pool is widely considered to be the best example of a pre-war Lido in the world. It’s a remarkable facility providing safe seawater bathing for all ages; a unique modernist building of international architectural importance; a tourist attraction in its own right; and now, it’s set to provide a catalyst for the future economic regeneration of Penzance.
As a listed building in a seaside location, Jubilee Pool will always require ongoing investment. But we believe the Pool is capable of becoming less reliant on public funding. With over 40,000 visitors last summer, it’s already a successful visitor attraction with or without geothermal. However, once it becomes an all-year-round attraction, it will pay for itself.
But we can’t deliver this project without your help. So please consider investing in our project. Whether it’s a single share or 1000 shares, together we can all share in the Pool’s exciting future.
Jubilee Pool Penzance is a charitable Community Benefit Society and has grown out of the Friends of Jubilee Pool, created to become the organisation that owns and operates the Pool on a 99 year lease from Cornwall Council.
We took over the operation of the pool in 2017, and oversaw a very successful summer season which saw 40,000 visitors to Jubilee Pool. In June 2017, we also fully refurbished and took over the Café at the Pool. We have run this profitably and with fantastic feedback and reviews over the last year.
We have a Board of directors appoint the staff who run the Pool on a day-to-day basis and have oversight of their work. Details about them and about your democratic rights as an owner are in the Share Offer Document.
What the community facility will look like after the upgrade
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 £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.
The rights and responsibilities of members are detailed in the Share Offer Document and the Rules of the Society, which you are advised to read before committing to invest. You can also read the society's business plan for the geothermally-heated pool below.
The Community Shares Standard Mark is awarded by the Community Shares Unit to offers that meet national standards of good practice. For more information about community shares, the Community Shares Standard Mark and the Community Shares Unit go to www.communityshares.org.uk