Ride-Assist Community Interest Company

The director of Ride-Assist was already involved in a business providing services to the local community, through a conventional limited company, when he was introduced to bhg early this year. He had heard about CIC companies but wasn't sure how these could benefit his business as a whole and whether or not it was possible to transfer his existing business across to such an entity.

bhg helped him through this process, explaining fully the pros and cons of CIC companies and how the transfer could be effected. We undertook a full review of all existing contracts and identified those which, in our view, should be passed across to the CIC.

As part of the transfer process, it was necessary to value the existing business and the assets used within it - both as a whole and also just the assets being transferred across to the CIC. This was in part so that prior clearance for the transfer could be obtained from HMRC, but also to ensure that the two elements of the business could be correctly accounted for going forward.

The transfer has now been successfully implemented and the individual businesses are trading effectively and in a structure which more accurately reflects the director’s long term aims.

“We were already running a business providing services to certain disadvantaged members of our community and had decided that we wanted to give more back to those individuals. bhg helped us through this process, by explaining the benefits of using a CIC, providing assistance with the formation of the CIC itself and helping us with the smooth transfer of a number of our contracts to the CIC.

All in all, this was a process that we would have struggled with without their expertise and assistance.”

Mark Kennedy, Ride-Assist CIC, Swindon