Triodos Bank has secured £600,000 in funding through a bond for new social enterprise Bristol Together, to fund a programme of job creation for ex-offenders in Bristol.
Triodos acted as lead advisors for the initial fundraising from the Esmée Fairbairn Foundation and a private individual, successfully securing the £600,000 investment to fund the community interest company which will purchase and renovate empty properties in Bristol, and employ ex-offenders to do the work.
It is hoped the funding from Esmée Fairbairn Foundation and the private individual will encourage more high net-worth individuals to fund a further bond to support the social enterprise. An additional £1m fundraising campaign will start next Spring, where a tax-efficient social impact bond will be offered to a selection of high net-worth individuals.
Over the next five years Bristol Together expects to create full-time jobs for over 200 of some of the most excluded people in and around Bristol.
Bristol Together will partner with social enterprises, such as the Restore Trust and Aspire. The enterprises will employ the ex-offenders and the long-term unemployed to repair and refurbish a range of several more properties.
The sale proceeds from developed properties will be utilised to acquire further properties in need of renovation - and thus create even more employment opportunities.
In time it is the intention of the directors of Bristol Together to replicate this model in other large UK cities.
Paul Harrod, founder and CEO of Bristol Together, said: “There is an urgent need to create jobs for ex-offenders”.
“The cost to the taxpayer of people reoffending is huge – but we have already proved that, given the right opportunity, we can help people leave their criminal past behind them, and develop their skills and employability. At the same time we are bringing empty property back into use.
“Having worked with Triodos for the past nine months I feel confident that this project will succeed. We would like to see if it can replicated in other major cities across the UK where the need for jobs is just as great as it is here in Bristol.
“I look forward to seeing private investors support this initiative, leading to a very positive result for people in the Bristol area – and beyond.”
