A social enterprise with a pioneering approach is offering ex-offenders the opportunity to gain the skills and experience they need to rebuild their lives.
Bristol Together
£1.6m social impact bond for vulnerable young people in Bristol
Bristol Together is a pioneering community interest company. They purchase, renovate and sell residential properties in order to provide construction training and employment to ex-offenders and long-term disadvantaged people in Bristol. The programme’s aim is to create pathways to meaningful employment and thereby halt the cycle of re-offending and social exclusion.
Acting as lead adviser, our Corporate Finance team secured £1.6m of funding across two fundraises, both in the form of a five year bond issue. By recycling the proceeds of properties sales, the funding will enable Bristol Together to acquire up to 40 properties over a five year period. Once refurbished, the formerly empty homes will be sold and the proceeds reinvested in the scheme, allowing further properties to be acquired and redeveloped.
As the company is an accredited CDFI (Community Development Financing Initiative), individual private investors were able to attract community interest tax relief (CITR) on their investments, thereby creating a strong financial return. This enabled Triodos to attract a portfolio of private social investors as well institutional investment from the likes of Esmée Fairbairn Foundation and Barrow Cadbury Trust.
Paul Harrod, founder and CEO of Bristol Together
“We couldn’t have achieved this without Triodos – they were prepared to help me to turn a great idea into a real business and the investment readiness advice and credibility with investors was critical to the success of this deal”.
Corporate Finance team
For further information about how we could help you raise the capital you need, please contact the team.