A SOCIAL enterprise has secured investments to operate a larger version of the Pitt Market in Granton Waterfront.
The Granton Project CIC (GP CIC) is a social enterprise set up by two former Pitt Market directors with the goal of supporting new and emerging food traders.
To complete this move, they have secured a £350,000 investment from the Catalyst Fund and £150,000 from Foundation Scotland, which should allow GP CIC to lease and fit out the new venue at 20 West Shore Road.
This space offers an outdoor street market, multi-purpose event space for 700 people and a temporary indoor and outdoor pop-up market space which can be used by start-up traders and community groups.
The GP CIC team hopes to build on the model developed at The Pitt through introducing new food traders, artists and various creative businesses to the market, allowing them to test and develop their ideas.
This new site, which is owned by the City of Edinburgh Council and operated by Edinburgh Palette (EP), is part of the Granton Waterfront Regeneration Programme.
This hopes to create a new coastal town for 8,000 people on Edinburgh’s waterfront with 3,500 net zero carbon homes and vital facilities like a health centre and a primary school.
GP CIC hopes to develop important enterprise and community infrastructure for current residents and new ones living in the new homes.
They have the goal of supporting new food traders, providing sites and signposting, and supporting people hoping to go into business or employment.
Hal Prescott, Director of the Granton Project CIC, stated: “Securing these investments has been one of the proudest moments of my life.
“Our dedication and passion for this project have paid off, and having funders who share our vision makes it even more rewarding. We are eager to start making a difference and developing this part of the city.
“The support and interest from budding entrepreneurs and community partners have been overwhelming, and we are thrilled to finally move forward.
“A special thanks to the Firstport team for their financial commitment and extensive support over the past 18 months, which has been invaluable in getting us here.”
Daisy Ford-Downes, Head of Group Investment Programmes at Firstport, said: “We are incredibly excited to support Hal and his team to deliver a project of this scale, replicating their innovative model in an area rich in community action and in the early stages of an ambitious regeneration programme.
“The Granton Project CIC is the single largest Catalyst Fund investment to date, which shows that flexible and patient social investment products have a strong role to play in helping pioneering projects like this, which would struggle to secure finance from other sources, one to get off the ground.”
Ali Kennedy, Social Investment Executive at Foundation Scotland, stated: “We are delighted to be able to support Granton Project CIC as we believe it will have a profound and positive impact on the ambitious development plans for the community, including creating pathways into the hospitality sector and the numerous opportunities that can bring.
“Our Social Investment offering is a blend of grant and loan, and this type of support to Hal and his team has certainly helped the viability of the venture, which we’re really pleased about.”
