Plan to build portfolio
Big Issue Invest in £3m Homes For Good boost
Susan Aktemel: ‘significant deal’
A provider of social housing has secured £3 million from Big Issue Invest (BII) to help fill the gap in affordable housing between the social and private rented sectors.
Homes For Good purchases and refurbishes dilapidated properties – almost 250 since 2014.
It then lets them to people in housing need, or to partner organisations working with people with more intensive support and emergency housing requirements.
It has 500 properties and ambitious plans to double its portfolio and expand the model to other parts of the UK.
It has attracted significant backing in excess of £12m to date from IVUK, Big Society Capital, Charity Bank and Social and Sustainable Capital. The latest deal allows early stage investor Impact Ventures UK (IVUK) to exit three years early.
Dr. Susan Aktemel, Executive Director, Homes for Good Social Business Group, commented: “This significant deal clearly shows that it is entirely possible to make strong financial returns from social investment whilst putting money to good use to change people’s lives for the better.
“This has created a strong foundation for our future growth, and paves the way for further investment, as we embark on a £20m raise in the coming years to deliver our vision of creating high-quality, affordable homes for those who may otherwise struggle to access them.”
Danyal Sattar, CEO at Big Issue Invest, said: “It is especially important that organisations such as Homes for Good are able to continue their excellent work at a time of great uncertainty for those with housing needs.
“This is our largest investment out of our Big Issue Invest Social Enterprise Fund II and shows the kind of backing we can give to our partners. We like to support entrepreneurs and entrepreneurial organisations and that is what we find in Homes for Good.”