The £3.5m pool opened in 2003
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The firm which runs a debt-ridden Cumbrian swimming pool has folded.
Berners Pool, in Grange-over-Sands, closed on 14 July because of spiralling energy costs, but it was hoped the £3.5m facility would soon reopen.
Hotelier and trustee, Jimmy Duncan, led a rescue effort but that has now failed after it was found that the pool has debts of about £200,000.
The firm which runs the three-year-old facility, Berners (Grange) Ltd, has now gone into liquidation, Mr Duncan said.
Berners was built to replace Grange's old open air pool and local people raised much of the £3.5m costs.
Mr Duncan, spokesman for the Cartmel Peninsula Recreational Trust, said he still hoped the pool would eventually reopen.
Cease trading
He said: "We are all extremely sad and disappointed that this decision has been forced upon us.
"When we originally stepped in to help, we believed the situation could be easily rectified.
"Despite the current setbacks and new information which has come to light, we remain determined to see Berners re-open its doors as soon as possible.
"We will continue to give our time freely to work towards a permanent solution."
Mr Duncan said the pool had about 50 creditors and that un-fulfilled memberships and unpaid salaries had led to its downfall.
He added: "A number of these creditors have now taken action through the courts leaving no alternative other than for Berners (Grange) to cease trading."