NAME OF ORGANISATION: Jubilee Pool Penzance Limited CBS
YEAR FOUNDED: 2017
ABOUT: UK’s largest and most celebrated Art Deco lido and geothermally heated pool on Penzance's Promenade.
INVESTMENT PURPOSE: To construct the geothermally heated pool, café and community space.
INVESTMENT AMOUNT: £900,000
DATE OF INVESTMENT: 2018
SOURCE OF INVESTMENT: Public Share Offer, Direct Deal
IMPACT: Energy & The Environment; Art, Culture & Sport;
ABOUT: Jubilee Pool was designed in the early 1930s by Captain F Latham, the Borough Engineer. The pool was opened with great celebration in May 1935, the year of King George V’s Silver Jubilee. Cleverly designed to cope with the full ferocity of the Cornish seas, the pool is triangular with gentle curves. In 2014 the lido was hit by a catastrophic storm which caused huge amounts of damage - the future of the lido seemed bleak until in 2017 the operation of the pool was taken over by Jubilee Pool Penzance Limited with plans to make it the first geothermal lido in the UK. Alongside running the café, Jubilee Pool and geothermal pool, the lido works with local school children, students from Penwith College and Falmouth University, artists in Cornwall and connected with artists around the UK to celebrate the beautiful lido and create new artwork about it.
PURPOSE OF INVESTMENT: To become sustainable, and less dependent on tourism and weather, Jubilee Pool Penzance launched an ambitious fundraising Community Share offer to help geothermally heat a section of the pool. Nearly £540,000 of the total amount of funding for the pool came from a public share offer resulting in an organisation truly owned by the community with 1400 shareholders of which 970 are local people. Resonance invested £900,000 into the Jubilee Pool, which saw the construction of the new geothermally heated section of the pool, upgraded changing facilities and showers, a new cafe with double the seating capacity and a new multi-purpose community space.
Resonance Limited is a company registered in England and Wales no. 04418625
Resonance Impact Investment Limited, a subsidiary of Resonance Limited, is authorized and regulated by the Financial Conduct Authority (FCA). Firm number 588462.
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