REG - RCB Bonds PLC RCB Bonds PLC - BEL1 RCB Bonds PLC - BEL2 - Belong 7.5% Social Bonds due 2033

AJ BellAnnouncement

27/05/2026 13:15

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RNS Number : 9106F  RCB Bonds PLC  27 May 2026

This is an advertisement and not a prospectus.

The information contained herein may only be released, published or
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in or into the United States, Australia, Canada, Japan, South Africa, the
European Economic Area or in any other jurisdiction where it is unlawful to
distribute this document.

UK MiFIR retail investors, professional investors and ECPs target market -
Manufacturer target market (UK MiFIR product governance) is eligible
counterparties, professional clients and retail clients (all distribution
channels).

 

27 May 2026

LAUNCH OF BELONG LIMITED 7.50% SOCIAL BONDS DUE 2033

RCB Bonds PLC ("RCB") announces the launch of the Belong Limited 7.50% Social
Bonds due 2033 (the "New Bonds") secured on a loan to Belong Limited (the
"Charity" or "Belong").

Belong previously raised £50m through RCB with the issue of 4.5% bonds due
2026 (the "2026 Bonds"), which helped it to grow its activities by financing
the building of three new care villages. In 2025, Belong received a further
loan from RCB made with the proceeds of RCB's issue of 7.50% social bonds due
2030, which enabled it to purchase and cancel £29m of the 2026 Bonds. It is
now seeking to refinance the remaining £21m 2026 Bonds through the New Bonds.

About Belong

Established in 1991, Belong aims to provide high-quality, person-centred care,
accommodation and ancillary services to over 1,000 older people across its
eight care "villages" ("Belong villages") in the North West of England. One
further site in Birkdale is in the final stages of construction and due to
open later this year.

The Charity established the Belong village model after years of research and
development to optimise outcomes for people with dementia. Its care villages
provide a range of support and housing options for older people, as well as
extensive amenities in the village centre, open to the public. They also offer
outreach services for people living in their own homes in the wider community.
Belong was one of the early pioneers of the "household living" model, where
24-hour care, including nursing care in an intergenerational community
setting, is provided. Belong villages provide dementia and nursing care,
independent living apartments and a full spectrum of care, from respite to end
of life, enabling the Charity to adapt as residents' needs evolve. The model
is a positive evolution on traditional, clinical and institutional care
settings, promoting wellbeing through homely, smaller group living
arrangements, surrounded by amenities such as restaurants, exercise
facilities, communal areas, children's nurseries and entertainment outlets.

Its strong brand within local communities, built over 20 years, has seen
Belong maintain robust occupancy levels across its villages. Occupancy of
households for its seven established villages was over 96% for the financial
year to 31 March 2026, while occupancy for apartments in the period was
approximately 93%. Once Birkdale village is completed later this year, the
Charity will have 638 Household and 221 Apartment places in operation, up from
566 and 191 respectively.

On average, approximately 66% of Belong's residents are privately funded,
while the remainder are funded from public sources such as local authorities
and the NHS's integrated care systems. Belong operates on a not-for-profit
basis, so all funds available are invested back into the operations of the
Charity to continually improve the experience for residents.

Belong recently provided a trading update for the year ended 31 March 2026,
reporting continued strong performance in both occupancy and average fee
rates. This was reflected in an 8.6% increase in turnover to £55 million and
a 26% rise in EBITDA to £8.5 million.

The Charity has been assigned a long-term issuer rating of "BBB+" (stable
outlook) by Fitch Ratings Limited ("Fitch") and, upon their issue, the New
Bonds are expected to be assigned the same rating by Fitch.

Growing demand for modern care facilities

According to the Alzheimer's Society there are also currently around 982,000
people with dementia in the UK and this is set to increase to nearly 1.4
million by 2040. 1  With no cure, demand for settings where people with
dementia are able to live comfortably and enjoy high-quality support is
steadily rising.

The New Bonds

The New Bonds will be issued by RCB, a special purpose issuing vehicle created
to connect charitable organisations seeking unsecured loan finance with
investors looking for fixed income bonds listed on the London Stock Exchange.
The funds raised will be loaned, via a loan agreement, to Belong.

The New Bonds are available to wholesale and retail investors and will pay a
fixed rate of interest at 7.50% per annum until 2033, payable twice yearly on
18 June and 18 December of each year, with the first coupon payment being made
on 18 December 2026. The New Bonds are expected to mature on 18 June 2033 with
a final legal maturity on 18 June 2035.

At any time during the life of the New Bonds, investors are permitted to sell
the New Bonds (within market hours and in normal market conditions) on the
open market through their stockbroker.

The following financial intermediaries have been appointed by RCB and the Lead
Manager to offer and distribute the Bonds during the Offer Period:

 

·      AJ Bell;

·      Hargreaves Lansdown; and

·      Interactive Investor.

Allia C&C is acting as Lead Manager (the "Lead Manager") on the issue of
the New Bonds.

The New Bonds have a minimum initial subscription amount of £500 and are
available in multiples of £100 thereafter.

The Offer Period is expected to close at 4pm on 12 June 2026. RCB retains the
right to close the offer early, in conjunction with the Lead Manager. Notice
will be given by the RNS should this occur.

The New Bonds are expected to be listed on the UK Financial Conduct
Authority's Official List and admitted to trading on the London Stock
Exchange's main market on or around 19 June 2026.

Martin Rix, Chief Executive of Belong, commented: "This issue marks another
important step in our strategy to proactively manage our balance sheet,
enabling Belong to remain firmly focused on its core mission of creating
vibrant communities that deliver exceptional care, independence and quality of
life for older people. We work hard to achieve this and to do this in an
effective and sustainable way because, as a charity, every pound of surplus we
generate is reinvested into enhancing the quality of our pioneering care
villages and services."

Adrian Bell, CEO of Allia C&C, said: "Building on the success of last
year's issue, we are pleased to once again offer both new investors and
existing bondholders the opportunity to support this bond issuance. Belong
continues to distinguish itself as a pioneer in delivering quality care for
older people, while maintaining strong operational and financial performance.

"With a credit rating of BBB+ combined with the charity's meaningful social
impact, these bonds present a compelling opportunity for investors seeking
stable, attractive returns alongside positive social outcomes."

John Tattersall, Chair of RCB Bonds PLC, added: "We are proud to launch our
sixteenth bond series, a milestone that reinforces our commitment to helping
leading charities secure the financing they need to deliver meaningful social
impact. Since inception, RCB has issued £477 million in bonds in support of
this mission. Investors can take confidence in knowing their capital is
contributing to essential societal needs that touch many lives."

-ENDS-

 

For enquiries, please contact:

 FTI Consulting   Tel: +44 (0)20 3727 1000

 Dido Laurimore

 Ellie Sweeney

 Neel Bose
 Allia C&C        Tel: +44 (0)20 3039 3452

 Henrietta Podd

About Belong Limited

Belong Limited was established in 1991 to provide high quality, person-centred
care, accommodation and ancillary services to older people. The vision of the
Charity is that by operating a continually improving and innovative care model
that integrates services, housing and community, the Charity aspires to
redefine what's possible for the well-being of older people and give its
customers and staff a genuine voice in how it goes about it.

The Belong villages provide dementia and nursing care, as well as apartments
for independent living, within a community village setting. They provide a
full spectrum of care, from respite care to end of life care, enabling the
Charity to support older people as their needs change.

Each Belong village offers:

(a)      Households: typically, Household residents are frail, older
people aged 85 or above and around two thirds of Household customers have a
diagnosis of dementia.

(b)      Apartments: typically, Apartment residents are in their early
80s and move to a Belong village to be part of a more vibrant community at a
time when they or their partner may need more support.

(c)    Domiciliary care services and specialist day care for those needing
care and support in their own home known as "Belong at Home": the Charity has
a registered home care service to provide support in the wider community and
this has often proved a feeder route for people experiencing support from the
Charity prior to moving into a Belong village.

(d)    Specialist day care, known as "Experience Days": this service is open
to people living in the wider community, enabling them to enjoy a day taking
advantage of Belong village facilities and activities in a supported and
facilitated way, often in order to give carers a break.

(e)    Exercise services: available both to residents and members of the
public that have been referred to the Charity or are connected to the Charity
in some way, each Belong village gym is equipped with state-of-the-art
equipment and technology and the Charity's fitness instructors are trained to
develop specialist, personalised programmes which have been independently
evaluated and found to improve mobility, balance, stamina and strength
according to people's needs.

(f)      Purpose-built buildings and grounds for access to communal
living.

(g)    A programme of events and activities which are attended by people
from the wider community as well as Belong village residents.

Taken together, the Charity's services offer a continuum of care and mean that
it is able to support people as their needs change, offering a 'home for
life'.

About Allia C&C

Allia C&C is a leading expert in socially responsible finance, working to
amplify economic and social impact. It supports a range of organisations that
span the impact spectrum, from charities through to businesses that act
responsibly - facilitating their access to the most appropriate and optimal
funding for their needs from investors who are interested in creating impact.

The team at Allia C&C were responsible for the creation of the RCB
platform and have managed each of its bond issues.

For more information please see www.alliacc.com (http://www.alliacc.com)

About RCB Bonds PLC

RCB Bonds PLC is a public limited company; it was established as a special
purpose issuing vehicle but is not itself a charity. It is governed by an
independent and experienced board of directors from the financial and charity
sectors who are acting on a pro-bono basis. The administration of RCB Bonds
PLC is carried out by Allia Bond Services Limited, a subsidiary of Allia
C&C.

For more information please see  https://rcb-bonds.com
(https://rcb-bonds.com)

About the New Bonds

·    The New Bonds may not be suitable for all investors. Investors should
ensure they fully understand the risks and seek independent financial advice.

·   Investors should note that the market price of the New Bonds can rise
and fall during the life of the investment and the price of the New Bonds
could fall below the issue price of £100.

·     In the event that RCB Bonds PLC or Belong Limited becomes insolvent
or goes out of business, investors may lose some or all of their investment.

This announcement is an advertisement within the meaning of Regulation 3 of
The Public Offers and Admissions to Trading Regulations and is not a
prospectus for the purposes of the Prospectus Rules: Admission to Trading on a
Regulated Market sourcebook (the "PRM"). A prospectus dated 27 May 2026 (the
"Prospectus") relating to the Bonds has been prepared and published in
accordance with the PRM.

The Prospectus is available on the website of RCB Bonds PLC
(https://rcb-bonds.com/new-issues) and the website of Belong Limited
(https://www.belong.org.uk/investors/retail-charity-bond-offer). A key
information document ("KID") pursuant to the transitional provisions of the
FCA Product Disclosure Sourcebook (the "DISC"), the Consumer Composite
Investments (Designated Activities) Regulations 2024 and Regulation (EU) No
1286/2014 as it forms part of UK law by virtue of the EUWA has been prepared
by RCB Bonds PLC in connection with the Bonds. A copy of the KID is also
available on the websites referred to above.

The Prospectus has been approved as a prospectus by the Financial Conduct
Authority (the "FCA") pursuant to the PRM. The FCA only approves the
Prospectus as meeting the standards of completeness, comprehensibility and
consistency imposed by the rules in the PRM. Such approval should not be
considered as an endorsement of RCB Bonds PLC, Belong Limited or the quality
of the Bonds that are the subject of the Prospectus.

Potential investors should read the Prospectus before making an investment
decision in order to fully understand the potential risks and rewards
associated with the decision to invest in the Bonds that are the subject of
the Prospectus. Investors should not subscribe for any bonds referred to in
this announcement except on the basis of information in the Prospectus.

This announcement is a financial promotion for the purposes of section
21(2)(b) of the Financial Services and Markets Act 2000 ("FSMA") and has been
approved for communication in the United Kingdom by Allia C&C Ltd (FRN
231055), which is incorporated in England (No. 09997053) with registered
office at Cheyne House Crown Court, 62-63 Cheapside, London, EC2V 6AX and is
authorised and regulated by the Financial Conduct Authority. Its content is
directed only at eligible counterparties, professional clients and retail
investors in the UK to whom it may lawfully be communicated. This financial
promotion shall end on the End of Offer Date unless revoked earlier.

The offering and the distribution of this announcement and other information
in connection with the offer in certain jurisdictions may be restricted by law
and persons into whose possession any document or other information referred
to herein comes should inform themselves about and observe any such
restriction. Any failure to comply with these restrictions may constitute a
violation of the securities laws of any such jurisdiction.

This announcement does not constitute or form part of any offer or invitation
to sell, or any solicitation of any offer to purchase any Bonds. Any purchase
of Bonds pursuant to the offer should only be made on the basis of the
information contained in the Prospectus.

The Bonds have not been and will not be registered under the United States
Securities Act of 1933 (as amended, the "Securities Act") and, subject to
certain exceptions, may not be offered or sold within the United States or to,
or for the account or benefit of, United States persons. The Bonds are being
offered and sold outside of the United States in reliance on Regulation S of
the Securities Act.

 

 1 
https://www.alzheimersresearchuk.org/news/dementia-is-the-uks-biggest-killer-we-need-political-action-to-save-lives/#:~:text=Age%20is%20the%20biggest%20risk,than%201.4%20million%20by%202040.
 

 

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