BRIGHT FUTURE BECKONS FOR THE PEEPUL CENTRE 

 A flagship community centre is celebrating after winning support from a local housing and regeneration group, which will secure its future and help expand its services.

 The Peepul Centre in Belgrave, a social enterprise that offers community facilities, arts events, catering, venue hire and workshops to people across the city and beyond, is set to join the £540m LHA-ASRA Group as a subsidiary.

 The deal means the £20m Centre, which opened in October 2005 and is the first of its kind in the UK, can move towards financial sustainability, by launching the full range of income-generating services planned when it was first conceived.  

 Spending constraints attached to the project’s grant funding meant that a number of key on-site businesses have been awaiting investment to get up and running at the 60,000 square foot venue.

Despite this, 200,000 people used the Centre last year, exceeding original projections.

Now, following consultation with funders, LHA-ASRA has pledged to step in – a decision taken by its own board and the board of the Peepul Centre.

 The Centre will transfer its assets to and become a subsidiary of the LHA-ASRA Group.  In return, LHA-ASRA will support the delivery of the activities and vision by using its borrowing power to restructure existing loans at more favourable rates, reducing running costs by providing centralised services, and providing access to additional management resources.

The Peepul Centre plans to invest the cash released by those efficiency savings in areas such as completing an aqua spa to complement existing sport and fitness facilities, extending health and holistic therapies, expanding its childcare capacity, equipping the recording studio, and increasing marketing activity.

 Rodney Pitts, Chairman of LHA-ASRA, said: “As an organisation with a long-standing commitment to building better communities and better lives, a strong presence in Belgrave, and the ability to borrow competitively, we are delighted to commit our support. 

 “The Centre is a major asset, not just for our tenants and residents in local communities, and for Leicester, where it represents a key component in the city’s regeneration, but for the region as a whole. We will be working together to help it achieve its vision and potential and ensure it can stand on its own feet financially as soon as possible. 

 “We have a 10 year track record in supporting a number of Leicester social enterprises in delivering their objectives, because we recognise their ability to transform people’s lives and create stronger, more united communities.”

 Karen Chouhan, Chair of the Peepul Centre, added: “This is excellent news for us and for the people of Leicester.  Knowing that our financial position is secure will allow us to move forward with confidence and make the Peepul Centre all that we hoped for when it was first conceived fifteen years ago. LHA-ASRA’s track record in community regeneration and social enterprise provides a good fit for us.

 “The Centre is a vital part of the city’s cultural renaissance.  With footfall growing steadily and new services coming on-stream, 2008 promises a bright new dawn, not only for the centre and its users but for anyone who takes pride in a vibrant and diverse city, which is fully at ease with itself.”

A GOEM spokesperson said: “The agreement provides the Peepul Centre with an opportunity to secure its long term financial footing, become commercially viable and continue to serve the needs of the local community.

 “Those government agencies who have invested in the compelling vision of the Centre very much hope to see that vision and the Centre’s facilities go from strength to strength that will lead to a sustainable future.”

Keith Beaumont, Strategic Advisor to the Peepul Centre said: “The Centre is unique.  Its vision is crucial for the future wellbeing of Leicester – and the UK as a whole.  The LHA-ASRA Group are the only people I know with the integrity to support delivery of that vision and secure its commercial viability." 

 ENDS

 For more information, please contact

Kate Hughes or Jeremy Kemp at Quicksilver PR on: 0156 477 3366