Jubilee Pool has announced that it is deferring the launch of its geothermal facilities to Spring 2020 in a move to minimise the business risks associated with the previously proposed winter launch.
The Board of Jubilee Pool Penzance Limited, the community owned organisation which is managing the development and operation of the pool, announced the decision to shareholders at its AGM in Penzance yesterday evening.
At the same time, the Board outlined an exciting programme for the winter. The pool will open on selected weekends for activities and events. From the end of October, the new community space and treatment rooms will be up and running for exercise and cultural classes, massages and therapies as well as art and craft activities. The community space will also be used to house Jubilee Pool’s heritage exhibition. The café will remain open 5 days/week throughout the winter with lots of “specials” and some exciting events. Information on the winter programme will be available over the next couple of weeks as the plans are finalised.
The decision to move the geothermal launch date was made as it has become apparent that the power upgrade required for the geothermal launch will not be completed this winter but also in the light of the business risks associated with a winter launch.
Susan Stuart, Chair of the Board of Directors for the pool said:
“We remain excited and optimistic regarding the long-term prospects for Jubilee Pool and look forward to seeing the new geothermal facilities up and running next year. We’re investing in a major capital project which will create a step change for Jubilee Pool and secure long-term financial sustainability. It’s also a regeneration project which will bring benefits for the community and economy of Penzance and the local area. The construction programme is now well advanced, the geo-pool is in place and the Café and Community Space on the Top Terrace completed and operational.
As a Board, we are very mindful that we receive public funding, are custodians of funds contributed by shareholders, grant funders and lenders. As such, we think it’s important to take a prudent stance on delivering our business plan and seek to minimise risk. In the light of that, we have taken a decision to defer our planned winter launch of the geothermal project until spring 2020. The rationale is two-fold:
Firstly, it is apparent that the power upgrade required for the geothermal launch cannot be delivered in time and it would be an imprudent use of funds to gear up the organisation and recruit more permanent staff for the geothermal facilities as previously planned.
Secondly, we had already been looking at the considerable risks associated with a launch at the dead of winter. We came to the conclusion that whilst there’s no doubt that the launch would attract a lot of interest, the remainder of the winter would be far from predictable and arguably represent an unjustifiable risk to the business. We are now in the process of producing a revised business plan for the remaining months of this financial year and our initial review indicates that we can deliver on budget.”