Pioneering impact finance for the care sector
Greensleeves Care is a growing charity that provides care for older people in its residential, dementia and nursing homes across England. In March 2017, it became the first care organisation to raise finance through a Retail Charity Bond – with the offer raising £33 million in just one week.
“There were several reasons why a Retail Charity Bond was right for us” Paul Newman, Chief Executive of Greensleeves Care explained. “The bond was a great opportunity to consolidate our multiple loans under one simple set of covenants. As we want to continue to grow, the fixed rate gave us the freedom to plan into the future. And also, the bond requires only one simple repayment at the end of the fixed term, rather than repaying capital and interest together as banks require, so it improves our cashflow.”
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"We believe the bond issue provides us with an excellent platform for long term growth, and estimate that it will save us around £1 million in interest payments to the bank over the life of the bond.”
Paul Newman, Chief Executive, Greensleeves Care