Member Article

Key fund unlocked funding for major regeneration project

Unity Hall, a disused Grade II building that stood derelict for 12 years, opens its doors tonight (5 Sept) as a major music and arts venue.

The Grade II listed building in Wakefield Westgate was saved after a community benefit co-operative was set up to turn the derelict site into a cultural hub. Key Fund, Britain’s largest regional investor in the social economy, kick-started its regeneration with an initial investment of £40k in 2012.

The investment helped attract a further £4.5m finance. Key Fund has a long history of helping communities reclaim their assets. A Sheffield-based Social Enterprise, Key Fund is itself a social economy success story; all of the returns received are reinvested back into the sector. To date Key Fund has delivered over £33 million to social enterprises and other Civil Society organisations supporting 2,200 organisations, aiding 6,500 training opportunities, 249 new business start-ups, creating 1,156 jobs and safeguarded 1513 jobs.

Garry Brown, Head of Investment at Key Fund, said: “We’re really proud to have played a part in regenerating the cultural quarter of Wakefield. We invested in this scheme when nobody else would touch it, and it’s exactly the kind of project we support. Unity Hall adds to our strong portfolio of community-run assets that shows what can be achieved with the right support and access to finance. Cultural regeneration is incredibly powerful for attracting further investment and regeneration.”

It’s expected the new 700 capacity venue will have a £6m economic impact, creating 100 jobs. It aims to be a nationally recognised conference venue and concert hall with art gallery, café, bars and restaurant.

Chris Hill, Chairman of Unity Hall, said: “It’s more than a redevelopment project; it’s a cultural movement by the people and for the people. Communities are clearly passionate about taking ownership of iconic, historic civic buildings, and shaping their own future.”

Other community-run enterprise Key Fund has helped include the Chapeltown Baths Community Business in Sheffield, which has grown into a vital community hub. Without the initial support of the Key Fund it would not have been able to continue trading. Now they have swimming sessions for 600 young people and 1,000 children every week, with disabled access facilities and GP referral schemes from local surgeries for cardiac patients.

Garry added: “Key Fund is passionate about supporting organisations such as Unity Hall. We reach areas which are under served by mainstream financial institutions. Our money and support is for those organisations refused money from the banks and we focus on areas of multi-disadvantage and deprivation. 72% of our investments made last year were in the top 20% of the most deprived areas across the region.”

This was posted in Bdaily's Members' News section by Cause UK .