Housing

Big Issue Invest's £3m backing to boost affordable housing in Glasgow

The Big Issue's social investment arm is investing in Homes for Good to bring homes back into use and make affordable housing more accessible.

Big Issue Invest (BII) is making one of its biggest investments to date to help Scotland’s first social enterprise letting agency make affordable housing more accessible in Glasgow.

The social investment arm of The Big Issue Group is investing £3 million from the Big Issue Invest Social Enterprise Fund II to help Homes for Good (HFG) raise £20m for the management of 1,000 homes and helping other organisations replicate the model across the UK.

HFG provides letting agency services to landlords and flexible tenancy support for the people who live in its 500 homes. The organisation has also refurbished almost 250 dilapidated properties since 2014 before letting them out to people in housing need or to partner organisations supporting people who require intensive support.

Susan Aktemel Homes for Good
Susan Aktemel_Homes for Good credit scottishphotographer.com
Dr Susan Aktemel was named a Big Issue Changemaker in 2019 for being the driving force behind Scotland's first social enterprise letting agency

Big Issue Changemaker and executive director for Homes for Good Social Business Group, Dr Susan Aktemel said: “This significant deal clearly shows that it is entirely possible to make strong financial returns from social investment whilst putting money to good use to change people’s lives for the better.

“I am really delighted to see BII, a perfect partner for us, become a shareholder and join the Homes for Good family. This has created a strong foundation for our future growth, and paves the way for further investment, as we embark on a £20 million raise in the coming years to deliver our vision of creating high-quality, affordable homes for those who may otherwise struggle to access them.”

BII has continued to invest throughout the Covid-19 to support social enterprises at a time when the need is greatest. Leaders at the social investment organisation said they are excited for both future collaboration opportunities with HFG and, in particular, the groundwork this lays for future funds being developed.

Danyal Sattar, CEO at Big Issue Invest, said:  “We are delighted to support such a brilliant social enterprise as Homes for Good, with values that align so closely with ours. It is especially important that organisations such as Homes for Good are able to continue their excellent work at a time of great uncertainty for those with housing needs.

“This is our largest investment out of our Big Issue Invest Social Enterprise Fund II and shows the kind of backing we can give to our partners. We like to support entrepreneurs and entrepreneurial organisations and that is what we find in Homes for Good.”

Homes for Good has attracted backing in excess of £12m to date from Impact Ventures UK, Big Society Capital, Charity Bank and Social and Sustainable Capital.

The BII deal means that early stage investor IVUK is able to successfully exit the project three years ahead of schedule.

Kevin Bone, IVUK partner, said: “As we hand over to BII, it is with great joy and anticipation at the achievements to come for Homes for Good.”

Images: scottishphotographer.com, nschouterden/Flickr.

Support the Big Issue

For over 30 years, the Big Issue has been committed to ending poverty in the UK. In 2024, our work is needed more than ever. Find out how you can support the Big Issue today.
Vendor martin Hawes

Recommended for you

View all
Leaked letter to Tory MPs reveals renting reforms will be 'watered down' to 'appease landlords'
Renters Reform Bill
RENTING

Leaked letter to Tory MPs reveals renting reforms will be 'watered down' to 'appease landlords'

Housing crisis: Shared ownership an 'unbearable reality' which has 'failed to deliver', MPs warn
Housing

Housing crisis: Shared ownership an 'unbearable reality' which has 'failed to deliver', MPs warn

Most tenants have never heard of the beleaguered Renters Reform Bill
Renters and the Renters Reform Bill
Renting

Most tenants have never heard of the beleaguered Renters Reform Bill

ONS U-turns on plan to stop publishing data on deaths of homeless people after furious outcry
homeless deaths
homelessness

ONS U-turns on plan to stop publishing data on deaths of homeless people after furious outcry

Most Popular

Read All
Renters pay their landlords' buy-to-let mortgages, so they should get a share of the profits
Renters: A mortgage lender's window advertising buy-to-let products
1.

Renters pay their landlords' buy-to-let mortgages, so they should get a share of the profits

Exclusive: Disabled people are 'set up to fail' by the DWP in target-driven disability benefits system, whistleblowers reveal
Pound coins on a piece of paper with disability living allowancve
2.

Exclusive: Disabled people are 'set up to fail' by the DWP in target-driven disability benefits system, whistleblowers reveal

Here's when UK households to start receiving last cost of living payments
next dwp cost of living payment 2023
3.

Here's when UK households to start receiving last cost of living payments

Strike dates 2023: From train drivers to NHS doctors, here are the dates to know
4.

Strike dates 2023: From train drivers to NHS doctors, here are the dates to know