Bridges Fund Management invests £8.5m in school catering company

Sustainable impact-led investor Bridges Fund Management has announced seven-figure backing for a growing school catering business.

Bridges invested £8.5m in Innovate Services Ltd, a provider of nutritious food for more than 90k primary and secondary school children in England.

The company currently serves 75 English secondary schools, using some as a base to serve a further 45 primary schools.

Bridges will work with and build Innovate Services’ management team, led by Geoff Peppiatt, to scale the business while deepening its impact focus.

Bridges investment manager Emma Thorne said: “Having identified school catering as an attractive sector, we approached Innovate because we felt they were one of the best operators in the space.

“So we were delighted to find that they shared our view of the growth and impact potential of the business, and we’re excited to be working with management to take Innovate to the next level.”

She added: “This is another great example of a high-performing business whose focus on impact underpins its competitive advantage – making Bridges a natural investment partner for this next phase of growth.”

Innovate’s executive chair, Geoff Peppiatt, commented: “Our core purpose is, and always has been, to ensure that young people can enjoy high-quality, nutritious food in their schools and colleges.

“But beyond that, we believe we should do whatever we can to create a better world. Bridges has long been a leader in impact investing, and we felt they really understood our values and our vision for the business.”

He continued: “With their support, we’re committing to the goal of becoming an ‘Impact Organisation’: working within the school and wider community to encourage healthier lifestyles, positive employment practices and sustainability.”

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