Triodos Corporate Finance successfully raises £2m investment for Glasgow Together
Ex-offenders to turn their lives around
- Social enterprise launched in Glasgow to help ex-offenders turn their lives around
- 50 ex-offenders will be given paid work and up to a further 50 current offenders serving custodial sentences in Barlinnie prison given unpaid work experience and taught construction skills
- Investors include an ethical bond fund, social investment funds, charitable trusts and foundations and high net worth individuals
- For more information visit www.glasgowtogether.co.uk
Triodos Corporate Finance has raised £2m of investment for Glasgow Together Community Interest Company. The capital raised will be used to build up to 40 affordable new homes over the five year life of the bond, as well as complete 10-15 restorations of sub-standard properties. The construction and renovation of these homes will be done with the help of 50 ex-offenders and up to 50 people serving custodial sentences in Barlinnie prison giving them valuable work experience and helping them reduce the likelihood of reoffending on release.
Dan Hird , head of Corporate Finance at Triodos Bank , commented: “We are delighted to have helped launch the third ‘Together’ company by securing investment from a group of investors who share its aims: to turn around people’s lives. We are particularly pleased to see investment from local Scottish investors and also from a mainstream financial investor like the Rathbone Ethical Bond Fund.”
Bryn Jones , Fixed Income Director at Rathbone , added: “We believe that being part of the ’Together’ group allows Glasgow Together to benefit from strong experience and governance and we are looking forward to seeing their progress in Glasgow. Offering a 4% coupon for five years we also believe that the bond offers an attractive opportunity from an investment perspective and provides us with uncorrelated returns.”
Backed by institutional and individual investors
The £2m of investment comes from: the City of London Corporation Social Investment Fund, the Rathbone Ethical Bond Fund, the Big Society Capital Charity Bond Support Fund, Social Investment Scotland, Joseph Rowntree Foundation, The Robertson Trust, Tuixen Foundation and high net worth individuals. The investment comprised a £1.65m of 4% five year bond and a £350,000 7% five year bond.
Alastair Davis , Chief Executive of SIS , said: “We have been involved in the development of Glasgow Together since our initial meeting with Triodos in early 2014. Since then we have been fully committed to bringing The Together Group model to Glasgow. Glasgow Together is a very welcome addition to the Scottish social investment marketplace and we have every confidence in the organisation becoming a hugely significant and impactful social enterprise.”
Sustainable business model
Glasgow Together is a community interest company (CIC) that exists to create full-time, living wage jobs for at least 50 ex-offenders in the construction space, as well as meaningful unpaid work experience to a similar number of current offenders within Barlinnie prison - some of whom will benefit from on-site experience through their day release and may, one day, secure a paid-for job with Glasgow Together.
The company has a commercially sustainable business model involving building affordable housing and restoring sub-standard homes, engaging ex-offenders in the construction and refurbishment work. Once the properties are complete they are then sold and the original capital, plus any profits, re-invested back into the business to finance further property purchases and further job creation. In so doing, ex-offenders, under appropriate on-site guidance and supervision, are equipped with the confidence, training and experience required to secure ongoing employment in the sector.
Glasgow Together is the roll-out of the award winning social enterprise Bristol Together (Social Enterprise UK Awards 2012) and Midlands Together. Together these social enterprises have directly employed approximately 70 ex-offenders to-date. Midlands Together has been trading for 18 months and so far none of the ex-offenders have re-offended, saving the public purse an estimated £250,000 .
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Glasgow Together CIC is a community interest company limited by guarantee, registered in Scotland with registered office at 272 Bath Street, Glasgow G2 4JR (registered number SC483823) www.glasgowtogether.co.uk
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 five years, Triodos Corporate Finance has raised over £70 million for charities, social enterprises and environmental organisations from institutions, charitable foundations, private high net worth individuals and retail investors. www.triodos.co.uk