Left to right: Chris Jordan, managing director of Spokes, with corporate lawyer Kishma Small, Shoosmiths' trainee, and Geoff Perry, head of Shoosmiths' Birmingham corporate team.
A TEAM from law firm Shoosmiths has secured a brighter future for a Worcestershire-based business by helping it become a community interest company.
Spokes provides training and work opportunities for individuals with learning difficulties to become actively involved in the repairing and rebuilding of bicycles.
The Kidderminster-based company made contact with Shoosmiths for legal advice through Business in the Community. With help from the law firm and taking into account Spokes' benefit to the community, it has now become a Community Interest Company (CIC).
A CIC has the option of issuing shares that pay a capped dividend (set by the CIC regulator) to investors, creating additional investment and growth opportunities.
Corporate partner Geoff Perry from Shoosmiths said: "The decision to become a CIC was definitely the right route for Spokes to take. It will give the company the various opportunities it needs to further invest into its ongoing strategy and to enhance the already positive impact that it's so far had on the local community."
Chris Jordan, managing director of Spokes said: "I am very grateful to the Shoosmiths' team for the careful advice that they have given to us throughout the whole of this process.
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"Becoming a CIC was essential for the business, and the process proved to be both fast and painless. Additional investment for Spokes will now be more straightforward to obtain."
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