Resonance Wins SEUK “Deal of the Year” 2015 for first Social Investment Tax Relief (SITR) Deal
Resonance was the first social investment company to complete a Social Investment Tax Relief (SITR) deal, between FareShare SW and a small group of Bristol based business angels, at the end of 2014. Since then SITR has been a hot topic in social investment circles and Resonance has been a front-runner, with its partner UBS Wealth Management, in the development of the Resonance Bristol SITR Fund – investing in social enterprises to dismantle poverty in Bristol and the surrounding area. This Fund is currently open for investment and attracting considerable interest.
FareShare South West tackles food waste by diverting surplus food that the food industry would otherwise waste, to organizations that work with vulnerable people. It received an investment of £70,000 from a small group of angel investors during the pilot phase of what was to become the Resonance Bristol SITR Fund. FareShare wanted to develop their catering arm, where surplus food is used to provide a fine dining experience at festivals and larger scale events, as well as to provide general catering services at smaller events. FareShare also offers work experience and job opportunities for vulnerable individuals who have been excluded from the jobs market.
The awards event was held at the Underglobe on London’s South Bank and is the annual celebration of UK social enterprise and investment organized by Social Enterprise UK, the national trade body for social enterprise. Scottish comedian and actress, Susan Calman, hosted this year’s event.
The award was collected by Grace Howells, the Investment Analyst at Resonance who worked on the transaction and who has presented on SITR at numerous finance events recently, along with Jacqui Reeves who is CEO of FareShare SW.
Simon Chisholm, Investment Director at Resonance was delighted that the first SITR deal was recognized, He said: “This deal paved the way for the Resonance Bristol SITR Fund which we have now opened for investment. It’s attracting interest from investors who can now invest very tax efficiently in high impact social enterprises. These businesses, like FareShare, are finding exciting and highly sustainable ways to generate profit and social good.”
Paul Smith, an investor in FareShare SW who also attended the awards, said: “It’s been great to be able to back a local business, which is achieving such a focused social impact. Social Investment Tax Relief has made this much more attractive financially for investors and, more importantly, viable for social enterprises to borrow and repay on sensible terms. I’m also pleased that with the launch of the Resonance Bristol SITR Fund it is now possible for socially motivated investors to achieve these benefits and impact across a broad portfolio of similar social enterprise investments in the region. I will certainly be investing in that.”
Jacqui Reeves, CEO of FareShare South West said of the event: “Winning the Social Investment deal of the year award was thrilling and highlighted the importance of Social Investment within our society today. FareShare South West is honoured to be at the forefront of this movement and would like to thank our investors and Resonance for helping us along the way.”