Help play a key role in exciting plans to heat a section of Jubilee Pool to 35°c by investing in our community share offer.
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 now the country’s best art deco lido. Our 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 story so far
Work has already started on drilling 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 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 grants 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 will raise some of the funding required from loans and grant funding, but we also need to raise an anticipated £350,000 directly, so we’re planning to do this by offering you the opportunity of investing in our community share offer.
“We believe this project will secure the long term future of the pool and bring huge benefits to Penzance. ”
Own a part of Jubilee Pool!
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.
You’ll get to be an owner of a facility which will set the standard for what a lido can be in the 21st Century, helping make Jubilee Pool truly sustainable for the first time since it was built in 1935. You’ll also be helping 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 easy to buy shares in Jubilee Pool, via the Crowdfunder website. 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]
We'll see you in the warm end!