Caring for Communities and People (CCP) which provides supported accommodation services for vulnerable young people aged 16-25 years old has bought its thirteenth and final property using its loan from Social and Sustainable Capital (SASC)
The social investment has enabled the charity to transform their business model, expand its services into different regions and provide housing for 17 people.
CCP has used the social investment to fund the purchase of properties and end their reliance on private landlords. In the past some private landlords had ended tenancies suddenly which had been very disruptive for the young people they support. Becoming property owners has enabled them to provide more permanent and stable homes for beneficiaries and have more control over the quality and maintenance of their properties.
CCP’s Chief Executive Officer Cordell Ray said, “Taking on social investment has been transformative. We’ve purchased quality homes and expanded into new regions to meet demand. We are now working with local authorities in Hereford, Worcester, Swindon and Bristol as well as Gloucestershire.”
The charity started their social investment journey at a very challenging time. Lockdown due to Covid happened as soon as they had identified their first property, so the project was put on hold and the timescales for the deal extended by SASC.
Gareth Edwards, Chief Operating Officer at CCP said, “SASC showed immense flexibility and allowed us to pause the terms of the deal. We used this time sensibly to research properties behind the scenes, which meant we could spring into action and complete on properties as soon as we were able.
“Our beneficiaries’ needs changed too during this time, and we realised some would benefit from living together, with fewer support hours. We therefore added some larger properties to our portfolio, as well as single occupancy homes. This meant that rather than the initial plan of 16 properties, we bought 13 houses with 17 beds in total. This enables us to offer this kind of flexible and shared accommodation.”
He added, “Each time we completed on a property or found a better way of doing things, we refined our processes. Now, we have a very robust system, and we are working with lawyers and contractors that we know and trust, so we are confident about our expansion.”
Ben Rick, Co-Founder and CEO of SASC said, “CCP has now made its final purchase using their loan, and we are pleased they can now provide more stable accommodation for people leaving care – not just in Gloucestershire, but Swindon, Bristol, Hereford and Worcester too.
We were impressed with the way they handled the housing situation during the pandemic and are pleased that our investment will enable them to further expand their operations and meet demand for their services in other parts of the UK. We look forward to working with them over the coming years”.
For more information on SASC visit: www.socialandsustainable.com