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Triodos Bank and Avante Partnership Ltd charity bond for dementia care extended*
Bond aims to help plug the gap in provision of high quality, compassionate care for people with dementia
There is a ray of light amidst gloomy recent headlines for the care industry - Triodos Bank N.V., the leading UK sustainable bank, is working with Avante Partnership Ltd to raise £5m through a five-year charity bond for new nursing and dementia care facilities.
Demand for high quality care services and facilities for the elderly continue to rise as we live longer. An ageing population means an increasing number of people with complex age-related health conditions - one of the most prevalent being dementia.
Recent scandals ranging from poor care and hygiene standards through to abuse of residents in some private care homes have highlighted the importance of putting people at the heart of the care provision.
Charities such as Avante Partnership offer a blueprint of how to deliver compassionate care centred around the needs of its users. As a charity, Avante is able to focus 100% on what is best for its residents and ensure it delivers the highest standard of care as it isn't motivated by profit maximisation. In 2012 Avante engaged IPSOS MORI a market research company to carry out a survey of its care home residents - 95% of those who participated stated staff treated them with kindness, dignity and respect.
Avante is seeking to raise £5m through a bond in order to build a new freehold residential nursing home on the Isle of Sheppey - the first on the island. The new 75 bed home will provide dementia care facilities and will support 40 full time jobs, 30 part time jobs and opportunities for 6 volunteers.
Avante is one of the largest social care providers in the South East of England supporting around 2,700 people each year through 15 care homes and community based services. Avante is a specialist in providing care and support to people living with dementia - over 80% of its care home residents have been diagnosed with dementia and have high dependency needs. The charity also supports people with a physical or learning disability and young people and families in the community.
The charity encourages social interaction, engagement and the eradication of boredom as well as provision of high quality care services. Avante's vision is the elimination of loneliness, helplessness and boredom and this is evident in its care homes through the environment they create for residents and through staff training and development.
Cedric Frederick, CEO of Avante Partnership, said: "Despite recent negative media headlines, the good news is that the overwhelming majority of care and support provided to older people in our society is of an excellent standard. Through the proceeds of our bond issue, we intend to continue our important charitable work by investing in new modern dementia care facilities which will help improve the lives of both our residents and staff.
Dan Hird, Head of Corporate Finance at Triodos Bank, commented: "We are delighted to be working with Avante. They are a great example of how compassionate social care can be delivered through a sustainable model which places quality of life for clients at its heart. An investment in the Avante bond enables investors to be part of the solution to the chronic shortage of high quality social care provision."
This press release does not constitute an offer or invitation to subscribe for bonds. Avante Partnership published an Investment Memorandum in October 2013. Applications can only be made on the basis of, and subject to, the information contained in the Investment Memorandum.
An investment in the Bonds may not be suitable for all recipients of the Investment Memorandum document. A prospective investor should consider carefully whether an investment in the Bonds is suitable for them in the light of their personal circumstances and the financial resources available to them. Investment in an unquoted security of this nature, being an illiquid investment is speculative, involving a degree of risk.
When making an investment the capital will be at risk and the investor may not get back the full amount invested. The bond will not be repaid until 31 March 2019 and investors should be aware that they may therefore not be able to get their investment back until the scheduled repayment date.
An investment in the Avante bond is not part of the Financial Services Compensation Scheme. It may not be possible to sell or realise the Bonds or to obtain reliable information about the risks to which they are exposed. The bonds are transferable but will not be listed on a recognised stock exchange. Instead, they will be registered for trading on Ethex (www.ethex.co.uk). Through Ethex, bondholders may be able to buy and sell bonds on a matched bargain basis. There can be no guarantee that a secondary market in the bonds will develop, whether on the secondary trading platform provided by Ethex or otherwise.
If a potential investor is in any doubt as to whether subscribing for Bonds is a suitable investment for them, they should seek their own advice from a suitably qualified adviser authorised under the Financial Services and Markets Act 2000.
* Note: The Avante Bond offer has been extended. The end date has not been confirmed yet but the bond is likely to close in Spring 2014 unless fully subscribed prior to the closing date. The charity's ability to pay the return and repay the bond on 31 March 2019 or at all is dependent on the continuing success of its business model and planned means of refinancing. Past performance is not a reliable indicator of future results.
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*Important notice: Avante Dementia Care has published an Investment Memorandum in September 2013. Applications can only be made on the basis of, and subject to, the information contained in the Investment Memorandum. By making an investment, your capital will be at risk. It may be difficult to sell or realise your investment or to obtain reliable information about its value or other risks to which it is exposed and you may not get back the full amount invested. An investment in the Avante Dementia Care bond is not part of the Financial Services Compensation Scheme and your capital is at risk.
Avante Partnership Limited is a registered charity (registered charity number 1002727) and a company limited by guarantee, registered in England and Wales with registered office at De Gelsey House, 1 Jubilee Way, Faversham ME13 8GD (registered number 2565021).
The Avante Bond offer has been extended. The end date has not been confirmed yet but the bond is likely to close in Spring 2014 unless fully subscribed prior to the closing date.
This press release has been approved by Triodos Bank NV ("Triodos") for the purposes of Section 21 of the Financial Services and Markets Act 2000.
About Triodos Corporate Finance
Triodos is one of the world's leading sustainable banks. Its advisory arm, Triodos Corporate Finance, works exclusively with sustainable businesses and has a long track record of advising businesses on raising capital through private placements and retail offers. Over the past 3 years, Triodos Corporate Finance has raised £50 million for businesses within the sustainability sector with investments from institutions, charitable foundations, high net worth individuals and retail investors. www.triodos.co.uk