The community share offer for Cornwall based social enterprise, Mustard Seed Property (MSP), has reached a first close of £330,000. MSP now has over 200 investors.
The share offer has raised over £330,000 (to date) of its £600,000 target, to house vulnerable adults in Cornwall. The capital already invested will enable MSP to fully refurbish its second property, recently bought in Redruth. Extension of the community share offer to 30 November will allow more people to invest, enabling MSP to achive its objectives of purchasing a third property, providing more forever homes for adults with learning disabilities.
Since 2007, working with its partners, MSP has provided a home for over 40 vulnerable adults with learning disabilities or at risk from homelessness. Having secured its second property, and the planned purchase of a third, by 2022 it should be able to house, with partners’ support, at least 16 more people each year. In some cases this will be a first move towards further independence, but for others this could be their home for life.
Mike Lowe, one of the directors of MSP explains: “We’re delighted to reach a first close of £330,000 and are grateful to all our investors who are helping us create a solution for the very real and growing need for supported homes for vulnerable people, in one of the most deprived areas in the UK. But we still need more financial help so if you’re from Cornwall and looking to make a real difference to your community, or Cornwall just means something to you for example as a favourite holiday destination; or maybe you just want to support some very important people to find a home. Whatever your reason, this is a great investment opportunity making a real difference, especially powerful in this challenging time.”
Local Investor, Liz James explains: “It is great to be able to use some of my savings to invest in this great project working towards providing accommodation for vulnerable adults in Cornwall. As well as the fact that my money is helping provde opportunities for people who really need it, it will also generate a strong financial return. A social return as well as a financial return is very important to me, making MSP a very worthwhile project to invest in.”
This offer follows MSP’s previous success in raising capital via community share offers: £300,000 in 2007 which purchased and converted an old bed and breakfast property, which positively changed the lives of five families; and £350,000 in 2018, which purchased another property offering more accommodation, support and care for vulnerable adults with learning disabilities in Cornwall.
MSP is a charitable community benefit society with a proven track record as a robust commercial investor, having a decade of paying shareholders a modest financial return every year without fail. The community share offer is still live and MSP is looking for investors who can invest from as little as £250. Full details of the offer are available on the Ethex website.
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