Estuary Homes CIC | Good Finance

Estuary Homes CIC

Estuary Homes was created in early 2017 to enable the three partner organisations (Foresight, Preston Road Women’s Centre and CERT) to pursue their objective of offering safe accommodation to vulnerable groups locally in Humberside.

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Duration 
5 years
Cost of capital 
5.5%
Turnover 
N/A
Amount invested 
£400,000
Product 
Blended – part grant, part loan

 

Challenge

Estuary Homes was created in early 2017 to enable the three partner organisations (Foresight, Preston Road Women’s Centre and CERT) to pursue their objective of offering safe accommodation to vulnerable groups locally in Humberside.

Two of the most pressing issues were:

  • A desperate need for safe housing for women fleeing domestic violence and
  • Specialist homes for people with disabilities.

Solution

A special purpose vehicle was created in order to bring the three partners together. By taking this approach, the aim was to build an organisation that was able to do much more than the sum of its parts.

Each of the partners brings unique expertise to the solution:

  • Preston Road Women’s Centre provides a cost-effective back-office function and expertise in supporting women who have experienced domestic violence
  • Foresight brings expertise on maintaining tenancies for people with disabilities and the complexities of the benefits system
  • CERT is able to supply resources for training employment and social enterprise development.

The combined expertise and added value means that new social enterprises will be developed that undertake maintenance activities on the properties and provide employment opportunities to tenants.


Revenue Model: residential property rental, B2C

The provision of specialist housing and supportive services to: women and families fleeing domestic violence, and people with disabilities.

  • £300,000 blended finance from Key Fund
  • £100,000 grant from The Mercers' Company

Impact

The investment enabled Estuary Homes CIC to buy their first properties, whilst also providing a new organisation some extra credibility and a track record. It also enabled the creation of a special purpose vehicle so the three partners could work together cost-effectively. In the longer term, it means the organisation will be able to impact on the areas of deprivation that we have identified in the area and specifically house 8 women and their families who are fleeing domestic violence.

It's difficult to see how we could have got this far without taking on social investment. Social investment gives us sustainability for the future and lets us decide on our priorities rather than the funders. 

- Neil King, Director