The restored pier should benefit the town's business community (photo: HPC).

Local business urged to buy pier shares

As the sale of community shares in Hastings pier passes the £200,000 mark, local businesses have been encouraged to buy a stake or just make a donation at a breakfast event organised by Hastings Pier Charity (HPC). Nick Terdre reports.

It wasn’t just free bacon butties and pastries that awaited the 50 or so local business folk who attended last week’s breakfast meeting upstairs at the White Rock Theatre, with its sweeping view over the pier.

Andy Walsh, general manager of FC United of Manchester, also came along to tell his inspiring tale of how Manchester United fans disenchanted with the sale of their club to big business in the form of the Glazer family have taken to the community road.

FC United of Manchester won’t be supplanting Man U any time soon, but in the space of a few short years the community-owned football club has shown what can be achieved by local people pulling together. They recently began construction of their own stadium after raising close to £3.5 million – including £1.8 million and rising through their community share scheme – and overcoming obstacles such as a judicial review of their building plans.

Andy Walsh, left, with HPC chairman John Lovering and CEO Simon Opie.

Portsmouth FC is another enterprising example referred to by Andy. Having several times gone into administration due to the financial mismanagement of a series of foreign owners, they are now owned by the supporters club. “The fans themselves have taken over that club and are running it as a sustainable business,” Andy said. “We’re part of a wider, and growing, fan ownership model, there are dozens of clubs across the country which are following that model.

“That’s why it’s important not just for individuals to put money into a project like [Hastings pier], but also for local businesses to get involved. And what a story this is, a crumbling relic of a bygone era which has been rescued, not by some rich, entrepreneurial individual, but by committed entrepreneurial individuals who live in this town, who believe something can be made out of this, who believe in the town in which they live and work.”

There are also financial advantages, Andy pointed out. HPC has reached agreement with HM Revenue and Customs for share purchases to qualify for tax relief at 30% under the Enterprise Investment Scheme (EIS). Businesses which prefer to make a donation can claim corporation tax relief.

As of 27 January the community share scheme had raised just over £213,000 from just under 900 investors, an average sum of £240. But the take-up by local businesses has so far been modest. Now HPC has set up a specific business support fund with the aim of raising £100,000 from this part of the community. It is also hoping to take up an interesting offer of a pound-for-pound matching fund which could put up to another £100,000 in the pot, according to CEO Simon Opie.

The ultimate target is for the shares to raise £500,000 by the deadline of 5 April. It is a relativcly small sum compared with the £13.7 million provided by the Heritage Lottery Fund and other public and institutional sources. But the closer the shares scheme gets to raising the target amount, the more work that can be done to make the pier attractive – and the stronger the feeling of ownership the local community will have for its reborn pier.

Meanwhile, to keep the local population well-informed, HPC is preparing an exhibition of the renovation project and displays of how the restored pier will look which will open in February in the building above the old swimming pool just along the sea-front from the pier.

Born-again pier set to re-open in spring 2015

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