First awards made for staff-led public sector spin-outs
The government has made the first awards from its £10m programme to support public sector spin-out companies led by their staff.
The Cabinet Office announced the first three grants, totalling nearly £85,000, from the Mutual Support Programme.
A planned spin-out from Hammersmith & Fulham Council, called 3BM, will provide support services to schools and get £55,852 to spend on legal advice from the law firm Field Fisher Waterhouse on tendering for a joint-venture partner.
Francis Maude, Minister for the Cabinet Office, said: "Fledgling mutuals will get professional expertise and advice that they would otherwise be unable to access. And we will build a valuable knowledge-sharing database of what works, as well as what does not, from which other mutuals can draw."
Andy Rennison, assistant director for school support services at 3BM, said: "The process for mutualisation is challenging and the support from the Mutual Support Programme fund has been a tremendous help."
Mandy Hare, management team representative at Hazlitt Arts Centre, said: "We are delighted with the support we have received through the fund."
This article has been taken from www.thirdsector.co.uk – http://www.thirdsector.co.uk/Finance/article/1135079/first-awards-made-staff-led-public-sector-spin-outs/