Printed Date: 27/04/2018

GLL teams up with Triodos Bank to build on Olympic Legacy

GLL teams up with Triodos Bank to build on Olympic Legacy

Leading leisure operator and charitable social enterprise GLL is raising £5m through a Bond issue to invest into its sports and social legacy strategy.

GLL is the UK's largest charitable social enterprise in its field, delivering leisure, health and community services. Their mission is to increase sport and leisure participation, particularly amongst under-represented groups – people who face barriers to sporting facilities.

Established 20 years ago, GLL now manages over 130 public leisure centres and libraries and has an annual turnover of £123 million (2012). GLL works with over 30 localcouncils, public agencies and sporting organisations and employs a diverse workforce of over 6,000 people. GLL is a mutual society and is owned and managed by its members, all of whom are employees.

The funds raised will be channelled into a number of projects including helping to equip two former London 2012 Olympic venues on the Queen Elizabeth Olympic Park – the Copper Box Arena and the Aquatic Centre ensuring these facilities best serve both elite athletes and the local community. The bond will contribute to the ongoing restoration and expansion of the historic Royal Greenwich Lido at Charlton and a number of new low cost, affordable fitness facilities to promote healthier communities.

The five-year bond, which is being offered through Triodos Bank the leading European sustainable bank, will pay 5% gross fixed interest per year. The minimum investment is £2,000 for the wider public and £200 for GLL employees.

Mark Sesnan, GLL Managing Director said: "London 2012 has shown how sport can inspire a generation. The challenge now is to build on this momentum and cement a deep and lasting legacy of community participation for future generations.

"GLL aims to make community services and spaces better for everyone. "This means providing access to quality community leisure and fitness facilities at a price everyone can afford. We are delighted to be making two iconic Olympic venues accessible to the surrounding communities and to the public more broadly."

Dan Hird, Head of Corporate Finance at Triodos Bank, commented: "We are proud to be working with a market leader like GLL who demonstrate how sports and leisure facilities can benefit the whole community. An investment in the GLL Bond promises to deliver a decent financial return and positive social impact."

Established 20 years ago, GLL now manages over 130 public leisure centres and libraries and has an annual turnover of £123 million (2012). GLL works with over 30 localcouncils, public agencies and sporting organisations and employs a diverse workforce of over 6,000 people. GLL is a mutual society and is owned and managed by its members, all of whom are employees.

Like all investments of this type, capital invested in the GLL Bond is at risk, meaning that in the event of a failure of GLL’s business, an investor might not get back the full amount invested. It is also illiquid as the bonds do not trade on a recognised investment exchange so investors may not be able to access their capital during the life of the bond. An investment in the GLL bond is not covered by the Financial Services Compensation Scheme.

 

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