Futurebuilders lends Turning Point £10m

Futurebuilders has invested £10.2m in social care charity Turning Point.

The organisation's largest-ever investment is in the form of a loan backed by a grant of £142,000. It is almost twice the size of Futurebuilders' previous record investment of £5.2m.

The money, to be paid back over 20 years, will be used to help fund a £15m scheme to build five residential centres for people with complex needs, including mental health or substance misuse problems.

It will be paid to Turning Point in a series of instalments, depending on how the projects progress. The initial tranche of £1.9m will go towards building the first centre.

Turning Point has raised the additional £5m from commercial lenders. The main income from the scheme will be through local authorities and health authorities paying for places.

Lord Victor Adebowale, chief executive of Turning Point, said the deal was a new way of doing business for the sector."It is a great example of sophisticated working with commissioners of services," he said.

Richard Gutch, chief executive of Futurebuilders, said Turning Point's proposal was "highly innovative".

- See Feature, page 16.

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