Dartington Hall tempts investors with a retail bond – 4.3% due 2028
Dartington Hall Trust, a charitable organisation located on a medieval Devon estate, has launched a retail bond issue to raise up to £20 million to help it upgrade and develop its estate.
The bonds will be issued by Dartington Hall Estate Bond, are secured, have a 10-year term and carry a 4.3% per annum coupon, paid half yearly. The minimum investment is £1,000 and the offer closes on 16 October.
Application will be made for the Bonds to be admitted to trading on the Impact segment of the NEX Exchange Growth Market
According to the Trust, the retail bond is part of a wider four to six year financial plan, which includes ethical bank finance and increased fundraising activity.
Investment will be staged, focused firstly on existing assets within the estate. This includes refurbishing and relaunching the Dartington Hall hotel, the Barn Cinema & Roundhouse Café and the White Hart restaurant as well as rejuvenating the existing retail space and redeveloping the Foxhole site (formerly Dartington Hall School) to be the new base for learning and social justice projects.
Rhodri Samuel, Chief Executive of Dartington Hall Trust said:
“Dartington has had a unique place in the cultural and social history of Britain since the 1920s, as a centre for the development of progressive ideas across a range of disciplines including agriculture, learning and the arts. This bond issue will assist us in upgrading and developing the assets on the estate. Ultimately, we are inspired by the challenge of creating a model that others can learn from and of running a modern estate that delivers a positive impact for society.”
The Dartington Hall Trust (Dartington) is a member of the Impact Investment Network (IIN) which is the first operator of the Social Stock Exchange license in the UK and supports its members to grow in a sustainable and ethical way. It brings those members together as part of a leading network of socially-driven, commercially-focused businesses from across the globe.
This bond issue is part of a wider five to seven year financial plan underpinning a strategy which includes ethical bank finance and increased fundraising activity.
Investment will be staged, focused in the first instance on existing assets within the estate. This includes refurbishing and relaunching the Dartington Hall hotel, the Barn Cinema & Café and the White Hart restaurant as well as rejuvenating the existing retail space and redeveloping the Foxhole site (formerly Dartington Hall School) as a new base for learning and social justice projects.
Whereas the majority of retail bond issues to date have been on the LSE’s Order Book for Retail Bonds, this issue will apply for membership of the NEX Exchange Growth Market a stock market for earlier stage entrepreneurial companies with an environment specially designed to meet their needs.
You should check whether your existing stockbroker has NEX connectivity to permit you to purchase or trade this bond.
Brokers supporting the initial offering are Cornhill Capital, The Share Centre, Redmayne-Bentley and Rathbone Investment Management
Leave a Reply
You must be logged in to post a comment.