£70,000 Share Value Disputed, Bluestone Say It’s £1.3m, Councillors Hear

A dispute in the value of Pembrokeshire council shares in the Bluestone holiday park – previously said to be worth just £70,000 – has placed them as high as £1.3m.

Following revelations at a county council meeting last week, it was reported loans totalling £1.9m were exchanged for shares said to be worth just £70,000.

Far different values were referenced at a special extraordinary meeting of Pembrokeshire County Council today, May 18.

The special meeting was held as part of a no-confidence motion submitted in Council Leader David Simpson.

Cllr Simpson survived the no-confidence challenge; the no-confidence vote was 29 for, 31 against.

At the meeting Councillor Huw Murphy, who was proposed as a replacement leader in the event that challenge was successful, said all councillors had received an email from the owners of Bluestone, valuing the shares at £1.3m.

This vastly differed from previous figures shared at the May 11 meeting of the authority’s full council by Cabinet Member for Corporate Finance Cllr Alec Cormack.

He said the shares  were stated to be worth just £70,000, based on council officer estimations, and had given a best annual dividend of a little over £5,200.

“At this rate, if we took that maximum dividend amount of £5,250, the council would get its money back in roughly 340 years,” he told members.

However, just a week later Cllr Murphy presented a different picture during the leadership no-confidence debate, contrasting the £1.3m the shares are said to be worth with the previously-reported £70,000, asking who was correct.

Councillor Alan Dennison, who had raised the issue at the May 11 meeting, in a submitted question asking for a value on recent Bluestone share dividends, said answers to his question from Cllr Cormack his question had led to Bluestone being given “a bad name in the media”.

Councillor Jamie Adams, who had brought the defeated no-confidence call, compared the ongoing costs of the Haverfordwest transport interchange with the success of Bluestone.

He cited Bluestone’s employment of 800 staff and millions contributed to the local economy.

Cllr Cormack has been contacted for a response on the different values placed on the shares.

A request has been made by the Local Democracy Reporting Service for a copy of the email submitted by Bluestone to councillors.

Blue Lagoon

The stated swap of loans for shares said to be worth £70,000 also included the loss of guaranteed public access to Bluestone’s Blue Lagoon waterpark, councillors were told last week.

Bluestone has now hinted that it may re-open its Blue Lagoon waterpark to the public.

Residents and visitors to the county were left disappointed when Bluestone announced it was going to restrict access to the all-weather facility when it re-opened after the Covid-19 pandemic.

Residents and visitors to the county were left disappointed when Bluestone announced it was going to restrict access to the all-weather facility when it re-opened after the Covid-19 pandemic.

A statement from Bluestone said that due to a combination of Covid restrictions and the safety of staff, guests, and local residents, the “difficult decision” was taken to allow only staying guests access to the venue.

The resort has said this week that the situation “remains in place, but is under constant review.”

A spokesperson said: “As part of these regular operational reviews, we are once again considering this and the impact on the overall guest experience at the water park.

“This includes considering potential opportunities for Pembrokeshire residents. We are hoping this review will be completed shortly, and hope to announce any plans in the summer.”