Members of the public will have a chance to buy a share of a historic pier - exactly three years to the day after a catastrophic fire practically destroyed the 140 year-old structure.

As it looks to raise the remaining money for the £13.9 million refurbishment of the Victorian attraction, Hastings Pier is the first in the country to roll out a community ownership scheme.

Organisers hope investors from across the country will respond to the £200,000 appeal, which launches today (SAT).

Simon Opie, chief executive of Hastings Pier and White Rock Trust, the charity overseeing the project, said: “If the pier is to survive another 140 years it will be because it gets used, and that’s where community ownership is vital.

“Once renovated, we’ll have a spectacular walkway above the sea. But that’s all the £13.9 million pays for.

“Long-term financial security will come from people using the pier and we need to offer much more than simply a seaside promenade.”

 

MORE:

 

The 140-year-old pier, which was closed to the public in 2006, was almost completely destroyed in a fire in 2010.

The structure was brought back into public control when Hastings Borough Council carried out a compulsory purchase order against private firm Ravenclaw.

More than £13 million has already been found to renovate the iconic pier, the lion’s share from the Heritage Lottery Fund.

Under the community share scheme each shareholder has one vote regardless of the number of shares held; minimum investment is £100 up to a legal maximum of £20,000.

Organisers said no shares will be issued or money taken until the publicised target amounts are achieved.

Ed Mayo, secretary general of Co-operatives UK, which runs the share programme, said: “We welcome the forthcoming community share offer for Hastings Pier.

“This is a pioneering and visionary project about bringing both the people and the money together to create a lasting and sustainable public space for this coastal town.”

Councillor Peter Chowney, Hastings Borough Council’s lead member for regeneration, said: “It’s excellent news for Hastings that the Pier Charity is forging ahead with the plans for the renovation of the towns’ iconic pier; inviting local people to have a share in this and the future success of the pier is very welcome indeed.”

To buy shares, visit microgenius.org.uk/project/hastings-pier-15.