A Hull social housing charity that helps those in need is set to offer more homes following a six-figure investment by a city plumbing firm.
Giroscope buys and renovates properties in west Hull, making them homes for people in need including those living in overcrowded or poorly maintained properties, people on low incomes or claiming benefits, single parents, those living in hostels or other temporary accommodation and young people. The charity, which was founded in the mid-1980s, is part of a network of “self help housing” projects which encourage groups to bring empty properties back into use, using volunteers.
Now the organisation has borrowed a six figure sum in an innovative deal with Kesselmann Plumbers – a Goulton Street-based firm that provides heating, plumbing and gas services across the city, the East Riding and North Lincolnshire. The deal means Giroscope gets crucial funds to acquire and refurbish new homes for those it helps, while Kesselmann will be repaid over 12 months at a 7% interest rate.
The two organisations say the informal agreement – which has been arranged directly themselves – has come in response to gaps in private funding for social housing, which persist despite the Government committing £39bn over 10 years from 2026 under the new Social and Affordable Homes Programme that promises to deliver around 300,000 new homes.
Martin Newman, CEO and one of Giroscope’s founders, said: “As traditional funding sources tighten and demand for affordable housing rises, we continually seek creative ways to fund new purchases and refurbishments. Kesselmann’s loan exemplifies how local businesses can play a vital role in supporting social housing through flexible, innovative finance.”
Paul Tozer, managing director of Kesselmann Plumbers said: “We had been exploring investment opportunities, including commercial property, when this chance to support Giroscope came up. It’s a win-win — we gain a solid return, and Giroscope gets the funds it needs to expand its vital work. It’s about investing in our community’s future. Providing this loan to Giroscope offers us a better return than leaving the money in a low-interest bank account. It’s a smart investment that not only benefits our business but also supports an important cause in our community.”
Giroscope recently brought back into use St Matthew’s Church on the Boulevard and Anlaby Road, having acquired it in 2018. The building is now the Community Enterprise Centre and will host start-ups, community businesses, social enterprises and sole traders.
Govind Manocha, Giroscope enterprise development coordinator, said: “Being instrumental in bringing Kesselmann Plumbers and Giroscope together is a huge achievement and one that I am personally very proud of. This initiative reflects a broader movement within community business, where organisations reinvest income locally to create sustainable impact beyond traditional philanthropy. With demand for social housing at an all-time high, such innovative funding models are crucial to delivering the lasting change which Giroscope stands for.”