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Last updated: 23 November 2008
The Government today welcomed the formation of the 1,000th community interest company (CIC) – less than 2 years since they were created.
Launched by the Government in July 2005 as the first new legal form of company for 100 years, CICs have since been embraced by the thousands of people wishing to set up businesses to help improve their own communities.
CICs are limited companies with special additional features for people who want to create businesses that pursue a double or triple bottom line – profits alongside social and/or environmental change. Currently the number of new CICs created every month is increasing, with the last 500 established in just nine months.
Ed Miliband, Minister for the Third Sector, said:
“The popularity of the Community Interest Company model is very impressive – 1,000 businesses choosing this model to help improve lives and landscapes in local communities.
“This is the latest evidence of the gathering pace of the social enterprise movement and its growing impact across the country – setting standards for ethical values in the private sector, and for innovation and user focus in the public sector.”
The 1,000th CIC – City Healthcare Partnership CIC – will provide all primary and community health services across the city of Hull and is being established by the staff of Hull PCT Directly Managed Provider Unit and is a Pathfinder Project.
All new CICs are approved by Julie Court, the CIC Regulator, who made today's announcement. She said:
“Over the last 24 months we have seen the momentum grow. Community Interest Companies are permeating society, touching the lives of individuals from tiny babies through to the most vulnerable or disadvantaged. The diversity of these organisations and the commitment of those involved is heart-warming. They have all willingly committed to an asset lock to ensure their focus is on maximising the benefit to the community they set up to serve and there is openness and transparency. Anyone will be able to look at their annual community interest report on the public record and see what they have actually done and who was consulted.
“I have been particularly pleased to see that we have 113 Community Interest Companies active in the health and social sector, providing a spectrum of services, from out of hours for a general medical practice, to help for those affected by diabetes. We have registered a wide range of companies which includes the ferry which links the Isle of Skye with mainland Scotland, bus companies, community radio stations, festivals, recycling companies and even a fish and chip shop that ploughs its surpluses back into the community for which it was set up to serve.
“These are exciting times for social enterprise in general and Community Interest Companies in particular. I expect Community Interest Companies to go from strength to strength, delivering services in health, housing, transport and education securing contracts”
The CIC legal form includes a community interest test and an asset lock to ensure the new entity is dedicated to its expressed community purposes.