Social Investment Business to carry out a restructure

Jonathan Jenkins, chief executive of the social lender, says it will focus on its core business

Jonathan Jenkins, chief executive of the SIB
Jonathan Jenkins, chief executive of the SIB

The Social Investment Business will restructure its staff to allow it to focus on its core business.

The social lender, which has £260m of government funds under management, has been forced to make a number of redundancies over the past two years, including several caused by the closure in 2010 of the £215m Futurebuilders England loan fund, which it managed on behalf of the Cabinet Office.

"Following a strategic review we are undertaking a restructure to ensure we have the right skills in-house," a spokeswoman for the business said. "The new structure reflects our emphasis on our core business of fund management and being an engaged investor."

Since the appointment of its new chief executive Jonathan Jenkins last year, the SIB has been examining its strategy, and has considered raising capital from new sources. Jenkins told Third Sector in an interview last November that the era of lending primarily government money was over, and the organisation would look for new sources of capital.

As part of the restructure, Seb Elsworth, director of strategy at the chief executives body Acevo, has joined the organisation on secondment for a year as director of special projects.

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