Impact Ventures UK makes first investment in construction apprenticeship business

Impact Ventures UK

London, 24 March, 2014 – Following its first close in December 2013, LGT Venture Philanthropy and Berenberg’s award-winning £20.8million Impact Ventures UK (IVUK) social impact fund has made its first investment of £800,000 in K10, an independent social enterprise that employs apprentices and places them in the London construction industry.

The investment coincides with the recent appointment of Andrew Purvis as Chief Executive Officer of K10. He has spent more than 25 years working both in the private and charity sectors, including as Managing Director of Neal’s Yard Remedies for six years, and Chief Executive of youth charity, Fairbridge, for three years.

IVUK stands out from other UK social impact funds and is an excellent fit for K10. Its collaborative approach was a key differentiator because it means that we are not only able to access financial support and the experience of IVUK’s world class investment committee, but also networks and business mentoring opportunities, Andrew Purvis said.”

One in 10 UK jobs is in construction, and just over 20% of the UK’s construction jobs in the last 12 months have been in London, yet apprentice opportunities in the sector have been in decline [1].

Andrew Purvis continued, “We are supplying a need for construction apprentices in London, and helping employers meet their corporate and social responsibility, local labour and apprenticeship targets. IVUK’s investment will enable us to continue to offer funded apprenticeships and directly employ more apprentices in their local area with the aim of helping them to secure long-term sustainable employment.

K10 is an Apprenticeship Training Agency accredited by the National Apprenticeship Service. It currently partners with more than 75 developers and contractors and, to date, its scheme has been rolled out to more than 30 London boroughs and Local Authorities.

Richard Brass, Head of UK Clients at Berenberg Private Banking and Founder of Impact Ventures UK, said, “We are delighted to make IVUK’s first investment into K10. It sits in the sweet spot: a well-managed, high quality social enterprise with a robust business plan that is competing within the broader business landscape, whilst meeting a real need and with the potential to grow and make a difference in the community.

Raf Goovaerts, Partner and Head of the UK investment team at LGT Venture Philanthropy, said, “We have first-hand experience working with young, fast-growing social enterprises around the world, and we are very excited to support K10. K10 is ready to accelerate its growth plans to attract more apprentices and provide them with both valuable skills training and rewarding work experience.

IVUK was launched by LGT Venture Philanthropy in association with Berenberg with a £10million cornerstone investment from social investment bank Big Society Capital.

Nick O’Donohoe, Chief Executive of Big Society Capital said, “This is social investment at its best. K10 has developed an innovative approach to tackling youth unemployment and now, supported by experienced investors, they are going to be able to grow their organisation and help more young people into apprenticeships.

IVUK’s diverse investor base includes UK and European institutional investors, asset owners and private clients, reflecting the appeal of the fund across different sources of capital. It is one of the first social impact funds to attract investment from a UK local authority pension fund. IVUK invests in enterprises that create strong, positive social impact for disadvantaged people and communities in the UK as well as generating a financial return.


[1] Source: Office of National Statistics Annual Business Survey 2011, released in July 2013

Recent News

Ryan Photo

Ryan Banks – Heathrow Shared Apprenticeship Scheme – Apprentice of the year 2019

Trade: Apprentice Electrician Qualification: Level 3 Electrical Installation Contractor: Balfour Beatty Project: Heathrow Airport “I’d like to thank Balfour Beatty for helping me achieve everything I have and helping me get to where I am today. I’d also like to thank Alfie and everyone who I work with on site. Also a big thanks to everyone from the […]

Wednesday, 18th Dec 2019
Ali Award

Ali Said – Heathrow Shared Apprenticeship Scheme – Best College Apprentice 2019

Trade: Apprentice Assistant Site Manager Qualification: Level 3 Construction Contracting Operations Contractor: Dyer & Butler Project: Heathrow Airport “My journey so far has been amazing, I would like to thank Dyer and Butler, my college and the Heathrow Shared Apprenticeship Scheme for their continuous support and for being nominated for this award!” Ali Said, Assistant Site Management Apprentice “It comes […]

Wednesday, 18th Dec 2019
Manav Award

Manav Mahendru – Heathrow Shared Apprenticeship Scheme – Best Technical Apprentice 2019

Trade: Apprentice Business Administrator Qualification: Level 2 Business Administration Contractor: Wilson James Project: Heathrow Airport “Very honoured to have received this award, I would like to thank K10 and all the staff members for their support as well as Wilson James.“ Manav Mahendru, Administration Apprentice “Manav is a pleasure to work with and we are delighted to have […]

Wednesday, 18th Dec 2019
Hannah Award

Hannah Montgomery – Heathrow Shared Apprenticeship Scheme -Best Trade Apprentice 2019

Trade: Apprentice Carpenter Qualification: Level 2 Carpentry Contractor: Chisholm and Winch Project: Heathrow Airport “What a crazy year 2019 has turned out to be for me! Thank you so much to Chisholm and Winch for taking good care of me and the Heathrow Shared Apprenticeship Scheme for the opportunity” Hannah Montgomery, Carpentry Apprentice “We would like to congratulate […]

Wednesday, 18th Dec 2019