UK: £33m to be invested in businesses with social benefits

The Bridges CDV Fund II is the second round of funding from Bridges Community Ventures, which was established as the UK?s first community development venture capital company in 2002. The company raises finance from its partners – which include New Look, Apex Partners, and Barclays Business Banking – who each make investments to support entrepreneurs and create wealth for communities. Businesses previously supported by the company includes The Office in London – which provides flexible office space in under-invested areas of the capital, and HS Astec in Sheffield – a distributor of new spare parts for heavy good vehicles and trailers that creates employment in deprived areas. Peter Scott, National Director, Barclays Business Banking Regeneration Team said: ?Barclays Business Banking is delighted to be an investor in Bridges CDV Fund II. We believe in, and fully support, the Fund?s strategy of socially responsible investment in ambitious businesses. This also dovetails with Barclays financial inclusion strategy of helping to provide finance to businesses and individuals within deprived areas. We were impressed not only by the performance to date of the first fund, but also the drive, determination and commitment of the fund managers themselves and the hands on approach they take.? www.bridgesventures.com