We're planning to heat a section of Jubilee Pool to 35°C all year round using natural geothermal energy, and the new facility should open in spring 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.
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 has now been completed on providing a 400m deep 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 by Geothermal Energy Ltd thanks to a 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, reception area 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 has an opportunity to own a stake in the pool. People 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.
As an investor there are a number of tangible benefits. Everyone investing gets 30% tax relief on their investment (if they're a UK taxpayer) as well as a say in the future direction and strategy of the pool and the chance to stand for the Board. Investors will also enjoy a free visit to the new geothermal pool when it opens, recieve an enamel badge, postcards, a limited edition print and invitation to a special gala evening according to their investment. See the table below for more details:
The main benefit is that the Pool will become sustainable, earning money 12 months of the year and breaking the reliance on the weather. With warm water, not only will it become more useful to the people who live nearby outside the summer months, but will also be much less vulnerable to the impact of cloudy or chilly days in the summer season too.
The greater revenues we’ll gain from having facilities which are not seasonally dependent mean we will support more full time permanent and part-time jobs in the local area.
We’ll also be offering a discount of 20% off the entry price to people living in Penzance itself, and special free-to-use sessions targeted at young people, the elderly, disabled, disadvantaged and people living in Penzance’s most deprived areas.
By demonstrating the power of geothermal energy, we’ll be showcasing just how useful this source of energy is, and given Cornwall is uniquely placed to exploit geothermal due to the county’s geology, we’d hope that other organisations would follow suit and start drilling for renewable heat too. And we’ll also create spill-over benefits to the wider economy. With a 35% increase in visitor numbers predicted by the end of 2021, many of those people will stay locally and support other local businesses.