Numbers for Good announces closure
The social investment intermediary Numbers for Good has announced it is to close by the end of next month.
On a statement published on its website, the company confirms it will cease trading on 29 March 2019.
The statement says: “The company has operated profitably for the past two years but, given the difficult market conditions for advisory services in the social sector and, in particular, the continual pressure on the level of fee income available for complex work, it is with regret that the Board has decided to close the company to new business. We anticipate that all outstanding contracted work will be completed by the end of March."
Numbers for Good was founded in 2012 by Bertrand Beghin and Dominic Llewellyn with the goal of helping social enterprises and charities access social investment, and to attract new organisations and individuals to invest socially.
The company became a certified B Corporation in 2015, a stamp of approval of its social and environmental performance, accountability and transparency.
In its six years of operation, the London-based company raised over £6m of social investment, completed 300 projects and executed five social impact bonds, according to its website.
Big Society Capital invested £250,000 in the company in 2015 to help it expand its operations; previously Key Fund had provided £75,000 to allow it to open a Newcastle office.
In an email sent to colleagues and friends at the end of January, Llewellyn wrote: “We are all proud of our achievements over the past six years... it is with regret that we needed to make the decision we have. It has been a pleasure working with you and we thank you for your support.”