Mustard Seed Property (MSP) has launched an exciting new community share offer to raise funds to develop additional housing that will provide urgently needed support for vulnerable adults at risk of homelessness. Resonance is working closely with Ethex to promote the community share offer which was launched on 19 June 2020.

Resonance has been advising MSP on this community share offer, enabling it to receive the Community Shares Standard Mark; an accreditation awarded to societies whose share offers meet national standards of good practice, based on independent, third-party assessment. This is a first for MSP and for Resonance. Our share offers have always been professionally produced. However, our intention is for all our future share offers to achieve the Standard Mark so investors can have confidence that these offers, backed by Resonance, have been independently reviewed and meet the highest possible standards.

MSP was set up by people in Cornwall intent on providing the right support for individuals that need it. They might need a permanent home or a bedroom for a few weeks, somewhere to work or train, or a place to connect with others. Through their partner charities and social enterprises, MSP acquires and develops properties which are leased to the partner organisations and made available as homes or workplaces for the most vulnerable in society.

When MSP was created in 2007, it was in direct response to a call from people in their sixties and seventies who were trying to plan for a future for their autistic adult children, who were still living at home. MSP raised £300,000 from a few dozen people, a local charitable trust and a bank, bought an old bed and breakfast and changed the lives of five families. Ten years on, this property has been through a number of iterations and is now used by one of MSP’s partners, St Petroc’s, as a supported house for formerly homeless individuals.

In 2018, the second share offer raised a further £350,000 enabling MSP to buy an additional property. MSP recently completed the purchase of this second property in Redruth where they will work with Karrek Community CIC to house an additional six people with learning disabilities.

MSP is now seeking to raise £600,000 from individuals and organisations to develop further properties; converting the second property in Redruth (into 3 flats plus 3 studios, with an additional shared communal space) as well as to purchase a third property for a new partner. This is an exciting time – MSP are building on a successful and impactful business model to substantially increase the scale of what they do well.

Steve Maxey from St Petroc’s (one of MSP’s charity partners) explains that: “Homelessness is a complex issue and cannot be solved by any one agency or housing provider alone. MSP are the perfect partners for St. Petroc’s and are regarded with the upmost respect as a socially aware property investor willing to partner with a homeless services provider like St. Petroc’s, and work together to support vulnerable and potentially homeless people.”

Mike Lowe, Chair of MSP, said of the share offer: “There are many people in Cornwall who have little ability to fend for themselves and are isolated from family or friends. Cornwall is their home and MSP was set up by people in the county intent on providing the right space for individuals who need it to flourish. We have two successful share offers under our belt, this third one will allow us to house even more vulnerable people across the county.”

Since 2007, over 40 vulnerable adults have been helped by MSP, who would otherwise be in homelessness hostels, other unsuitable housing, or even in some cases rough sleeping. The positive impact this has on those around them is also considerable; whether as respite for parents coping with grown-up children with learning disabilities or for the friends and families of those who would otherwise be in desperate need.

Jonathan is one of the residents and explains: “I have been here since January 2018. I was sleeping in a car after my mum died and I was evicted from our home of 50 years. People put in a good word for me with St.Petroc’s and coming into this house, well, all my worries were answered! I now have an address so I can look for work and I have a safe home.”

The new share offer is now live on Ethex, and is attracting new investors, but MSP needs your help to reach its potential and to change the lives of more people. If you are interested in finding out more about putting your money to work for the most vulnerable in Cornwall, or to apply, please visit Ethex's website.
Please remember your capital is at risk.