We are delighted to report that the Bright Futures SITR (Social Investment Tax Relief) Fund has made its first investment into Ability Tec, a Community Interest Company (CIC)
This is a great example of a commercial success story which has delivered high social impact for disadvantaged communities. Operating out of a factory in Bolton, Ability Tec sources components from all over the world, designing and assembling electronic circuit boards on site according to client requirements.
Ability Tec’s business philosophy is to beat, or at least match competitors on quality, value and flexibility. It is a lean, commercially focused social enterprise that shares its profits between their workforce (of whom 75% are disabled) and re-investing in the business. This unique standpoint means staff are incredibly motivated, with a social mission heavily embedded within their business model.
Whilst Ability Tec competes as an ordinary commercial organisation, it also operates with a clear inclusion and diversity focus, providing meaningful employment for disabled members of the community who may otherwise struggle to find relevant work. Ability Tec is proof that by efficiently deploying skills from the commercial sector, social benefits can be created for employees and the wider community.
The employment policy brings concrete financial gain for the local community and reduces the cost of unemployment benefits as well as an improvement in skills, better physical and mental health and a reduced dependency on care providers. Thanks to our investment, the loan of £260,000 will allow the company to double the size of its workforce, replace some of its existing higher cost financing and continue its mission towards a socially bright future.
This investment therefore closes the first tranche of the fund, with £1.5million raised from more than 40 far-sighted UK taxpayers. The pipeline of investment opportunities continues to grow and another two deals are in the later stages of due diligence. We are excited to see the resulting social impact that this fund will have on communities up and down the country, and well as delivering a return back to investors.
We will not be accepting any more subscriptions until the 2017/2018 tax year. To register your interest in Bright Futures SITR Fund 2, contact us on email@example.com or 0203 743 3100.