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Shoosmiths advises Spokes on its move to become a Community Interest Company

16 April 2008

A corporate 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 pedal bikes.

The company made contact with Shoosmiths for pro-bono legal advice through Business in the Community.

Spokes was originally established in Kidderminster in 2005 as a ‘spin off’ from an operation being run in Hereford. In 2007, Managing Director, Chris Jordan and his colleagues Paul Ravenhill and Ian Plumbley, opted to take full control of the company, to save it from potential closure.

Spokes’ benefit to the community enabled it to 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. 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, and this will then enable more Young Adults with learning difficulties to be trained for work, benefiting both them and the community as a whole."

Shoosmiths’ trainee, corporate lawyer Kishma Small assisted partner Geoff Perry.

For further information please contact:
Name: Sophie Llewhelin
Phone: 08700 864127
Email: sophie.llewhelin@shoosmiths.co.uk

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