Abcam invests £1m to support Future Business
PUBLISHED: 07:00 26 July 2011
The creation of the Future Business Centre in Cambridge has come one step closer – with a £1 million investment by Abcam in a charitable bond.
By placing £1 million of its cash reserves in a charitable bond, the antibodies supplier will release £150,000 of funding towards the development of the centre.
The company’s £1 million will be returned – along with a further £150,000 of interest – when the bond matures in five years’ time.
“One of the reasons for the success of technology companies in Cambridge is the unique clustering of businesses in the area,” said Jonathan Milner, chief executive of Abcam, which has 204 employees at the Cambridge Science Park.
“We hope the Future Business Centre will replicate this success by creating sustainable businesses in the social and environmental sectors.”
Abcam’s support follows previous charitable bond investments by TTP Group and ARM.
“We’re delighted to receive the support of Abcam and a growing number of individuals who are entrusting their money to a charitable bond for the good of Cambridge,” said Future Business chief executive Tim Jones.
“There are many positive discussions going on with local companies and we’re confident that we can reach our target.”
While further funding still needs to be raised, finance arrangements will allow construction of the new centre in King’s Hedges Road to begin in September – with completion a year later.
Future Business provides advice, affordable workspace and social impact measurement for companies with a social or environmental mission.
For more information, go to www.allia.org.uk/future-business-centre