Your Own Place wins social investment to sustain its future
PUBLISHED: 15:02 24 January 2020 | UPDATED: 15:02 24 January 2020
Archant Norfolk 2017
Social enterprise Your Own Place has secured social investment to continue its work supporting young people get on their feet.
Your Own Place is a community interest company that works with more than 200 people of all ages a year to prevent them from becoming the future homeless population.
Its model is designed to be sustainable - with all members of the community working to secure a diverse income for the clients.
MORE: UEA's Safepoint team celebrates three award nominations in just a week
The new investment in the Future50 business came about after Rebecca White, chief executive of Your Own Place, started a conversation with Chris West and Amy Gutcher at social investors, Sumerian Partners
Reflecting a partnership approach, Your Own Place and Sumerian Partners worked together over a long period to ensure funding was appropriately structured.
You may also want to watch:
This involved considering various options, before agreeing upon a very patient profit share agreement best suited to enable the viable growth of the social enterprise.
Ms White said: "The conversation with Sumerian has felt like one of understanding and equals right from the start. They want to understand our business, learn with us and recognise already just how complex our work is. It's so refreshing."
The money will be used to recruit an operation manager, who will run the day-to-day business of the company.
Ms White said: "The job goes live on 6th January for the right person to join our little and high-achieving team."
Chris West at Sumerian Partners, said: "Taking on investment is a significant decision for any social enterprise. This is why we place so much emphasis building an open relationship from the start, as has been the case with Rebecca and her team.
"This has allowed us all to agree on the type of funding and skills support most appropriate to enable Your Own Place to achieve greater impact in ways that are also financially sustainable."
If you value what this story gives you, please consider supporting the Eastern Daily Press. Click the link in the orange box below for details.