K10 Case Study | Social Investing | Good Finance

K10

Building site

K10 is tackling youth unemployment by providing apprenticeships in the construction industry. It used social investment to professionalise the business and increase sustainability. 

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Duration 
3 years
Cost of capital 
Debt
Amount invested 
£600,000
Product 
Secured loan

Problem

In London, more than 100,000 16-24 year olds are currently unemployed or not in education or training. Yet over the past 20 years, the number of construction apprentices has declined, making it more difficult for young people to develop the skills needed for a career in the industry.

Solution

K10 identifies and places young people in apprenticeships across London in the construction industry. With the skills and qualifications that come with an apprenticeship, young people have the foundation for a meaningful career in the construction industry

Revenue model

K10 is an Apprenticeship Training Agency which employs apprentices directly, billing developers, contractors, and subcontractors for the hours an apprentice works on site. Social investment was used to provide working capital to grow the team and build the business.

Impact

K10 now works with up to 200 young people each year, 85% of whom were previously unemployed. Their apprentices include those who would not traditionally have worked in the industry such as women (15%), ex-offenders (12%) and disabled people (10%).

K10 is creating apprenticeship opportunities across London that would otherwise not exist, closing the skills gap in the construction industry and improving the employment outcomes for hundreds of young people each year. We invested in the organisation so that it can scale up its activity and really make an impact for young people in the capital.

       Raf Goovaerts, LGT Venture Philanthropy

I want to get a van, build a team and set up my own firm.

       Richard, K10 apprentice