Headingley Investment Fund (HIF) is our very successful financial initiative. HDT had previously raised over £100,000 in 2008 to establish HEART, and early in 2018 we set out to raise funds to support new and existing HDT projects and strengthen our financial position through our second community share offer.
We launched the offer with the very ambitious target of raising £480,000, and succeeded in raising £481,843 in 3 months from 258 investors; this included £100,000 match funding from the Community Shares Booster Programme. We are very grateful to all of the people who backed the scheme and put money in.
The offer was that investors would see their money put to good use and also receive 2% interest. The fantastic success shows that many people wanted to see their money used to do something ethical, useful and local.
The scheme has worked well and we have managed to do all three things that we set up to do:
Refinancing HEART –The centre had been making a very small profit for many years but had to make considerable repayments on its original loan – the new funds have enabled HEART to do more and operate on a more stable footing.
Pursuing new opportunities – we were able to buy Harris’s fruit and vegetable business at short notice and re-open as The Headingley Greengrocer thus ensuring that a valuable local asset was saved for the community.
Expanding Headingley Homes – we bought a semi-derelict house on Headingley Mount, removing a local eyesore and transforming it into a desirable home for rent with enhanced energy performance.
HDT was able to pay the first year’s interest to shareholders as planned, and is now in a position to make a further investment when a suitable opportunity is identified. This would not have happened without HIF and without local people’s belief that they can make a difference.
There are reports on the scheme each year – see HIF Yearly Reports and investors are invited to an Annual Meeting at HEART.
Background information: There was an excellent article in the Guardian describing the scheme in 2018 : Headingley launches own investment fund.