After launching a sustainable charity bond on 31 January 2023, RMBI Care Co. has closed the bond early after reaching the successful amount of £10m through investments in less than four weeks.
Mark LLoyd, Managing Director of RMBI Care Co., said: “We are delighted with these results, which demonstrate confidence in our charity by investors.
“The funds raised will be used to develop, modernise and expand our support for older people with residential care, nursing and residential dementia support. Prince Philip Duke of Edinburgh Court in Wokingham, Berkshire, which opened in September 2022, was our first new build care home in over a decade. Securing the £10m charity bond will now enable us to progress our plans for a new care home on the site of our current home, Cornwallis Court in Bury St Edmunds, Suffolk.
“In addition, the ethical funding will allow the charity to further develop our sustainability strategy. This involves implementing solar energy across our 17 care homes and installing electric charging points for cars.”
The Retail Charity Bond will offer a coupon of 6.25% to be repaid by 2029, which has been administered by the charity’s broker, Allia C&C. RMBI Care Co. is one of a number of care charities and housing associations who have benefitted from this source of finance.
[Summary: RMBI Care Co. has closed its charity bond early after reaching the successful amount of £10m through investments in less than four weeks. The bond was launched on 31 January 2023 and will be used to expand the charity’s support to older people.]