July 8, 2021

The social bond offer for Golden Lane Housing Ltd (the “Charity”) has closed early and oversubscribed after significant interest from institutional and retail investors.

The offer of 3.25% social bonds due 2031, from special purpose issuer Retail Charity Bonds PLC (“RCB”) and managed by Allia C&C, was launched on 1 July 2021 and closed after less than a week at 2pm on 6 July 2021. £11 million of the bonds have been sold to investors while a further £4 million will be retained and may be sold at a later date to raise additional funding for the Charity as required. The proceeds of the issue will be used by the Charity to further its charitable objectives, including the re-financing of a previous loan from RCB and the acquisition and/or adaptation of housing for people with one or more learning disabilities.

This will be the eleventh successful series of bonds to be issued through the RCB platform since it was launched in 2014, taking the total issued through the platform to date to over £320 million. It is also the first issue of social bonds by RCB, in accordance with its recently launched sustainability bond framework, under which RCB may issue either social, green or sustainable bonds, with a second-party opinion on the framework given by Standard & Poor’s Financial Services LLC.

This will be the third occasion that RCB has successfully launched a bond offer for the Charity, following the issue of £11 million 4.375% bonds in 2014, and £18 million 3.9% bonds in 2017 (including £8 million of retained bonds which were all subsequently sold).

Commenting on the success of the offer, John Verge, Chief Executive of Golden Lane Housing, said: “The significant appetite for these bonds is a great result for Golden Lane Housing, and highlights the strong recognition by the investor community as to our business case, which is based around providing quality homes to people with learning disabilities in the UK. The funds raised will enable us to continue to address the enormous housing challenges faced by people with a learning disability, so that they can prosper, develop their independence and skills and contribute to their communities.”

  • Adrian Bell, CEO of Allia C&C, added: “The importance of investing responsibly is rapidly climbing investors’ agendas, particularly as a result of the Covid-19 pandemic, with investors showing an increasing desire to support resilient businesses that create a positive social impact. The offer of social bonds for Golden Lane Housing received exceptionally strong demand, with the lowest coupon achieved through RCB to date, making the platform a very effective funding opportunity for borrowers with a strong social purpose.”

For enquiries, please contact:

 FTI Consulting

Dido Laurimore

Richard Gotla

Talia Jessener


Tel: +44 (0)20 3727 1000


Allia C&C

Henrietta Podd

Tel: +44 (0)20 3039 3452

About Golden Lane Housing

Golden Lane Housing Ltd is a charitable company limited by guarantee incorporated in England and Wales with company registration number 03597323. The Charity is also registered with the Charity Commission with registered charity number 1071097 and is a Registered Provider with the Regulator of Social Housing with registration number 4803.

The sole member and parent of the Charity is the Royal Mencap Society, a charitable company limited by guarantee incorporated in England and Wales with company registration number 00550457 and a registered charity with the Charity Commission with registered charity number 222377.

The principal source of income of the Charity (comprising 90% of total income in the financial year to 31 March 2021) is rent from its tenants in return for provision of accommodation and specialist landlord services. These services range from housing management and maintenance services tailored to the needs of people with a learning disability (including a 24-hour repairs helpline) to advice and guidance to families, individuals, carers and social care professionals on housing related issues. The Charity works very closely with over 200 support organisations who provide care and support services, with Mencap currently being the support provider for approximately 31 per cent. of the Charity’s tenants.

Underpinning the Charity’s principal activities are five key values which are the foundations on which the Charity’s work and future plans are based:

  1. Caring: we treat everyone with respect and kindness
  2. Listening: we involve people in the review and design of housing and services
  3. Honesty: we build trust by being open and fair in everything we do
  4. Reliable: we are dependable and trusted to keep our standards and commitments
  5. Creative: we work together in many different ways for great outcomes

For further information about the Charity, please go to

About Allia C&C

  • Allia C&C is a leading expert in socially responsible finance, working to amplify economic and social impact. It supports a range of organisations that span the impact spectrum, from charities through to businesses that act responsibly – facilitating their access to the most appropriate and optimal funding for their needs from investors who are interested in creating impact.
  • The team at Allia C&C were responsible for the creation of the Retail Charity Bonds platform and have managed each of its bond issues.
  • Allia C&C is a trading name of City & Continental Ltd, an Allia company.
  • For more information please see

About Retail Charity Bonds

Retail Charity Bonds PLC is a public limited company; it was established as a special purpose issuing vehicle but is not itself a charity. It is governed by an independent and experienced board of directors from the financial and charity sectors who are acting on a pro-bono basis. The administration of RCB is carried out by Allia Bond Services Ltd, a subsidiary of Allia C&C.

For more information please see