Hastings Pier - From ruin to rescue A Community approach
The Early Days Shareholders were being ‘treated by the directors like strangers and beggars instead of fellow townsmen’ Mr. Bovington, Shareholder, 1875.
The Local Economy In 1905 the Hastings, St Leonards-on-Sea and Eastbourne Steamboat Co Ltd went bust for several reasons including the decline of Hastings as a town…
Operating Challenges In April 1910 the annual general meeting of the Pier Company heard there was no dividend, and the causes of failure were described…
The Heydays… In the first week of August 1931 a staggering 56,000 people passed through the turnstiles…
And Subsequent Decline… ‘The company’s main asset is an 111-year old structure needing constant attention because of its age and vulnerability to the sea’ John Lester, Chair, Hastings Pier Company 1983.
The Pier closes in 2008 – a place of fond memories
Community Action: The 2009 March
Fire in 2010 – the end of the line? ‘The main problem all the way along the line is that it is owned by a private company’ Louise Neech, Chair, Pier Preservation Society 1990. Post-fire Aerial View Pre-fire Aerial View
First round success ‘Hastings Pier and White Rock Trust, set up by a group of highly committed local residents, has put together plans to restore the historic fabric of the pier and create new facilities which will give huge impetus to the social and economic regeneration of the town. The particular strengths of this project are that it has mobilised enthusiastic support from the surrounding community and will also provide much needed opportunities for skills training.’ Heritage Lottery Fund
Community Consultation
Masterplan
Stable Platform for the future
Visitor Centre
Gathering Place and Cafe
Events Space
Education Activities
Digital Heritage
Pavilion Restaurant
Outdoor Cinema
Music Festival
Making plans a reality - Fundraising Approach
Primary objective… Emphasis on support to HLF bid • unless approved no amount of local sponsorship / fund-raising will make a difference • once approved local fund raising will be massively better received • prioritise limited resources and organisational capacity
Some vocabulary…. We can’t do much until the pier is back under local ownership but we can support the rebuild and the lottery application It’s an eyesore that’ll cost £4m of our money to pull down The People’s Pier – the plans are fantastic, go take a look at the website We really need support otherwise we’re stuck with that rotting pile of junk – go to the website and support the Heritage Lottery bid
Project funds raised towards a target of £13.9m • 11.4m HLF • 750k CCF • 250k HBC • 200k ESI • 500k COMA • 250k SIB (Loan) • 250k AHF (Loan) • 100k HBC/ESCC (Joint Underwrite) All secured in principle by Spring 2013 • 200k still needed, but sufficient to ‘green light’ transfer of ownership through the CPO process
The Pier’s rescue begins
The Pier we bought for one pound in August 2013
The continued challenge – Sustainability • How to ensure economic future for the Pier? • Community involvement and charitable status absolutely key to the long term • Operating Business needs £150k to support seasonal cashflow requirement • Initial target of additional £150k for investment in commercial activity • So £500k in total funding still needed
Relevant learning • ‘The particular strength of this project is that it has mobilised enthusiastic support from the surrounding community’ • HNW individuals proved very hard to attract • Charitable Trusts and Foundations proved equally reluctant to get involved (with the notable exceptions of the AHF and the Pilgrim Trust)
Building an organisation • Vital to harness community support in the most effective and meaningful way • Community Benefit Society structure (a membership society of Community Shareholders) offered clarity of ownership and a compelling investment opportunity • First registered charity to convert • Community shares launched on October 5 th 2013 (3 rd anniversary of the fire)
• £1 shares – minimum investment £100 • Initial offer period 3 months – extended to 6 months
An amazing response… • £600,000+ raised in share capital • 3080 Community Shareholders • 40% from Hastings and St Leonards • 75% from East Sussex and Kent • Shareholders in Slovenia and Australia • Tremendous sense of pride and achievement • Strength for the future – local ownership
Engaging the Community - Some statistics: 90 individual events; 6,481 participants 52 family workshops; 1,366 families 24 talks/presentations; 1,005 attendees 64 volunteers recruited and trained 3,766 hours volunteer support 4,885 HPC Newsletter subscribers 2,744 Facebook likes; 2,340 Twitter followers.
Into 2015 and work continues
The Pier reopens in March 2016
Formal opening event on May 21 st 2016
New opportunity to build resilience • Share offer reopened for 3 months • Further £260k raised • 1400 new shareholders join • AHF converts some loan to equity • In total Community Shares raised £970k from 4422 investors • More fundraising needed to secure long term future
The People’s Pier
Innovation in charity funding • Hastings Pier is the first charity in the UK to have shareholders, following long battle with Charity Commission to accept this principle • Converted from a registered charity and company limited by guarantee to a charitable community benefit society (with exempt charity status) requiring approval from Companies House, FCA, HMRC and the Charity Commission
What are community shares? • A form of share capital unique to societies • Withdrawable rather than transferable • Democratic – one member one vote • Non-speculative, asset lock prevents capital gain • Can pay limited interest on share capital • Exempt from financial promotion regulation by FCA when making a public share offer
Community Shares Unit • Established in 2012 to promote concept and develop the market for community shares • Joint project between Co-operatives UK and Locality funded by DCLG • Provide good practice guidance – Community Shares Handbook (practitioners) – Investing in Community Shares (public) • Voluntary regulation – Community Shares Standard Mark – awarded by licensed practitioners www.communityshares.org.uk
Community shares data Since 2012: Arts & heritage: • 700 new societies • 14 new societies • 350 share offers • 7 successful share offers • £120m raised in shares • £2.11m raised in shares • Levered in at least • 7217 people have another £250m in bought community capital funds shares • 120,000+ people have bought community shares
Arts & Heritage societies Name details Share capital Members Bradford One Heritage: former Odeon cinema Pre-launch Clevedon Pier Pier improvement visitor centre £253,385 1,086 Clifton Community Arts Centre Former cinema in Telford Pre-launch? Cultybraggan Heritage Former WW2 camp in Scotland £27,400 124 Friends of Stretford Hall Former town hall heritage Currently under offer Hastings Pier Heritage £970,000 4,422 Mutual Artists Studios Co-operative Edinburgh Pre-launch Pink Lane Jazz Club Newcastle £124,000 180 Portland Works Heritage workspace Sheffield £337,000 500 Portpatrick Harbour Historic harbour Scotland £103,000 363 Red Brick Building Centre Heritage workspace Glastonbury £120,000 124 Savoy Arts Centre Former cinema in Stockport Pre-launch? Star & Shadow Cinema Former cinema in Newcastle Pre-launch Unity House Arts centre Wakefield £179,000 330
Recommend
More recommend
