We're planning to heat a section of Jubilee Pool to 35°C all year round using natural geothermal energy, and the new facility will open in May 2019!
We've been thrilled with the success of our Crowdfunder campaign. Thanks to you we're now reached our optimum Crowdfunder target of £500k, which will allow us to proceed with the project.
Now that we've reached £500k 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 an all year round visitor experience to match the spectacular Jubilee Pool. It will also mean that we might be able to borrow less and save money on interest payments, meaning we can plough back more into the longer term future of the pool. The share offer will now extend until late October, so it's not too late to dive in now and help us!
How will this help the pool?
Following its £3m 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 considered the country’s finest example of a pre-war lido.
However our short summer opening season and the risk of winter storm damage has always meant the pool operates on a financial knife-edge, but our exciting plans for using geothermal energy to heat a section of Jubilee Pool will result in the pool opening all year round and a more secure future.
The story so far
Work is taking place to drill a geothermal well which will provide enough renewable energy to heat a section of the water to 35°c. This will mean, for the first time, that the pool will have heated water, transforming it into an all-year-round attraction which we believe will bring enormous benefits both for the pool, to the economy of Penzance and for Cornwall.
The well is being drilled thanks to a major grant from the European Union, but a condition of that funding was that we need to fund the costs of connecting the well up to the pool, and build the section that will contain the heated water.
We will also be building a new café facility and community space. We have raised most of the funds required from loans and grant funding, and these will be combined with the proceeds from our community share offer.
“We believe this project will secure the long term future of the pool and bring huge benefits to Penzance and West Cornwall! ”
Own a part of Jubilee Pool!
Through our community share offer everyone can own a stake in the pool. People are able to buy as many or as few shares as they wish and they were affordably priced. There were a number of attractive benefits offered to all shareholders, as well as substantial tax breaks for larger investments.
Those taking part are now owners of a facility which will set the standard for what a lido can be in the 21st Century. Jubilee Pool will now become truly sustainable for the first time since it was built in 1935. The pool will provide quality employment to local people, helping bring economic benefits to Penzance and the local area all year round too.
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.
Who operates the Pool?
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.
How to buy your shares
It's not too late to buy shares in Jubilee Pool, via the Crowdfunder website. The share offer will finally close at the end of October 2018. All the information you need is provided in detail on their site, and you can download a copy of the full Share Offer Document. 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.
So dive in! just click on this link: https://www.crowdfunder.co.uk/jubileepool
If you need any further information, please email us at: [email protected]
See you in the warm end!