‘Crowd funding’ plan to invest in watersports firm new firm

SPLASH Scott Sullivan, owner of South Coast Wakeboarding which is coming to Hilsea Lido.  Picture: Sarah Standing (114179-1634)
SPLASH Scott Sullivan, owner of South Coast Wakeboarding which is coming to Hilsea Lido. Picture: Sarah Standing (114179-1634)
Mutiny Festival brought over �2m to the local economy Picture: Paul Windsor

Mutiny Festival brings £2.7m into Portsmouth economy

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A PORTSMOUTH businessman is aiming to get people into watersports with the use of an innovative funding method.

Scott Sullivan, who is setting up South Coast H20 next to Hilsea Lido, in London Road, Hilsea, hopes to bring wakeboarding and stand-up paddleboarding to Portsmouth by using a platform called crowd funding.

The crowd funding method enables members of the public to buy shares and equity in companies and businesses registered on the website Crowdcube.

If people are interested in supporting a business listed on the site, they can choose to invest more than £10 into the venture.

Investors can earn free wakeboarding and paddleboarding sessions at South Coast H20, which is due to open in April.

Scott, 35, who has hit 15 per cent of his target so far, is seeking £15,000 of investment, in exchange for 20 per cent equity.

He said: ‘I grew up in Portsmouth, went to university here and would love to give the city an exciting facility.

‘High street banks have been impressed with the business plan and the support I am receiving from the city council and the University of Portsmouth’s centre for enterprise.

‘Investing as little as £30 all the way to the total amount asked, the investor receives shares and owns a proportion of that businesses. The shares can be sold on at any time and there is also a generous share buy back option.’ Scott needs to hit his investment target by Christmas to buy equipment and put down deposits to ensure his business opens.

He said: ‘The venue has been identified as ideal for competitions. It could put Portsmouth on the map for wakeboarding.’ To invest into South Coast H20, visit crowdcube.com and search South Coast H20.