FRC Group is a social enterprise that works to improve the lives of people in poverty and unemployment. It comprises two integrated social businesses, throughout which training opportunities are created for the long-term unemployed and other disadvantaged groups.
Impetus support package:
Impetus investment period: 2011 - 2012
Grant funding: £50,000
Pro bono services donated:
£527,000
Investment management value: £117k
Total funding package to date: £694k
FRG Group "exited" the Impetus portfolio in January 2011.
Background to the investment:
The impetus for our involvement is that FRC Group is achieving clear results in our area of focus, helping break the cycle of poverty through improving skills and employability. It has successfully grown sales and has started to expand its operation from its Liverpool base. It has ambitious growth plans and approached Impetus as an engaged funder, which can support its scale-up plan.
FRC's model has proven results in engaging and progressing the long-term unemployed back into work. In 2008/09, 71 per cent of those who completed the 12-months training went into employment or further training. In addition, FRC Group was ranked in the top 50 in the Financial Times' Best Work Places index 2007, and was the only social enterprise listed.
Impetus is partnering with FRC Group initially for 14 months with a view to making a longer-term investment at the end of the planning process. The objective of the partnership is to support the development of FRC and Bulky Bob's processes and business models to enable them to treble the number of training opportunities for economically disadvantaged people.
*Planning phase investment is an initial investment period to develop the plan for growth. It is usually followed by further investment over a longer period.
Focus of Impetus expertise 2010/11:
- Strategic review of the shared living furniture market
- Support on reduction of procurement costs
- Development of a medium-term business plan and model.
Key achievements 2010/11:
- Furniture project in Walton Prison substantially expanded and employing over 50 prisoners in second-hand furniture restoration for sale through FRC Group's Bulky Bob's Furniture World store
- Furniture Resource Centre has expanded into the East and West Midlands as part of the implementation of its business development strategy
- Chief Executive Shaun Doran was selected as one of the winners of the Big Venture Challenge, a programme run by UnLtd to identify 25 of the most ambitious social entrepreneurs in England.
Find out more about FRC Group
| Year prior to Impetus investment 2009/10 |
Latest year end 2010/11 |
|
| Income (in millions) | £5.00 | £4.95 |
| No. of Intermediate Labour Market contracts offered* | 33 | 50 |
| No. of placements offered* | 67 | 48 |
| No. of offenders in Bulky Bob's workshops* | 0 | 52 |
*Combined total equals number of people helped.
FRC Group is part of the Impetus Economic Disadvantage Portfolio.
The engagement with Impetus is very rewarding on a number of levels. It has helped to broaden our awareness and understanding of critical social issues and the impact that organisations such as Impetus can make.
Wol Kolade
Managing Partner, ISIS Equity Partners, Impetus corporate donor