Low-income residents in U.K. housing associations have a higher rate of physical and emotional problems and unemployment than the national average.
Just Ask, which manages such facilities, hires and provides skills training for housing association community members while undertaking community improvement projects.
Bridges’ £9 million ($12.2 million) investment gives it a majority stake in the company. The company employs 450 people and serves 50,000 housing units throughout southeast England.
Bridges plans to expand the company’s reach in other parts of the country. As part of the deal, incentives for Just Ask’s management team will be linked to social impact performance — a first for Bridges.
The deal appears to be the first from Bridges’ targeted £150 million ($202 million) fourth fund.