Hastings Pier Shares Sale Proving A Success

Following swiftly on from the impressive news that the £4.2 million revamp of Penarth Pier in the Vale of Glamorgan is now complete, more news is filtering through suggesting that the future of our iconic seaside piers could be taking a turn for the better.

Ten days after shares in Hastings Pier went on sale, over £70,000 has been raised at the rate of £100 per share. It is hoped that a total of £300,000 can be raised in this way with those who contribute having a say in the future of the pier.

How Hastings Pier Could Look

The pier is being rebuilt with £14m of money raised mainly through the Heritage Lottery Fund, having almost been completely destroyed by fire in October 2010.

Simon Opie, CEO of the Hastings Pier Charity, said the shares were important to continue interest in the pier after its restoration. He said: "[The shares] are not just about the money, but it is about creating shareholder members, people who are invested in the pier, people who care about the town, the heritage of the pier, and people who will be here for the long term.

"The money that we have raised will restore the pier but beyond that it needs to have an economically viable future and that's what we hope we will create. The company is a community benefit society, so it remains a charity in law and it's run for the benefit of the community and for charitable purpose.

"But we are allowed to recruit shareholder members who are the owners of the company, members of the charity and every shareholder has a say in the future of the pier," he added.

Hastings Council leader, Jeremy Birch, said: "This is the people's pier so let them have a stake in it."

It is hoped the restoration will be completed by spring 2015.

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