The Severn Project CIC
Name of Enterprise: The Severn Project CIC
Legal Structure: Community Interest Company
Date of Deal: November 2014
Transaction Size: £80,000
Type of Finance/Investment: Direct Investment
Impact: Education, Employment, Health, Wellbeing & Social Care
The investment of £80,000, arranged by Resonance, on behalf of a small group of Angel Investors, enabled The Severn Project to move to its present site and expand the business significantly.
The Severn Project was one of two pilot investments that successfully demonstrated both the need and the capability of social enterprises in Bristol that led to the setting up of the Resonance Bristol Social Investment Tax Relief (SITR) Fund.
The Community Interest Company, which grows salad for the Bristol commercial restaurant market whilst providing apprenticeships and employment for people from socially excluded groups such as those recovering from drug or alcohol misuse, with poor mental health or from offending backgrounds.
The funds enabled The Severn Project to expand its growing capacity on a site it has in Bristol, building more polytunnels and expanding its product range and team to respond to the demand for high quality produce grown locally. The expansion provided eight more apprenticeships for people in the city who are seeking to rebuild their lives.
The team at Resonance developed the Bristol SITR Fund alongside a group of business ‘angel’ investors, all of whom are committed to dismantling poverty and inequality in the city and the surrounding area. This was the first step in Resonance’s commitment to the Fund which launched in early 2015.
The Fund remains open for investment and is now backing a wide range of growing social enterprises across Bristol that contribute towards dismantling poverty in the region.
Resonance is looking for more social enterprises, and investors who would like to invest in their growth.