Audited results for the year ended 31 August 2020

(‘Capital for Colleagues’, ‘C4C’ or the ‘Company’)

Capital for Colleagues, the investment vehicle focused on opportunities in the Employee Owned Business (‘EOB’) sector, is pleased to announce its audited results for the year ended 31 August 2020.


The Covid-19 pandemic has presented an unprecedented challenge to C4C and the companies in our portfolio. By definition, most of the companies in which we are invested are relatively young companies, with no previous experience of dealing with events that could threaten their long term viability. In addition, the majority of them are financed to varying degrees by debt and do not yet have historic reserves to fall back on. It is therefore extremely pleasing to report that all of C4C’s investments have coped robustly with the challenges posed by Covid-19 and several have adapted so well that their valuations have increased during the year under review. While many larger competitors initially struggled to cope with the new trading environment, several of our investments were nimble and flexible enough to continue to provide a high level of service to their customers. We believe that the culture engendered by employee ownership and high levels of employee engagement has been a major contributor to this outperformance.

During the year to 31 August 2020 the net asset value per share (NAV) rose by 21.3% to 52.69p. (2019: 43.44p). The encouraging performance of several companies in the portfolio resulted in net revaluation gains of £1.346m (2019: £0.80m). Loan impairments of £0.10m were required in the portfolio during the year under review. (2019: £0.91m).

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