Geothermal Update – 9th October 2019

We have decided to move the launch of our geothermal facilities to Spring next year. It had been hoped that we could launch this winter but the power upgrade we need to get that done won’t be in place and we’ve also become increasingly worried about the business risks of a winter launch.

Most of the building work is now nearing completion and although we won’t have the geothermal pool up and running, we’re putting together 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 offering 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.

Susan Stuart, Chair of our Board of Directors for the pool commented: “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.