Funds managed by Bridges have purchased a significant minority shareholding (24%) in the group’s newly formed ultimate parent company. Derek Horrocks remains chairman and the majority shareholder, retaining overall control and continuing to lead the group alongside the existing business leadership teams.

Millions of UK households live in homes that are cold, damp and expensive to heat, leaving many in fuel poverty and exposed to rising energy costs. The Sustainable Investments group – which comprises Sustainable Building Services, Sustainable Energy Services, Permarock and Sustainable Smart Technologies – connects energy advice and design with retrofit delivery, building products, clean heat, renewable energy and digital monitoring, enabling clients and customers to access an integrated service or specialist expertise for individual projects. The group recorded turnover of £70 million in its latest published accounts (2025).

Our partnership with SIL will support the group’s medium-term plans to develop its existing businesses, enter complementary markets and pursue selective acquisitions and commercial partnerships. It aligns Sustainable Investments’ focus on quality, people and lasting customer relationships with Bridges’ approach to growing impact-led businesses, where commercial success creates the opportunity to extend positive social and environmental outcomes.

Derek Horrocks, chairman of Sustainable Investments Ltd, said:

“The success of our businesses is down to our people and the trusted relationships we have built with our clients, customers and partners. From our family-business roots, my ambition has been to build lasting businesses that provide worthwhile careers and make a positive difference to homes, lives and communities.

“Being sustainable means building businesses that people can rely on and giving our teams opportunities to develop. As we grow, we can improve more homes and buildings, help more households facing fuel poverty and support the skills and local businesses needed to keep making a difference over the long term.

“I have chosen Bridges because they share that ambition and the values behind it. They understand that commercial success and positive impact go hand in hand, and their experience, wider team and relationships will help us accelerate our growth and deliver my vision for the group. Our teams have built a strong business, and this partnership will help us extend the difference we can make even further.”

Bridges’ wider team will bring expertise in business growth, investment and impact, while its portfolio and relationships offer opportunities for shared learning, complementary services and commercial partnerships. Bridges’ specialist impact team can help the group measure and improve outcomes, using evidence to guide business development and extend the benefits of its work for people and the environment.

Charlie Edwards, partner and co-head of inclusive growth at Bridges, will join the newly formed group board, led by Derek Horrocks.

Charlie Edwards, partner and co-head of Inclusive Growth at Bridges, said:

“We’re delighted to be partnering with Sustainable Investments, a very impressive company that shares Bridges’ commitment to delivering exciting commercial growth in markets with high social impact. There is a clear opportunity for the group to scale its offering and expand its impact in the coming years, building on its outstanding work to date. I look forward to working closely with Derek and the rest of the team to support these ambitious growth plans, drawing on the broader Bridges team’s extensive experience of value creation and impact management.”

Sustainable Investments’ work responds to five interconnected challenges: fuel poverty, the cost of living, the housing crisis, energy security and climate change. Its businesses deliver energy efficiency, renewable energy and clean heat improvements to thousands of households and buildings each year.

Improving energy efficiency can make homes more affordable to heat, reduce exposure to energy price pressures and help people live more comfortably, while supporting better health and lower carbon emissions. The group’s wider societal contribution includes employment, skills development and opportunities for local supply chains, helping communities participate in the transition to a lower-carbon economy.

Domestic green retrofit remains central to the group’s plans, alongside opportunities across social and private housing, new build and refurbishment, low- and high-rise buildings, commercial and industrial premises, education, healthcare and public buildings. Across these markets, better building performance and reliable data can help owners and occupiers reduce energy waste, manage costs, improve indoor conditions and make more effective use of their buildings.

The group’s operating businesses retain their legal identities, brands, leadership, directors, management and operational teams. Existing contracts, service commitments and customer contacts remain unchanged as a result of the investment.

SIL was advised on the transaction by DWF as legal adviser, RSM UK as tax adviser, and Rothschild & Co as financial adviser, with vendor assistance provided by Grant Thornton. Bridges was advised by Addleshaw Goddard (legal), CIL (commercial due diligence), Deloitte (tax), Alvarez & Marsal (corporate finance) and Interpath (financial due diligence).

So it’s a source of great pride for us that our latest real estate fund, Bridges Property Alternatives Fund VI, has been recognised as a Sector Leader by GRESB in no fewer than four categories of their 2026 Real Estate Development Assessment:

• Global Sector Leader
• Global Sector Leader – Non-listed
• Regional Sector Leader (Europe)
• Regional Sector Leader – Non-listed (Europe)

We’re particularly proud to have achieved a 5/5 GRESB rating and to have ranked 1st in our Predefined Peer Group Ranking and Customized Peer Group Ranking. We also ranked 1st on GRESB score within the Diversified/ Europe category and the Diversified/ Non-listed/ Opportunistic category, and 1st on Development Score within Diversified/ Europe, Diversified/ Non-listed/ Opportunistic and Europe/ Non-listed/ Opportunistic/ Closed end categories.

GRESB is the leading ESG benchmark for real assets, covering more than 2,200 real estate funds and around USD 9 trillion in assets globally. So leading at both global and European level is a real testament to the work of our specialist investment and sustainability professionals.

Congratulations to everyone involved in making this happen.

The award recognises Michele’s contribution to the growth of sustainable and impact investing since she co-founded Bridges in 2002. When Bridges launched, the idea that an investor could target both financial returns and positive outcomes for people and planet was still a niche view. Over the following two decades, Bridges helped shape how the industry thinks about sustainability and impact, including through the creation of the Spectrum of Capital and the Impact Management Project, and through its work on UK and G7 task forces.

Accepting the award this week at The Tower Hotel in London, Michele said she was doing so on behalf of the whole Bridges Group team, as well as the wider community that has driven the sector’s growth over the years. She thanked the private equity firms that supported Bridges in its early days and the LPs who have backed the firm over the years, some of them since day one.

Michele acknowledged that sustainable and impact investing faces a more challenging political climate today. But, she argued, since factors like climate risk, energy usage and resilience demonstrably affect the financial value of companies – and are therefore central to good investing – she remains very positive about the future of the sector.

“Some may see this as a time to step back. We think it’s a time for investors to step up,” she said. “The next 25 years matter even more than the last.”

The capital will fund inbolt’s expansion in the US, where the company opened a Detroit office in 2026, in APAC, and its entry into two new sectors: data centers and electronics manufacturing.

Blind spots on the factory floor

Even in highly automated factories, most industrial robots are effectively blind. They can’t perceive part misalignment, tooling wear, or the small variations that occur naturally on every production line, so when something shifts even slightly out of position, the robot either stalls, throws an error, or produces a defective part. Multiply that across a factory floor and the cost adds up: a 2025 ABB survey of 3,600 industrial leaders found unplanned downtime can cost as much as $500,000 an hour, with 44% reporting equipment-related stoppages at least once a month.

Giving robots sight

Inbolt’s answer is a combination of 3D vision and a hardware-agnostic AI software layer that gives robots the ability to perceive their environment and adjust their control loops in real time. The system can be deployed on both new and existing production lines, allowing manufacturers to upgrade automation without replacing installed equipment and it runs natively on major robot platforms including FANUC, ABB, KUKA, Yaskawa, Comau, and Universal Robots.

Inbolt works across industries including automotive, electronics, and data centers, and is already deployed on 200+ robots in 100+ factories across three continents, with clients including Bosch, Beko, Flex, Ford, Stellantis and Toyota.

Founded in 2019 by Rudy Cohen (CEO), Albane Dersy (COO), and Louis Dumas (CTO), Inbolt is headquartered in Paris.

Recent recognition

Inbolt’s momentum has drawn recent recognition beyond the factory floor. The company was ranked #3 on the Sifted 100: France & Benelux, the Financial Times-backed publication’s annual ranking of the region’s 100 fastest-growing startups, on the strength of a two-year revenue CAGR of over 500%.
Inbolt’s technology was also recently featured by The New York Times, which reported that its deployment helped a Stellantis assembly plant in Detroit become a top performer in the company.

Quotes

“AI is increasingly moving beyond screens and into factories and machines. Inbolt enables robots to be deployed faster and to operate with far greater precision and flexibility in changing environments. We have been impressed by the team’s ability to turn sophisticated technology into a robust solution already deployed across leading global manufacturers in automotive and beyond. Inbolt also illustrates Europe’s ability to convert world-class research into technologies with global industrial relevance. We are pleased to support the team as the company enters its next stage of growth.” – Julien Baumont, Partner, Shift4Good

“There are nearly 5 million industrial robots in factories across the world, mostly running blind. They jam, break and sit idle, wasting energy and time. Inbolt’s physical AI has solved this problem in difficult production environments, not just in lab demos. We’re proud to back Rudy, Albane, Louis and the Inbolt team, as they expand their leading computer vision solutions to manufacturers worldwide.” – Christophe Defert, Partner, Bridges Climate Transition Partners

“Robots have been running blind for fifty years. Fixing that isn’t about better hardware. It’s about giving every robot, regardless of make or model, the intelligence to see and adapt in real time. This round lets us bring that to manufacturers everywhere, not just the ones with the deepest integration budgets.” – Rudy Cohen, Co-founder & CEO, Inbolt

In London, walkers set off from Future, Barking and Dagenham Youth Zone and made their way across the capital to WEST Youth Zone in Hammersmith & Fulham. At the same time, colleagues from Bridges Outcomes Partnerships took on a parallel challenge in the north, walking from Marsden to HideOut Youth Zone in Manchester. Both routes covered more than 30km.

The London team was given a lively send-off by the staff at Future, and fuelled up with coffee before setting out. On arrival, they received a warm welcome from the team at WEST, who had a well-earned spread of food waiting at the finish line. Meanwhile, the Manchester walkers enjoyed glorious weather and some beautiful countryside along their route.

OnSide Youth Zones are open 52 weeks of the year, giving young people somewhere to go, something to do and someone to talk to. The walk was a chance for the Bridges team to show their support for that work, and to thank the staff at Future, WEST and HideOut for everything they do for young people in their communities.

Beyond the blisters and aching legs, the day also gave colleagues the opportunity to spend time together in support of a cause that matters to so many across the business.

Thanks to the generosity of friends, family and colleagues, the team has surpassed its £5,000 fundraising target. Bridges Impact Foundation will match every pound raised, doubling the impact of each donation.

Bridges would like to thank everyone who took part in the walk, cheered the team on or donated.

Called T45 and located on the A63 East Leeds link road, the development comprises 23 units ranging from 4,490 sq ft to 32,635 sq ft.

The scheme benefits from excellent access to Leeds city centre and is close by to junction 45 of the M1. Neighbouring occupiers include Amazon, Premier Farnell, John Lewis, FedEx, Lamborghini and McLaren.

T45 was delivered by developer Chancerygate and specialist sustainable and impact investor Bridges Fund Management. Industrial and logistics developer, owner and operator Indurent agreed to acquire the development in September 2025.

The scheme has been certified BREEAM Excellent and every unit has achieved an EPC A rating as a minimum.

Features for all the units include electric vehicle charging points, air source heat pumps and solar panels providing green energy. The units are also constructed from high-performance building materials to reduce CO₂ emissions.

T45 forms part of Indurent’s strategy to expand its footprint in key urban logistics locations across the UK, targeting high-quality, sustainable assets with strong occupier demand.

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Founded in 1995, Chancerygate is the UK’s largest urban logistics property developer and investment manager.

In August this year, Chancerygate was acquired by Dream, the Toronto-headquartered global real estate asset manager.

Chancerygate senior development and transactions director, Matthew Connor, said: “We are very pleased to have completed works on T45 and deliver the first multi-let urban logistics scheme of this scale in Leeds for a generation.

“With connectivity to key arterial routes and strong sustainability credentials, we anticipate strong demand in the scheme from a range of businesses operating across the Leeds City Region.”

Bridges is a specialist sustainable and impact investor. Its property funds focus on sectors that support the transition to a more sustainable and inclusive economy, including healthcare, lower-cost housing and sustainable logistics.

Henry Pepper, partner at Bridges Fund Management, added: “We’re delighted to complete this high-quality new industrial scheme. T45’s sustainability credentials were a key part of its attractiveness to Indurent, along with its excellent location. There is growing demand from occupiers for industrial units that help to reduce operating costs and carbon emissions, and we expect this to be reflected in a strong level of interest from potential tenants in the Leeds area.”

For more information, search for ‘T45 Leeds development’.

The site, which has capacity for up to 420,000 sq. ft., was previously owned by global science and technology company 3M, until its closure was announced in 2023. It forms part of the established Netherwood Industrial Estate, which is located less than a mile from the A5 strategic road network, and sits within the logistics ‘Golden Triangle’. The Atherstone area is home to several national occupiers, including Aldi and Fedex.

Bridges and Pembury intend to regenerate the site with a best-in-class industrial and warehousing employment scheme, which will include biodiversity and amenity enhancements to undeveloped land next to the River Anker. The scheme could potentially generate over 500 new jobs and nearly £2m per annum in business rates.

James Wright, Joint Managing Director, Pembury Real Estate, commented: “This project will deliver regeneration of a significant redundant brownfield site in a core golden triangle location with great access to the A5 strategic road network. Once operational, it will enable local people the opportunity to work close to home and enhance areas for biodiversity and recreation for the long term.”

Henry Pepper, Partner at Bridges Fund Management, commented:

“Bridges has a well-established track record of developing some of the most sustainable industrial schemes in the UK. We’re excited to partner with Pembury to regenerate this excellent site, which we think has great potential to create jobs and boost the local economy.”

Established in 2017, EHC provides quality, stable and affordable private rental homes for people in housing need across Teesside, let at below-market rental rates and backed by a high-touch support programme designed to sustain tenancies. Around half of the people housed by EHC were homeless or at risk of homelessness before moving in. The platform works in close partnership with Middlesbrough Council and other local stakeholders, including bringing long-term empty homes back into use in underserved areas.

This new round of investment will be led by Teesside Pension Fund, an existing investor in the platform, with additional new capital from the Joseph Rowntree Foundation. JRF is a social change organisation that works through policy, campaigning, funding and social investment to support and speed up the transition to a more equitable and just future. The investment will allow EHC to add new houses to its platform so it can support more people in housing need.

The new capital-raise also represents a successful exit for the Bridges Inclusive Growth Fund, which incubated the Ethical Housing Company back in 2016 and has supported its growth ever since, building on its expertise in quality affordable housing for vulnerable people in the UK.

Natalie Usai, Chief Executive Officer of The Ethical Housing Company, said:

“We’re really grateful for the support of Bridges over the years. As a specialist impact investor, their understanding of how to achieve better outcomes for vulnerable people in the UK has played an important part in our growth to date. We’re also grateful for their help in securing this additional investment from Teesside Pension Fund and bringing in Joseph Rowntree Foundation, whose mission and impact goals are so well aligned with our own. We look forward to a long and productive relationship that will enable us to keep expanding our portfolio of affordable rental homes and helping more people who really need it.”

Emma Thorne, Co-Head of Bridges Inclusive Growth, said:

“The Ethical Housing Company is a great example of how a place-based approach can deliver better outcomes for vulnerable people. We’re really proud of the remarkable impact it has been able to achieve during Bridges’s ownership, and delighted that we have been able to work so closely with Teesside Pension Fund to find this innovative new investment solution that will support the continued growth of the company. We believe the Pension Fund and the Joseph Rowntree Foundation are the perfect long-term owners of EHC, ensuring that it can scale its provision to house more people while keeping impact at the core of its mission.”

Cllr John Kabuye, Chair of Teesside Pension Fund, said:

“The Ethical Housing Company has shown that an impact-led private rental provider can have a transformative impact on the lives of people in housing need in our area. Now we have established this blueprint, we are excited to partner with the Joseph Rowntree Foundation to further expand the platform across Teesside in the coming years, building on the great work done by Bridges, Natalie and her team so far.”

Harmony Chan, Social Investment Portfolio Manager at the Joseph Rowntree Foundation, said:

“A fairer private rented sector that provides decent and affordable homes is fundamental to tackling poverty and financial insecurity. Ethical Housing Company has built a strong track record of delivering exactly that for people in Teesside. We’re pleased to be investing in a platform with such a clear social purpose, and we look forward to supporting its continued growth alongside Teesside Pension Fund.”

Bridges will continue to manage the portfolio on behalf of Teesside Pension Fund and the Joseph Rowntree Foundation. Bridges’ specialist property team will draw on its extensive experience of operating private rental schemes in the residential sector to provide portfolio support, complemented by the expertise of Bridges’ Outcomes Partnerships and Private Equity teams in housing and business growth respectively.

Restrain, a global leader in the potato storage industry, has agreed a 10-year term to lease the unit, which will become its new UK HQ. This move marks a return to the company’s roots, strengthening its presence in the UK while supporting its rapidly growing global operations. The new facility features larger, modern premises for the firm designed to optimise operations and enhance distribution efficiency as its global network continues to expand.

Rachel Cook-Coulson, Director, Restrain Company Limited, commented: “With our leadership team now based in the UK, we’re perfectly positioned to combine solid and focused expertise to support our expanding markets and global vision. The UK HQ is more than a new workspace; it’s a hub for innovation, efficiency, and collaboration that will enable us to better serve our global customer base.”

The deal completes as construction works conclude on the first phase of development at Harrogate 47, with the delivery of circa 106,000 sq. ft. of speculatively developed Grade A, flexible business units. Appointed contractor Stainforth Construction has completed two terraces of flexible business units ranging in size from 5,570-12,132 sq. ft., plus three detached units from 10,000-21,409 sq. ft. – one of which is now occupied by Restrain.

The units are situated on a 45-acre site near Harrogate at J47 of the A1(M) in North Yorkshire, which in total comprises more than 600,000 sq. ft. of employment space for industrial, logistics, hi-tech and office uses, as well as amenity uses, within a landscaped environment. Planning permission was secured from Harrogate Borough Council for the low-carbon scheme, which is targeting BREEAM ‘Excellent’ and has the potential to support 2,000 jobs.

The next phase of construction work is due to commence shortly, which will facilitate and service the next tranche of development.

The site is close to a number of North Yorkshire towns including Harrogate, Knaresborough and York, with motorway links to access Leeds, Hull and Sheffield via the M1 and M62.

Jake Shilston, Investment Manager, Bridges Fund Management, said: “Harrogate 47 has been created to appeal to a broad spectrum of regional and national occupiers seeking sustainably designed accommodation to future-proof business operations. There are chronic shortages of new space of like this in the region, and we are seeing keen interest in the available units.”

Ryan Unsworth, Joint MD, Opus North said: “Restrain’s new UK headquarter operations are a welcome addition to Harrogate 47 and to have the deal coincide with the completion of this first phase of works is indicative of the demand for high quality, sustainably developed business units in a prime location.”

Paul Mack, Director at GV&Co Property Consultants, who negotiated the transaction, said: “We are delighted to welcome such a global name and market leader to Harrogate 47 which is in keeping with the quality of the buildings and the overall park”.

Bridges Fund Management invests in the transition to a more sustainable and inclusive economy. It specialises in property solutions that help to create jobs, reduce carbon emissions and regenerate brownfield land. Opus North is recognised as one of the most active and successful developers in Yorkshire, with extensive development delivery experience.

Appointed agents for Harrogate 47 are CBRE and GV&Co.

Fresh, which has been appointed to mobilise, market, lease and operate the 604-bed scheme, has fifteen years of experience in third-party management, with over 20,000 units across a range of rental living tenures currently within its remit across 27 cities and towns. Fresh currently operates over 60 student-living schemes, including one in central Edinburgh.

Mantle Yard, designed by Edinburgh-based Michael Laird Architects, is a former gasworks and naval yard being transformed into the largest private single-site student living scheme in the Scottish capital. The site’s heritage and role it played in lighting up Edinburgh when it was a gasworks inspired the name Mantle Yard; a mantle is an element of gas lights that were used across the city.

Mantle Yard is campus-style student living with six buildings around a landscaped central square and courtyard gardens, within walking distance of The Shore, in the heart of the sought-after Leith neighbourhood. Shared internal amenity spaces include study rooms, library, lounge, TV room, kitchen, gym and yoga spaces, with abundant cycle storage prioritising wellbeing and collaboration.

With construction well underway, led by McAleer & Rushe, completion is targeted ahead of the 2027/28 academic year.

Sarah Willoughby-Parsons, Head of Asset Management at HUB said:

“Mantle Yard is a truly exciting project for HUB, Bridges, HGP and Edinburgh. With demand for high-quality student accommodation continuing to grow, we’re proud to be delivering a scheme that not only meets that need but does so with ambition, design excellence, and a deep respect for the local context. Fresh brings a wealth of operational expertise, and we’re confident that it will help make Mantle Yard a thriving and well-managed community for students.”

Sam Scott, Managing Director at Fresh, said:

“We are delighted to be appointed to play a key role in bringing Mantle Yard to market. With our in-depth knowledge of the Edinburgh market and an understanding of the growing popularity of Leith, we are ideally positioned to successfully mobilise, market and operate this exciting property. Our proven track record and extensive experience in PBSA will ensure Mantle Yard is positioned for success.”

Alongside his professional career, Charlie is also a long-standing trustee of two charities, the Stone Family Foundation and Impetus, both of which have a focus on helping disadvantaged young people in the UK.

Bridges Inclusive Growth is a private equity strategy dedicated to investing in growing, cash-generative businesses delivering positive, measurable social outcomes for vulnerable groups in the UK. Current investments include New Reflexions, which provides care, therapy and education for disadvantaged young people, and Alina Homecare, which provides high-quality homecare for the elderly.

Emma Thorne, Partner and Co-head of Inclusive Growth, said: “We’re thrilled to welcome Charlie into the team. We have been looking to recruit an experienced private equity investor who is also deeply committed to our mission to achieve better outcomes for vulnerable people in the UK. Charlie fits the bill perfectly, and he is going to be a real asset to the team in the coming months and years.”

Charlie Edwards, Partner and Co-head of Inclusive Growth, said: “I have always believed that private equity investment is a powerful way to deliver positive social outcomes as well as attractive financial returns. So the opportunity to join a pioneering impact investment platform like Bridges – and its clearly differentiated Inclusive Growth strategy in particular – was very compelling. I’m looking forward to working with our existing portfolio, and identifying future opportunities to invest in highly impactful UK businesses across a range of sectors.”

The team – which will be called Bridges Climate Transition Partners – will continue to manage the existing Climate Growth Partners fund, which has already made 11 investments. HSBC AM will remain a limited partner and maintain its existing capital commitment in the fund, and also intends to be an anchor investor in a successor fund, to be established and managed by Bridges in due course.

As part of the Bridges platform, the team will continue to back scalable, commercially proven European and North American technology companies, with a focus on areas like energy transition, sustainable manufacturing and climate resilience. The team will also benefit from the support of Bridges’ in-house sustainability, impact and value creation specialists.

Michele Giddens, CEO and Co-Founder of Bridges Fund Management, said:
“We’re thrilled to welcome Christophe, Mike and their outstanding team into the Bridges family. Their expertise and passion for solutions that are accelerating the transition to a more sustainable economy align perfectly with our mission. We firmly believe that investing in innovative climate technologies is one of the most powerful ways to achieve positive impact at scale, and we’re delighted to be spinning in this proven, expert team to spearhead our effort.”

Christophe Defert, Head of Bridges Climate Transition Partners, added:
“Climate technologies – powered by advances in AI and material science – are driving an energy and industrial transformation. We back exceptional founders whose unique and scalable businesses will be critical to the transition to a more sustainable and resilient economy.  Joining Bridges is a natural next step: it allows us to keep building on the strong foundations and networks we’ve developed over the last decade, with the support of HSBC. Bridges’ entrepreneurial spirit, impact expertise and specialist support will complement this perfectly. Together, we believe we can scale this platform to deliver great outcomes for our investors, communities, and the planet.”

Joanna Munro, CEO Alternatives at HSBC Asset Management, added:
“Christophe, Mike and team have built a strong platform with a differentiated approach and a solid foundation for growth. Our ongoing relationship with Bridges will support the scaling of this strategy, while continuing to serve the interests of existing investors.”