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Bridges Community Ventures Has Big News
The Gym – A UK Dynamo
CDVCA Member Fund Bridges Ventures sold its majority stake in The Gym, a milestone deal for Bridges and its fourth successful realization in just over 12 months, following the exits of The Hoxton (9x multiple), Pure Washrooms (3.4x) and Whelan Refining (4.7x). The Gym – incubated by Bridges from concept stage and now operating from 37 sites across the UK – is a prime example of how strong commercial results and excellent social impact can go hand-in-hand. The sale generated a 50% IRR and 3.7x multiple for investors in Bridges funds, of which a minority was rolled over to retain a 25% stake in The Gym going forward, enabling Bridges investors to benefit from the future growth in the business.
The Vet – Low Cost Veterinary Clinics
Bridges portfolio company The Vet, a low-cost, high quality veterinary services business, has opened the doors of its first clinic in Hengrove, Bristol. With the cost of veterinary services and pet insurance on the increase, The Vet hopes to fill a gap in the market for better, more flexible and fairly-priced veterinary services. Bridges incubated the business and provided funding and working capital through the Bridges Sustainable Growth Fund III and there are plans to roll-out the model to other sites across the UK, mainly located in underserved areas.
G8 Social Impact Investing Forum
Bridges was honored to be part of the G8 Social Impact Investment Forum, hosted by the Cabinet Office on 6th June. The event gave Bridges the opportunity to showcase its Social Sector Funds and, more importantly, to discuss impact investment at the highest level. The event also saw the launch of the G8 Taskforce on Social Impact Investment, to be led by Sir Ronald Cohen with the aim to build on the leadership of the UK and other G8 countries to turn social impact investment into a powerful global force.
Bridges Backs Bristol’s First Passivhaus
The Bridges Sustainable Property Fund has joined forces with property developers Urbis to build a new, highly sustainable residential development in Bristol’s Bedminster. The project, on the site of a long-abandoned bingo hall, will be built to international Passivhaus standards which requires very high levels of insulation and draft prevention, resulting in very little need for heating.