Social investment firm Resonance supports our Transformation
Social investment firm Resonance has in principle committed to an investment of up to £1.5m in Colston Hall. This would be the first time Resonance has funded a major arts project in the UK.
The investment would be made through the Resonance Bristol SITR (Social Investment Tax Relief) Fund, one of several set up to support social enterprises in specific regions around the country.
The announcement was made at a House of Commons reception attended by Jeremy Wright MP, Secretary of State for Digital, Culture, Media and Sport and hosted by Bristol West MP Thangam Debbonaire.
Bristol Music Trust (BMT) has already secured almost £44m of the £48.8m required to complete our transformation project which will see the Hall transformed into an international standard concert facility and a National Centre for Entertainment, Education and Enterprise across the arts. It will also house the UK’s first National centre for Inclusive Excellence, for young people with special needs and disabilities.
We have a commitment from Bristol City Council to underwrite the project, which has enabled us to start work on the auditoria. The investment from Resonance would allow BMT to move ahead with the transformation project as planned while the remainder of the funds are raised. The loan would be in the region of between £500k and £1.5m.
Katalin Juhasz, Resonance investment manager, said:
“Bristol Music Trust is an organisation making significant social impact. Especially inspirational is its work within music education. Transforming the cellars into the country’s first centre for inclusive excellence for young people with special needs and disabilities was by far the biggest impact that drew us in and convinced us we wanted to support them in their aspirations.
“This is not just a concert venue but a fully inclusive organisation that is reaching out to and impacting communities throughout the city.”
Louise Michell said:
“We are delighted that Resonance is interested in considering a significant investment to support the transformation project. Diversifying our funding in this way recognises the social impact the Trust has had and continues to have in the city. We’re committed to increasing access to all the benefits that BMT offers to the most vulnerable sections of our community.”
Resonance is a social impact investment company. Thier mission is to connect capital with social enterprise: something we have been doing across the UK for the last 16 years.
The Resonance funds team creates and manages impact investment funds, focused on the capital needs of multiple social enterprises. We have particular expertise in community-led projects, homelessness, education, health, social care, criminal justice, agriculture and renewable energy. Resonance has over £200m under management across its eight operational impact investment funds.
Their ventures team works with individual social enterprises to raise investment, from investment readiness through to deal arranging.
With offices in Launceston, Bristol, Manchester, London and Birmingham and a team of over 30, Resonance is helping to build the market for social investment in the UK.
About Social Investment Tax Relief
For more information about Social Investment Tax Relief (SITR), please visit the gov.uk website here.