The charity bond offer for The Alnwick Garden Trust has closed a week early after raising £10 million during the most volatile period in the markets since the financial crisis.

The offer of 5% bonds due 2030, from special purpose issuer Retail Charity Bonds PLC, was launched on 4 March 2020 and closed early at 1:30pm on 13 March 2020. It raised £10 million from investors, while a further £8 million of ‘retained bonds’ will be issued which can be sold at a later date to raise additional funding for The Alnwick Garden Trust as required.

This is the ninth issue of bonds through the Retail Charity Bonds platform since it was launched in 2014, taking the total raised through the platform to date to over £240 million. Allia C&C was the lead manager for the bond issue.

The Alnwick Garden Trust was established in 2002. It manages The Alnwick Garden, a 67-acre garden and visitor attraction in the North East of England.

Commenting, Mark Brassell, Chief Executive of The Alnwick Garden Trust, said: “The Alnwick Garden Trust has made a tangible positive impact since its establishment, and we are very encouraged by the reception we have received from the investor community for our charity bond. The funds raised will enable us to further our charitable causes which directly enhance the lives of many thousands of people who visit, interact or work at the Alnwick Gardens.”

Henrietta Podd, Director Debt Capital Markets, Allia C&C, added: “The success of this latest charity bond, the only non-sovereign sterling bond closed in last week’s exceptionally challenging financial markets, illustrates the continued demand for investments which make a positive social impact.  We are thrilled to have been able to support The Alnwick Garden Trust in raising this funding to support the many people who benefit from the Gardens and the Charity’s programme of activities.”