The Principles for Responsible Investment (PRI) now have over 3,500 signatories, representing over $110 trillion in assets under management. Each year, signatories are required to report on their responsible investment activities across the cycle, including governance, strategy, origination, management and exit.

We’re pleased to report that Bridges scored the maximum five stars in each of the four relevant modules, significantly higher than the PRI average and our direct peer group.

Philip Newborough, co-Founder and co-CEO said: “We’re thrilled to receive such strong scores across the board. It’s a fitting testament to the hard work of our investment teams and our dedicated impact specialists, and it reflects Bridges’ unwavering determination to put environmental, social and governance considerations at the heart of everything we do.”

The PRI is the world’s leading organisation for advancing a sustainable global financial system, encouraging the adoption of its Principles and collaboration on their implementation; fostering good governance, integrity and accountability; and addressing obstacles to a sustainable financial system that lie within market practices, structures and regulation.

For more details of Bridges’ scoring and the full report, visit here and here.

Bridges was shortlisted in multiple categories at a handful of prestigious private equity and property awards; it is wonderful to see our work being recognised across the board.

• British Private Equity Awards 2023 (Unquote/Mergermarket)
  • Impact Investor of the Year – Winner
  • Responsible Investor of the Year
  • ESG Deal of the Year (Impact Food Group)
• Industrial Agents Society (IAS) Awards 2023
  • Best Investment Transaction (New Lane, Havant) – Winner
• Real Deals ESG Awards 2023
  • Impact Investor of the Year
  • Deal of the Year (Social) – Impact Food Group – Winner

Being selected for Impact Investor of the Year is a testament to the incredible hard work of our teams across the firm over the past 12 months, in particular those involved in designing and rolling out our new granular ESG/Impact investee goals, strengthened origination strategy, and our first ever ‘integrated’ set of reports. We’re proud to be among the first firms in the industry to be making these moves.

Best Investment Transaction refers to our highly sustainable 150,000 sq ft logistics development in New Lane, Havant. Bridges acquired the site in 2021, alongside our joint venture partner Kingsbridge Estates, and is another example of Bridges’ leadership in green logistics; not only reducing carbon emissions, but also resulting in lower running costs for tenants.

Rated BREEAM Excellent and EPC A, the building incorporates a number of sustainable features, including rooftop solar photovoltaics, energy-efficient lighting, reduced water use and on-site heat pumps, with charging points to support over 800 electric vehicles. Once fully staffed, the site will support an estimated 900 jobs – around three times more than the building that previously occupied the site.

Finally, we’re thrilled that our work with Impact Food Group (IFG) has been recognised as Deal of the Year (Social) for its strong impact and commercial performance. Bridges initially invested into two separate high-quality school catering operators, Innovate and Cucina, and then brought the two businesses together to form Impact Food Group (IFG). By the time we exited IFG in 2022, the business was serving healthier food to over 270,000 students across more than 300 primary and secondary schools throughout England – up from 70 when we invested.

Thank you to the judges and hosts of each awards, and to all those who have supported us over the years. We’re determined to continue to make our vision of a more sustainable and inclusive future a reality.

The Birchgrove platform provides high-quality, purpose-built rental accommodation for senior citizens looking to downsize, or to live in a more secure and/or communal environment during retirement. Birchgrove was recognised in the Health Investor Awards 2022 in the following categories:

• Seniors Housing Deal/Partnership of the Year (Birchgrove & M&G Real Estate)
• Seniors Housing Development of the Year (Lower Mill Apartments, Ewell)

Judges were particularly impressed with how the Birchgrove model has been able to prove the benefits of the relatively rare retirement rental model, and demonstrate demand for this type of senior living – independence without the burdens of home ownership – via an effective partnership with M&G.

Not only this, Lower Mill Apartments, Ewell in Surrey, Birchgrove’s third site and Health Investor’s Seniors Housing Development of the Year, “brought to life [Birchgrove’s] values” while demonstrating how “a successful development is not just about bricks and mortar, but mainly about the people”.

Bridges launched the Birchgrove initiative in 2017. Five years later, the platform has extended its portfolio to seven sites with its latest purchase in Chiswick – the first of its kind in London. Birchgrove also secured planning consent for its sixth site in Leatherhead earlier this year, and continues to go from strength to strength.

Congratulations to the entire Birchgrove team on its awards!

Our co-CEOs (and co-founders) were this year’s selection for the private equity ‘Hall of Fame’ – in recognition of the work they (and Bridges more broadly) have done in building the market for sustainable and impact-driven investing.

Bridges was an idea born out of the private equity industry, and some of the UK’s leading firms played an instrumental supporting role in our early years.
In return, Bridges has always tried to support the growth of this segment, both by sharing what we’ve learned along the way for the benefit of others, and by playing an active role in groups like the BVCA, PRI and B Corp UK.

In recent years, we have also hosted and facilitated the Impact Management Project, an initiative designed to help all investors agree standard norms and frameworks for measuring and reporting on their impact.

So Michele and Phil (on behalf of the whole team) are hugely grateful to receive this recognition from their peers. Many thanks to Real Deals and all those who supported the nomination!

This year’s Private Equity Awards, brought by Real Deals Media and hosted by Scottish impressionist and comedian Rory Bremner, saw an impressive 38 awards handed out to various deserving firms and professionals from across the industry.

Bridges was also shortlisted in the GP category for ESG – recognising our continued commitment to best practice in environmental, social and corporate governance.

Supported by the UN, the Principles of Responsible Investment were established in 2006 to help asset owners and managers encourage the integration of ESG considerations into their investment decision-making process. At Bridges, we are a firm supporter of the PRI’s mission. We’ve been a signatory to the Principles since 2009, and we share its view that greater transparency will help to increase accountability and raise standards across the board. The PRI’s annual assessment is a critical part of that.

This year, the PRI has had a particular focus on climate-related reporting, as part of its 10-year Blueprint for responsible investment. So Bridges’ selection for the 2020 Leaders’ Group in part reflects our “excellent disclosure and advanced efforts” within this specific theme.

We’re very pleased to receive this recognition from the PRI, as it reflects the importance we attach to ESG best practice – not just in terms of risk mitigation, but also as a value-add opportunity. We firmly believe that better ESG practices ultimately create more value for our investors. These grades – and our selection for the Leaders Group – are testament to our integrated approach to ESG and impact-driven investing, and in particular, to the market-leading work of our specialist impact management team.

For more information about the PRI and the 2020 Leaders’ Group, click here.

Every year we receive a host of incredible entries – and this year was no different. But there was a clear winner: White Hat. This inspiring tech startup has a mission to create a diverse group of future leaders by building a sustainable alternative to university through apprenticeships. 

At Bridges we believe business has a really important role to play in solving the big social and environmental challenges we face – many of which have been exacerbated by the events of this year. There are almost 800,000 young people aged 16-24 in the UK who are not in employment, education or training – and this number is set to grow due to the detrimental impact of Covid-19.

By transforming apprenticeships and creating a credible alternative to university degrees, White Hat is committed to developing high-quality education and training to support the needs of both employers and young people – from Digital Marketing at Google to Software Engineering at Sky, White Hat work with some of the UK’s top companies.

Our team of judges were hugely impressed by this purpose-driven organisation, which can play a vital role in tackling educational inequality in the UK and challenging wider societal perceptions around apprenticeships.

Philip Newborough, co-CEO of Bridges, said: “Many congratulations to White Hat and all the brilliant nominees for this year’s Positive Impact Award. We found it hugely inspiring to see how many growth businesses out there are still committed to solving our biggest social and environmental challenges, despite all that’s happened in the last year. It gives us real confidence that in the coming months and years, we can build back our economy in a way that’s more inclusive and more sustainable.”

The PRI’s annual assessment plays an important role in promoting best practice and transparency around ESG investing. Supported by the UN, the Principles of Responsible Investment were established in 2006 to help asset owners and managers encourage the integration of ESG considerations into their investment decision-making process.

At Bridges, we are a firm supporter of the PRI’s mission. We’ve been a signatory to the Principles since 2009, and we share its view that greater transparency can help to raise standards across the board.

We’re particularly pleased to receive the highest grade as it reflects the importance we attach to ESG best practice – not just in terms of risk mitigation, but also as a value-add opportunity. We firmly believe that better ESG practices ultimately create more value for our investors. This grade is testament to the commitment of our investment teams and the market-leading support they receive from our in-house impact management team.

For more information about the PRI, click here.

This award recognises growing businesses whose products or services are helping to solve our most pressing social and environmental challenges, and in the process, tapping into exciting growth markets. 

Consumers increasingly demand that business plays its part in tackling our most pressing challenges – we believe new and growing enterprises are helping to drive the vision and innovation that will enable this. This award aims to recognise these pioneers.

The winner will also be invited to Bridges to take part in an impact workshop to find ways they can enhance their impact alongside their business.

If your growing business is creating positive impact for society and/or the environment, then please do apply for the Bridges Positive Impact Award HERE by September 17th. 

B Corps are businesses that publicly commit to creating value for society as a whole, not just for shareholders. To be certified, companies must submit to a comprehensive assessment of their social and environmental policies and practices, which is administered by the non-profit B Lab. The ‘Best for the World’ title is given to companies who score in the top 10% of all B Corps globally.

Bridges has been a long-term supporter of the B Corp movement, which began in the US and launched in the UK in 2015. It has always been our conviction that by helping to build a better future for people and the planet, businesses have a unique opportunity to create lasting economic value.

Bridges is a founding UK B Corp and has remained at the forefront of the movement. This year, we were assessed as ‘Best for the World’ in three categories: Customers, Governance and Overall.

We are also increasingly using the B Corp community and framework as a way to source like-minded partners, identify value creation opportunities and disseminate best practice across our portfolio of investments.

To see the full list of honourees in all categories, please click here.

For more information on the B Corp movement, please click here.

Like last year, we received a host of remarkable entries for this year’s prize. But there was a clear winner: Re:Cognition Health, a leader in the diagnosis, treatment and care management of individuals experiencing cognitive impairment.

There are currently around 850,000 people with dementia in the UK, and this is projected to rise to 1.6 million by 2040. Re:Cognition Health is committed to shaping a future without dementia through research and education. With five clinics in the UK and one in the US, it provides access to best-in-market medications for Alzheimer’s disease (the most common cause of dementia). It also supports research into next-generation treatments via international clinical trials.

Philip Newborough, co-CEO of Bridges, said: “We launched the Bridges Positive Impact award to recognise growth businesses that are helping to create a better future for people or the planet. Re:Cognition Health’s goal is to solve the ‘unacceptable problem’ of dementia. Someone develops dementia every three seconds, and one in three people born today will die with it. Re:Cognition is helping to tackle this crisis by diagnosing, treating and developing new medicines for those affected. This year’s shortlist featured an impressive array of high-growth, high-impact businesses, but Re:Cognition really stood out. It’s the fastest growing business of its kind in the world, it’s improving the lives of millions of people and it has ambitious plans for further growth, both in the UK and the US.”

The award recognises managers who go beyond typical ESG requirements, thinking carefully about how they can make a positive impact on people or the planet.

Bridges was honoured for incorporating impact into every aspect of our investment process, and for sharing what we learn for the benefit of the broader market. In the last year, this has included facilitating the Impact Management Project, a global initiative involving over 2,000 industry stakeholders to build consensus around how we talk about, analyse and measure impact.

The award was partly decided by a public vote, so a big thank you to everyone who voted for us!

Find the full list of winners here.

Disposable nappies account for about 15% of all domestic waste that goes to landfill. So by encouraging more parents to switch to cloth nappies, Bambino Mio is not only having a huge environmental impact; it’s also reducing a big expense for cash-strapped Local Authorities. And with the current focus on single-use plastics, its message seems more timely than ever – which perhaps explains why turnover jumped over 80% this year, to about £6m. We spoke to Bambino Mio’s co-founder Guy Schanschieff about the company’s journey:

The original incarnation of the business was inspired by a chance conversation at the Taj Mahal.

Guy and Jo, the husband-and-wife team behind Bambino Mio, first started thinking about nappies while travelling the world before they got married. They got talking to an American at the Taj Mahal, who told them about the success of nappy laundry services in the U.S. – and they subsequently heard similar stories from other travellers about businesses in Canada, Australia and New Zealand. This inspired the pair to set up one of the UK’s first nappy laundry services when they arrived home.

They switched to product sales in the belief that it was more scalable than laundry.

“At our peak we had a few hundred [laundry] customers,” says Guy. “As a scalable business model, it probably wasn’t going to work. And actually if we look at the business now, money-saving is a big thing for parents who use washable nappies – whereas using a laundry service costs the same money; it’s really just the environmental benefits. We were [also] being asked more and more whether we would actually sell the products that people could wash at home… At the time [that] seemed so much simpler than getting up at six o’clock in the morning to drive a van around and collect dirty nappies!”

The brand name was a happy accident.

After a successful experiment with placing ads in baby magazines, they came across another nappy laundry owner who’d put together a brochure of products using the brand name Bambino Mio, and had even printed ten thousand copies – but didn’t want to carry on. So Guy and Jo took on the brand name and the brochures. “Lots of people say what a clever name it is… It wasn’t clever at all – we did it to stop somebody doing a similar business to us throwing away 10,000 brochures!”

International expansion was on the agenda right from the start.

“It’s interesting in baby: because it’s a finite market, you either need to keep sticking other products on your portfolio, or go and find other markets – which is what we decided to do. We’ve always felt very strongly we wanted to be seen as the leader in the market, the go-to washable nappy brand.” Via international trade fairs, the business built up a network of distributors in Europe and beyond.

But the recession of 2010/11 forced the business to change tack.

“Literally in the space of a month, our two biggest distributors stopped ordering from us. So we effectively lost a third of turnover in the space of about four weeks.” With no sign of an imminent recovery, they were forced to retrench – which included making around half their staff redundant. But ultimately, the business would emerge stronger, with a new and improved sales and marketing strategy. There was a greater focus on targeting big supermarkets, in an effort to drive volume – and on marketing directly to international customers, rather than relying on distributors. “People who were now having babies had grown up with the internet. So we were beginning to develop our approach to social media, to Internet, to email, to working with bloggers… All those aspects of digital marketing [were] working really well for us in the UK, and really driving our business forward… And so we thought well, maybe we could do this internationally.”

The business has also benefited from changing consumer attitudes.

When Bambino Mio launched, only about 3% of parents used disposable nappies. “Our original mission statement was to make washable nappies commercially acceptable worldwide. We felt it had a fantastic story – money-saving, environment, health… That story just needed to be told.” Digital marketing made it easier to get these messages direct to customers, and drive them into stores. At the same time, awareness of the environmental impact of disposable nappies was growing – which helped to make washable nappies more fashionable. The recent focus on single-use plastics is also helping to make their case. “And there’s a little bit of a snowball effect now, because the great thing is there’s lots of parents who love our products… They’re the best advocates.” Today, over 30% of parents have tried reusable nappies.

Guy believes reducing disposables can have a formative effect.

“If we want to change attitudes to being a throwaway society, I’ve always thought it strange that for the first three years of a baby’s life, what they are watching a few times a day is you just throwing that nappy in the bin. It’s just a really weird message.” As he points out, it’s the children being born now who will be having babies themselves in 2042, the point at which the Government has committed to have eradicated single-use plastics. But how to get there? Baby steps (appropriately): “We often say: even if you just buy one washable nappy, and use it once a day or once every other day – you’re still saving money, you’re still doing your bit for the environment; you’re still not putting the plastics and chemicals next to your baby’s skin for the time that nappy’s on. And if we can make that accessible and easy, more parents will do it – because most parents don’t want to be throwing disposables in the bin.”