News

Bank of Scotland Joins Social Investment Scotland To Fund Building Purchase - 10 Sep 2004

Bank of Scotland and Social Investment Scotland provide six-figure funding to Cue and Review,Scotland's largest independently-funded talking newspaper group.

It plans to use the funding to buy its existing current premises from the retiring owner. It currently rents one of the 16 units on Crowhill Rd in Bishopbriggs, Glasgow, but now plans to buy all the units and rent the remaining space, helping provide an income stream for the company.

Buying the new premises should enable Cue and Review to further reduce its reliance on grant aid and become more financially self-sufficient. Cue and Review is run by its listeners and volunteers, with all profits put back into the business rather than dividends for shareholders.

Bank of Scotland Community Banking will provide 60% of the funding with the remainder backed by Social Investment Scotland (SIS). SIS provides loans and finance to community groups, individuals, and organisations working to achieve social, economic and physical renewal in some of the country's most disadvantaged areas.

Bank of Scotland Community Banking specialises in banking for the not-for-profit sector. It works in partnership with a broad range of organisations such as charities, credit unions, voluntary organisations, churches, community development finance organisations and social enterprises.

Craig Campbell, Head of Community Banking with Bank of Scotland Corporate, said, "This funding package is a great example of how a bank can combine with an organisation such as Social Investment Scotland to assist the social economy. It means that Cue and Review can build a stronger foundation for future growth, strengthen its balance sheet and continue doing what it does best, which is providing a great product to the visually and reading impaired.

"We can see further opportunities for working alongside Social Investment Scotland on funding deals such as this, in addition to our existing core funding of the organisation."

Alastair McPhee, Cue and Review's Managing Editor, said, "Buying the premises marks a new era for the business meaning that we can continue to distribute 76,000 cassette magazines throughout the United Kingdom to blind and partially-sighted people."

Scott Anderson, Chief Executive of Social Investment Scotland, said, "The funding from Social Investment Scotland and Bank of Scotland Community Banking will help put Cue and Review in a much stronger position. This deal is evidence of a growing willingness on the part of what we call 'more-than-profit' organisations to explore the use of loan finance. We also believe that the deal provides a model that could be applied successfully to support the development of other social enterprises."

Bank of Scotland Community Banking

Part of the HBOS group, Bank of Scotland Corporate's Community Banking team provides banking services exclusively to the UK not-for-profit sector including current accounts, deposits and lending. Working across the broad UK Social Economy, Community Banking manages relationships including Housing Associations, CDFI's, Social Enterprises, Credit Unions, Charities, Community Development Trusts and other Voluntary and Community Organisations. The award winning team is also widely recognised for its work in tackling community development and financial exclusion as well as developing lending activity into the emerging social economy.