|Fund:||Communitybuilders and Community Assets and Services Fund|
|Amount:||£150k (loan) & £100k (grant)|
|How the money was used:||
Despite playing host to The Rolling Stones, The Who and Jimi Hendrix in the 1960s & 70s Hastings Pier fell into disrepair in the 1980s and closed in 2008. Then, in 2010, a devastating fire virtually destroyed the entire pier.
Hastings Pier Charity was set up in 2011 to take ownership of the Pier in order to restore and run it for the benefit of the local community. In August 2013 the pier was purchased from the Council for £1 and the Pier’s restoration began.
We were one of a number of different sources of funding for the project including Heritage Lottery Fund, the Coastal Communities Fund and a Community Share Scheme which raised almost £600,000. We were able to provide both loan and grant finance to supplement these other funding sources
The funding allowed for the creation of the Pier Works Company, a trading subsidiary that would ensure the Pier is run effectively and has a long term future.
“Capital financing from the Social Investment Business was vital in securing the final pieces of the funding jigsaw that has seen Hastings Pier restored to its former glory. SIB has been very straightforward in all dealings with us and has retained a professional and helpful attitude throughout.”
Clive Wormald, Financial Controller, Hastings Pier Charity
Hastings Pier Charity’s ambition to turn the pier into a social hub to unite people has been a tremendous success. They reopened to the public on Wednesday 27th April 2016 and held an Opening Gala on 21st May.
While it may not be considered a conventional social enterprise, Hasting Pier Charity is a great example of how grant and loan finance can be used to compliment other funding sources and rejuvenate an much loved local asset for the benefit of the local community.
About Hastings Pier Charity
The Hastings Pier Charity is a community led organisation, set up to rescue and restore Hastings iconic pier which had fallen into disrepair. The charity aims to return buildings and structures to sustainable and economically destination for the local community and promote public enjoyment of the seafront for the general public.
Photo credit: Jim Stephenson