Cambridge-based charity Allia has raised £4.2 million through a bond issue to complete the financing for its new Future Business Centre – an incubation centre for social and environmental enterprises.
£4m of charity bonds issued for Future Business Centre
Located on King’s Hedges Road, the Future Business Centre offers affordable workspace for growing businesses which want to make a difference on social or environmental issues. Having taken a year to build at a total cost of £9 million, the first tenants moved in this week.
The costs of construction have been partly funded by a range of grants and donations, including from the European Regional Development Fund. The £4.2 million raised through the bonds will now complete the financing for the Centre.
The majority of funds invested in the bonds have been provided by four local companies: TTP, Xaar, RealVNC and ARM. Additional investments were made by construction company Interserve,the Cambridgeshire Chamber of Commerce and local individuals.
Tim Jones, Chief Executive of Allia, said: “We’re delighted that these local companies are using their success to invest in the next generation of up and coming enterprises in Cambridge. We invite others to follow their example, whether by financial support, mentoring or offering services, to help entrepreneurs who want to make a positive impact
in the world.”
Alex Bevis, Finance Director of Xaar, says: “Xaar is delighted to be able to support the Future Business Centre. We have grown our headcount significantly in the last few years, with almost 700 people now employed in Cambridge and Huntingdon. We hope that our investment in the Future Business Centre will help businesses to grow, creating even more jobs in Cambridgeshire.”
Dr Andy Harter, CEO of Cambridge software company RealVNC, says: “I am delighted that RealVNC is able to support the development of the Future Business Centre through a substantial subscription to its bond scheme. The Centre is a purpose built facility of exceptional quality and design aimed at social enterprise and cleantech organisations, and it is a pleasure to help facilitate such important activities.”
To find out more about the Future Business Centre go to www.futurebusinesscentre.co.uk
Allia is a not-for-profit organisation that supports businesses - through flexible workspace, social finance and free business support - so that they can grow and create positive impact, on their communities and on the planet.