For news and views from Triodos Bank, as well as the stories behind some of our customers
Greenwich Leisure Limited 2013 5% Bond Issue from Triodos Bank - offer extended
Triodos Bank teams up with leading social enterprise to build on Olympic legacy
- GLL (Greenwich Leisure Limited) is raising £5m through a bond issue to invest in its sport and social legacy strategy. £2.5 million has already been raised in the opening few weeks (period to 1 November)
- Social investors can earn 5% gross fixed interest per year for five years.
- The minimum investment is £2,000 or just £200 for GLL employees.
- The Bond Offer has been extended to 20 December 2013 to accommodate continued investor interest
We are pleased to report that the level of interest in GLL’s recent Bond Issue has been extremely positive in its opening few weeks. GLL has already raised comfortably in excess of the Minimum Subscription, having secured £2.5 million from a variety of investors. This includes support from 300 individual investors and a number of established institutional investors such as the Rathbone Ethical Bond Fund. In order to take advantage of the continued interest in the Offer GLL have extended the deadline to 12:00 noon on Friday 20 December (unless fully subscribed before that date).
Triodos Bank, the sustainable bank, is working with GLL to raise £5m through a five year bond paying 5% gross fixed interest per year.
London 2012 has shown how sport can inspire a generation. The challenge now is to build on this momentum and cement a deep and lasting legacy of community participation for future generations.
"GLL aims to make community services and spaces better for everyone."
Mark Sesnan, Managing Director GLL
The Bond will help GLL further develop its sport and social legacy strategy, which includes two London 2012 Olympic venues in the Queen Elizabeth Olympic Park. The Copper Box Arena launched in July this year and the Aquatic Centre re-opens to the public in 2014. The facilities will be available both to elite sportsmen and women as well as to local residents and community groups. The bond will also contribute to the ongoing restoration and expansion of the historic Royal Greenwich Lido, Charlton, which offers affordable swimming and fitness facilities to Londoners.
GLL is the UK’s largest charitable social enterprise in its field, delivering leisure, health and community services across London. Their mission is to increase sport and leisure participation, particularly amongst under-represented groups including those people who face barriers to sporting facilities.
Established 20 years ago, GLL now manages more than 130 public leisure centres and libraries and has an annual turnover of £123 million (2012). GLL works with over 30 local councils, public agencies and sporting organisations and employs a diverse workforce of over 6,000 people. GLL is a mutual society and is owned and managed by its members, all of whom are employees.
"GLL aims to make community services and spaces better for everyone," says Mark Sesnan, its managing director. "This means providing access to quality community leisure and fitness facilities at a price everyone can afford. We are delighted to be making two iconic Olympic venues accessible to the surrounding communities and to the public more broadly."
Dan Hird, Head of Corporate Finance at Triodos Bank, commented: "We are proud to be working with a market leader like GLL that demonstrates how sports and leisure facilities can benefit the whole community. An investment in the GLL bond promises to deliver a decent financial return and positive social impact."
Like all unsecured investments, capital invested in the GLL bond is at risk, meaning that in the event of a failure of GLL’s business, an investor might not get back the full amount invested. Past performance is no guarantee of future results. It is also illiquid as the bonds do not trade on a recognised investment exchange so investors may not be able to access their capital during the life of the bond. An investment in the GLL bond is not covered by the Financial Services Compensation Scheme.
Notes to editors:
For general enquiries, please contact Huw Thomas on 0117 980 9593 or email@example.com
Or for media enquiries please contact:
Faye Holst - firstname.lastname@example.org 0117 980 9584
Will Ferguson - email@example.com 0117 980 9770
Lisa Stanley - firstname.lastname@example.org 0117 980 9721
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. Triodos (incorporated under the laws of the Netherlands with limited liability, registered in England and Wales BR3012) is authorised by the Dutch Central Bank (DNB) and regulated by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). Details about the extent of our regulation by the FCA and PRA are available from us on request. Registered office: Triodos Bank, Deanery Road, Bristol BS1 5AS.
This press release does not constitute an offer or invitation to subscribe for bonds. GLL 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 GLL bond is not part of the Financial Services Compensation Scheme and your capital is at risk. GLL is an Exempt Charity (XR 43398) and a Society for the Benefit of the Community, registered in England and Wales under the Industrial and Provident Societies Act 1965 (IP27793R) with registered office at Middlegate House, 1 Seymour Street, The Royal Arsenal, Woolwich Arsenal, London SE18 6SX.
Established in 1993, GLL is the largest UK-based charitable social enterprise delivering leisure, health and community services. It operates over 130 public sport and leisure centres and 26 libraries (including three prison libraries) in partnership with over 30 local councils, public agencies and sporting organisations. Its leisure facilities enjoy more than 38 million visitors a year with over 450,000 members.
Alongside its core leisure and library divisions, it also operates in sport and legacy development, health intervention and education - as well as offering the GLL Sports Foundation, one of the largest independent support programmes for talented young athletes in the UK.
About Triodos Corporate Finance
Triodos is one of the world’s leading sustainable banks. 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 over £45 million for businesses within the sustainability sector with investments from institutions, charitable foundations, high net worth individuals and retail investors.