There is something called a hackspace which is a similar idea, but perhaps more focused on the geeky side of the maker movement. Shared, not-for-profit spaces where people can get together to share skills, projects and equipment. Some will have machinery available to use, however
I am still wondering about H&S and insurance. I'm fairly sure signing a piece of paper that says 'I promise to be safe' would be shot down in seconds in court and finding an insurer to cover anything but the most simple (and blunt) machinery will be difficult (but not impossible). There is a group in my area trying to set something up, but raising funds up front and getting people to commit is difficult. £50 a year wouldn't do it, I wonder if that's a misprint.
Another option is a Fablab, this tends to be more commercially orientated but will often provide services for individuals at cost. Generally the machines used are CNC based so reduces the risk of injury by not allowing direct human operation.
Marc Fish in Newhaven, Sussex runs a shared workshop space, I remember reading he struggled to find an insurer and that was for qualified craftspeople
http://www.hackspace.org.uk/view/Main_Page
http://www.fablabsuk.co.uk/
http://www.marcfish.co.uk/