Local businesses have been encouraged to buy shares of the pier or donate to the charity. The other amount of £13.7 million is being provided by the Heritage Lottery fund. Common shares will raise extra money that will help develop the structure smoothly.
The tax relief of 30% is in place after HPC and HM Revenue and Customs agreed under the Enterprise Investment Scheme. Local businesses are specially invited to buy the shares and benefit from new tourist hotspot. From early summer the refurbishment of the building will start, and by the middle of the year ballroom will be built.
The pier is set to reopen in spring 2015 according to the construction project manager David Spooner. He said that the progress is little slow but he is reasonably happy with the work achievement. Steelwork is underway and some damaged column has also been replaced. Timberwork crew has also started to move the deck, which was badly damaged by the fire.
Hastings pier was built in 1872, but the access was withdrawn in 2006 after the structure became unsafe for visitors. The pier suffered further destruction when the fire ravaged the Victorian attraction in October 2010.