Greenwich Leisure Limited 2013 5% Bond Issue from Triodos Bank
Triodos Bank, the sustainable bank, is working with GLL to raise £5m through a five year bond paying 5% gross fixed interest per year.
London 2012 has shown how sport can inspire a generation. The challenge now is to build on this momentum and cement a deep and lasting legacy of community participation for future generations.
The Bond will help GLL further develop its sport and social legacy strategy, which includes two London 2012 Olympic venues in the Queen Elizabeth Olympic Park. The Copper Box Arena launched in July this year and the Aquatic Centre re-opens to the public in 2014. The facilities will be available both to elite sportsmen and women as well as to local residents and community groups. The bond will also contribute to the ongoing restoration and expansion of the historic Royal Greenwich Lido, Charlton, which offers affordable swimming and fitness facilities to Londoners.
GLL is the UK’s largest charitable social enterprise in its field, delivering leisure, health and community services across London. Their mission is to increase sport and leisure participation, particularly amongst under-represented groups including those people who face barriers to sporting facilities.
Established 20 years ago, GLL now manages more than 130 public leisure centres and libraries and has an annual turnover of £123 million (2012). GLL works with over 30 local councils, public agencies and sporting organisations and employs a diverse workforce of over 6,000 people. GLL is a mutual society and is owned and managed by its members, all of whom are employees.
"GLL aims to make community services and spaces better for everyone," says Mark Sesnan, its managing director. "This means providing access to quality community leisure and fitness facilities at a price everyone can afford. We are delighted to be making two iconic Olympic venues accessible to the surrounding communities and to the public more broadly."
Dan Hird, Head of Corporate Finance at Triodos Bank, commented: "We are proud to be working with a market leader like GLL that demonstrates how sports and leisure facilities can benefit the whole community. An investment in the GLL bond promises to deliver a decent financial return and positive social impact."
Like all unsecured investments, capital invested in the GLL bond is at risk, meaning that in the event of a failure of GLL’s business, an investor might not get back the full amount invested. Past performance is no guarantee of future results. It is also illiquid as the bonds do not trade on a recognised investment exchange so investors may not be able to access their capital during the life of the bond. An investment in the GLL bond is not covered by the Financial Services Compensation Scheme.